GA Life Insurance Exam Actual Exam 2026 | All
Questions and Correct Answers | Graded A+ |
Verified Answers | Just Released
What does the ownership clause in a life insurance policy state? ---------CORRECT
ANSWER-----------------who the policy owner is and what rights the policy owner is
entitled to
S would like to use dividends from her life insurance policy to purchase paid-up
additions. All of these would be factors that determine how much coverage can
be purchased EXCEPT: ---------CORRECT ANSWER-----------------beneficiary's age
J would like to maintain the right to change beneficiaries. Which beneficiary
designation should be used? ---------CORRECT ANSWER-----------------Revocable
What is the underlying concept regarding level premiums? ---------CORRECT
ANSWER-----------------the early years are changed more than what is needed
The Common Disaster Clause provides that if both the insured and the sole
named beneficiary were to die in a common accident, which of the following is
true? ---------CORRECT ANSWER-----------------the clause provides the payment of
proceeds to the insured's estate
,A policy owner would like to change the beneficiary on a Life insurance policy and
make the changes permanent. Which type of designation would fulfill this need? -
--------CORRECT ANSWER-----------------irrevocable
A level premium indicates: ---------CORRECT ANSWER-----------------the premium is
fixed for the entire duration of the contract
Which statement regarding the Change of Beneficiary provision is true? ---------
CORRECT ANSWER-----------------the policy owner can change the beneficiary
Which of these statements is incorrect regarding the federal income tax
treatment of life insurance? ---------CORRECT ANSWER-----------------entire cash
surrender value is taxable
A policy owner is able to choose the frequency of premium payments through
what policy feature? ---------CORRECT ANSWER-----------------premium mode
A primary beneficiary has died before the insured in a life insurance policy. A
contingent beneficiary is also named in the policy. Which of the following will
, occur when the insured dies? ---------CORRECT ANSWER-----------------proceeds will
go to the contingent beneficiary
A policy owner's rights are limited under which beneficiary designation? ---------
CORRECT ANSWER-----------------irrevocable
On a life insurance policy, who is qualified to change the beneficiary designation?
---------CORRECT ANSWER-----------------policyholder
Which of the following statements is correct regarding the tax treatment of a
lump-sum payment paid to a life insurance policy's primary beneficiary? ---------
CORRECT ANSWER-----------------All proceeds are income tax free in the year they
are received
Who elects the governing body of a mutual insurance company? ---------CORRECT
ANSWER-----------------policyholders
What year was the McCarran-Ferguson Act enacted? ---------CORRECT ANSWER----
-------------1945
Questions and Correct Answers | Graded A+ |
Verified Answers | Just Released
What does the ownership clause in a life insurance policy state? ---------CORRECT
ANSWER-----------------who the policy owner is and what rights the policy owner is
entitled to
S would like to use dividends from her life insurance policy to purchase paid-up
additions. All of these would be factors that determine how much coverage can
be purchased EXCEPT: ---------CORRECT ANSWER-----------------beneficiary's age
J would like to maintain the right to change beneficiaries. Which beneficiary
designation should be used? ---------CORRECT ANSWER-----------------Revocable
What is the underlying concept regarding level premiums? ---------CORRECT
ANSWER-----------------the early years are changed more than what is needed
The Common Disaster Clause provides that if both the insured and the sole
named beneficiary were to die in a common accident, which of the following is
true? ---------CORRECT ANSWER-----------------the clause provides the payment of
proceeds to the insured's estate
,A policy owner would like to change the beneficiary on a Life insurance policy and
make the changes permanent. Which type of designation would fulfill this need? -
--------CORRECT ANSWER-----------------irrevocable
A level premium indicates: ---------CORRECT ANSWER-----------------the premium is
fixed for the entire duration of the contract
Which statement regarding the Change of Beneficiary provision is true? ---------
CORRECT ANSWER-----------------the policy owner can change the beneficiary
Which of these statements is incorrect regarding the federal income tax
treatment of life insurance? ---------CORRECT ANSWER-----------------entire cash
surrender value is taxable
A policy owner is able to choose the frequency of premium payments through
what policy feature? ---------CORRECT ANSWER-----------------premium mode
A primary beneficiary has died before the insured in a life insurance policy. A
contingent beneficiary is also named in the policy. Which of the following will
, occur when the insured dies? ---------CORRECT ANSWER-----------------proceeds will
go to the contingent beneficiary
A policy owner's rights are limited under which beneficiary designation? ---------
CORRECT ANSWER-----------------irrevocable
On a life insurance policy, who is qualified to change the beneficiary designation?
---------CORRECT ANSWER-----------------policyholder
Which of the following statements is correct regarding the tax treatment of a
lump-sum payment paid to a life insurance policy's primary beneficiary? ---------
CORRECT ANSWER-----------------All proceeds are income tax free in the year they
are received
Who elects the governing body of a mutual insurance company? ---------CORRECT
ANSWER-----------------policyholders
What year was the McCarran-Ferguson Act enacted? ---------CORRECT ANSWER----
-------------1945
