GA Life Insurance Exam Questions and Answers 100% Pass

GA Life Insurance Exam Questions and Answers 100% Pass Who elects the governing body of a mutual insurance company? - Correct Answer ️️ - policyholders What year was the McCarran-Ferguson Act enacted? - Correct Answer ️️ -1945 A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: - Correct Answer ️️ -a fraternal benefit society The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called: - Correct Answer ️️ -reserves What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained? - Correct Answer ️️ -Fair Credit Reporting Act The part of a life insurance policy guaranteed to be true is called a: - Correct Answer ️️ -warranty What is the consideration given by an insurer in the consideration clause of a life policy? - Correct Answer ️️ -promise to pay a death benefit to a named beneficiary Statements made on an insurance application that are believed to be true to the best of the applicant's knowledge are called: - Correct Answer ️️ -representations Which of the following consists of an offer, acceptance, and consideration? - Correct Answer ️️ -contract Which of these require an offer, acceptance, and consideration? - Correct Answer ️️ - contract In regards to representation or warranties, which of these statements is TRUE? - Correct Answer ️️ -If material to the risk, false representation will void a policy Insurance policies are offered on a "take it or leave it" basis, which make them: - Correct Answer ️️ -Contracts of Adhesion A life insurance policy would be considered a wagering contract WITHOUT: - Correct Answer ️️ -insurable interest Insurance policies are considered aleatory contracts because - Correct Answer ️️ - performance is conditioned upon a future occurance Life and health insurance policies are: - Correct Answer ️️ -Unilateral contracts Who makes the legally enforceable promises in a unilateral contract? - Correct Answer ️️ -insurance company When must insurable interest be present in order for a life insurance policy to be valid? - Correct Answer ️️ -when the application is made Which of these is NOT a type of agent authority - Correct Answer ️️ -principal When third-party ownership is involved, applicants who also happen to be the stated primary beneficiary are required to have: - Correct Answer ️️ -insurable interest in the proposed insured What kind of life insurance policy pays a specified monthly income to a beneficiary for 30 years and then pays a lump sum benefit at the end of that 30 years? - Correct Answer ️️ -family maintenance policy When is the face amount paid under a Joint Life and Survivor policy? - Correct Answer ️️ -upon the death of the insured A 15-year mortgage is best protected by what kind of life policy? - Correct Answer ️️ - 15-year decreasing term A term life insurance policy matures: - Correct Answer ️️ -upon the insured's death during the term of the policy The amount of coverage on a group credit life policy is limited to: - Correct Answer ️️ - the insured's total loan value Which statement is TRUE regarding a Variable Whole Life policy? - Correct Answer ️️ -a minimum guaranteed Death benefit is provided Life insurance that covers an insured's whole life with level premiums paid over a limited time is called: - Correct Answer ️️ -limited pay life Which of the following characteristics is CORRECT about Interest Sensitive Whole Life? - Correct Answer ️️ -premium payments can vary What kind of life insurance product covers children under their parent's p