LIFE ACCIDENT and SICKNESS GA EXAM QUESTIONS AND ANSWERS 100% PASS

LIFE ACCIDENT and SICKNESS GA EXAM QUESTIONS AND ANSWERS 100% PASS What is the maximum yearly contribution can an individual make into an IRA? An HR- 10? - Correct Answer ️️ -2,000 or 100% of earned income, whichever is less; 100% of earned income up to $41,000 which is broader? acc bodily injury or accidental means? - Correct Answer ️️ - accidental bodily injury Who manages a reciprocal? - Correct Answer ️️ -attorney in fact Reserves are defined as... - Correct Answer ️️ -the accounting measurements of an insurer's liabilities to its policy holders No COA required if agent - Correct Answer ️️ -Places less than 12 policies per year through another agent; or places business with an insurer, and then has up to 15 days to request a COA At what age is the policyholder written for on a group medicare conversion that's being replaced with another group? - Correct Answer ️️ -coverage is written on the policyholder at the insured's age it was written at the inception of the replaced coverage. Certificate of authority renewal - Correct Answer ️️ -annually by insurer, before january 1 each year, but expires midnight june 30th the following year Qualifications for a license - Correct Answer ️️ -18, resident of GA for 6 months out of each year, educational requirement, 5 years experience to be a counselor, no longer required to be a US citizen. When can the commissioner waive the residency requirement? - Correct Answer ️️ - borderline agent, if you live on the border of GA but majority of business comes from GA, you must have a GA license. Indemnification vs. indemnity vs indemnify is... - Correct Answer ️️ -the process restoring someone to economic status prior to a loss without a gain, the promise to pay the proceeds without gain after a loss, the act of paying the proceeds Define the difference in insurable interest in life and health as opposed to P&C - Correct Answer ️️ -insurable interest in L&H must be present at the effective date of app. II in P&C must exist at the time of the loss. ( lady w 5 ex husbands collects 5 million) Controlled Business - Correct Answer ️️ -Spouse, family, in laws, kinship; exes and friends are not controlled business. premium must be less than 25% of business you are legal, 25% or more is illegal. Blue Cross Blue Shield does it cover large groups only? Does it get special consideration from the government? Does it contract services with providers? Do subscribers pay a set fee? - Correct Answer ️️ -covers individuals as well as small and large groups. Non profit organization. contractual relationship with the doctors and hospitals. Subscribers pay a set fee. What are participating and non-participating companies? - Correct Answer ️️ - Participating policies are issued by mutual life insurance companies. Non-