GEORGIA INSURANCE EXAM 2025
QUESTIONS AND ANSWERS
Limited Pay - ANSWER-Whole life insurance but does not have to pay premiums
past retirement
Securities Exchange Commission - ANSWER-in addition to the insurance
department, they also have the authority to regulate variable life insurance
Georgia Attorney General - ANSWER-Rules and regulations made by the
commissioner of insurance has to be approved by
Which has the greatest impact in making one individuals life insurance premium
different from another, assuming both own the same type of policy? - ANSWER-
the policy's mortality factor
Frank is the insured in a $40,000 5-year level term policy issued in 2001. He died in
2007. His beneficiary received - ANSWER-NOTHING
Term insurance - ANSWER-provides protection for only a temporary period of
time
The Financial Industry Regulatory Authority
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,(FINRA a.k.a NASD) - ANSWER-an insurance producer selling a variable annuity
whose cash value depends on the performance of an underlying investment
account must be registered with
Variable Life Insurance - ANSWER-a life insurance policy whose cash value will
fluctuate depending upon the performance of a separate account or underlying
investment
Certificate of Authority - ANSWER-permits an insurance company to transact
business in Georgia
Split dollar plan - ANSWER-plan that allows an employer to give money to an
employee for buying a life insurance policy and also merits the employee to select
the beneficiary
Ricky recently died and left behind an individual IRA account in his name. His
widow was forwarded the balance of the IRA. The widow qualifies for -
ANSWER-Marital deduction
If a corporation pays the premium on a group life policy for its employees, the
corporation is required to report how much additional taxable income for each
employee? - ANSWER-Nothing
An incomplete life insurance application submitted to an insurer will results in
what action? - ANSWER-Application will be returned to the writing agent
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
, Foreign Company - ANSWER-in Georgia, an insurer licensed to conduct business
in Georgia but domiciled in New Jersey is called a
Variable Rate Loan - ANSWER-a life insurance policy owner take out a policy loan
against the cash value in his whole life. the interest rate applied to this loan may
vary over time. This is called a ____
Universal Life - ANSWER-The cash value may fluctuate to reflect changing
assumptions regarding mortality cost, interest and expense factors
An insurer may normally delay the payment of a cash value loan or surrender value
for up to - ANSWER-6 months
An applicants' medical information received for m the Medical Information
Bureau(MIB) may be furnished to - ANSWER-applicants physician
What is false about TAX Sheltered Annuity? - ANSWER-Income derived from the
TSA is received income tax-free
The Georgia Commissioner of insurance elected for a period of - ANSWER-4
years
Foreign Insurer - ANSWER-an insurer who is domiciled In another state and is
authorized to do business in Georgia
Defamation - ANSWER-is verbally suggesting that an insurer may not be in a
position to pay claims
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
QUESTIONS AND ANSWERS
Limited Pay - ANSWER-Whole life insurance but does not have to pay premiums
past retirement
Securities Exchange Commission - ANSWER-in addition to the insurance
department, they also have the authority to regulate variable life insurance
Georgia Attorney General - ANSWER-Rules and regulations made by the
commissioner of insurance has to be approved by
Which has the greatest impact in making one individuals life insurance premium
different from another, assuming both own the same type of policy? - ANSWER-
the policy's mortality factor
Frank is the insured in a $40,000 5-year level term policy issued in 2001. He died in
2007. His beneficiary received - ANSWER-NOTHING
Term insurance - ANSWER-provides protection for only a temporary period of
time
The Financial Industry Regulatory Authority
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
,(FINRA a.k.a NASD) - ANSWER-an insurance producer selling a variable annuity
whose cash value depends on the performance of an underlying investment
account must be registered with
Variable Life Insurance - ANSWER-a life insurance policy whose cash value will
fluctuate depending upon the performance of a separate account or underlying
investment
Certificate of Authority - ANSWER-permits an insurance company to transact
business in Georgia
Split dollar plan - ANSWER-plan that allows an employer to give money to an
employee for buying a life insurance policy and also merits the employee to select
the beneficiary
Ricky recently died and left behind an individual IRA account in his name. His
widow was forwarded the balance of the IRA. The widow qualifies for -
ANSWER-Marital deduction
If a corporation pays the premium on a group life policy for its employees, the
corporation is required to report how much additional taxable income for each
employee? - ANSWER-Nothing
An incomplete life insurance application submitted to an insurer will results in
what action? - ANSWER-Application will be returned to the writing agent
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
, Foreign Company - ANSWER-in Georgia, an insurer licensed to conduct business
in Georgia but domiciled in New Jersey is called a
Variable Rate Loan - ANSWER-a life insurance policy owner take out a policy loan
against the cash value in his whole life. the interest rate applied to this loan may
vary over time. This is called a ____
Universal Life - ANSWER-The cash value may fluctuate to reflect changing
assumptions regarding mortality cost, interest and expense factors
An insurer may normally delay the payment of a cash value loan or surrender value
for up to - ANSWER-6 months
An applicants' medical information received for m the Medical Information
Bureau(MIB) may be furnished to - ANSWER-applicants physician
What is false about TAX Sheltered Annuity? - ANSWER-Income derived from the
TSA is received income tax-free
The Georgia Commissioner of insurance elected for a period of - ANSWER-4
years
Foreign Insurer - ANSWER-an insurer who is domiciled In another state and is
authorized to do business in Georgia
Defamation - ANSWER-is verbally suggesting that an insurer may not be in a
position to pay claims
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
