2026 GA Life & Health Insurance- AD Banker Already Graded A
insurance - ANSWERthe possibility of transferring risks (sharing loses) from an
individual to a group
insurance contract - ANSWER2 parties:
1. the insurer aka insurance company or principle
2. policyowner/holder
insurer - ANSWER"risk manager": manages the contract
beneficiary - ANSWERthe person, organization, trust or thing that the policy
owner chooses to receive the face amount of the policy if the insured dies
does NOT have to have insurable interest in the insured
underwriter - ANSWERaccepts or rejects risks for insurer
death benefit - ANSWERface amount or value of the contract
value is the face amount of the policy
death benefit is the money that the insurer pays out if the insured dies
agents contract - ANSWERa contract = legal document
specifies what the insurer will allow the agent to do or not do
,agency contract - ANSWERcontract between the agency and insurance
company
insurance policy - ANSWER
self-insurer - ANSWERinsurance policy has NOT been purchased, therefore if
a person gets sick or has an accident they are self-insured (pay for own
services)
dividends are: - ANSWERa: taxable
b: nontaxable
c: both of the above
d: none of the above
b: nontaxable
the insured died (not the owner of the policy), what will happen to the life
insurance policy proceeds? - ANSWERpaid out to beneficiary
if the insured is not the owner of the policy and the owner dies, what will
happen to the life insurance policy? - ANSWERthe policy will terminate
all of the following are types of insurers except? - ANSWERservice insurer
reciprocal insurer - organization - ANSWERinsurers own property
the organization is managed by an attorney-in fact
,reciprocals do not sell life insurance, they are involved with property and
casualty insurance in Georgia
ex: HOA - pay their own claims
Lloyd's of London - ANSWERknown as excess or surplus line broker
insure high risk property of people
recruits insurance companies to become members (syndicate members)
cannot sell life insurance in the state of Georgia
assessment insurer - ANSWERmay charge their policyholders an additional
premium only if the company administrative expenses go up
open ended contract- can make changes without the owner's permission
close ended contract- cannot make changes without notifying the client
can assess you for additional premiums
ex: HOA assess for additional ?
reinsurer - ANSWERretains risk from other insurance companies
Fraternal Insurer - ANSWERmembership is usually drawn from those who are
also members of a lodge of fraternal organization
ex: moose club, mason, VFW
what policy do we have where the group will its own claims? -
ANSWERreciprocals
, reciprocals are involved in all of the following forms of insurance except? -
ANSWERlife
certificate of authority - CA - ANSWERlicense that authorizes an insurance
company to sell its products in the state of Georgia
if the insurance commissioner does issue the CA then the company is
ADMITTED
if the commissioner does not deny a certificate of authority withing _____
days after an application is filed, it is considered approved. - ANSWER90
renewal - ANSWERCA must be renewed annually
all certificates expire June 30 of the yr following issuance or renewal
application must include a copy of an insurer's annual statement of Dec. 31st
of the previous year
report contains info about insurer's affairs and operations during the
proceeding year
authorized have to file an annual report with the insurance commissioner's
office
all authorized carriers must renew their CA by 12:00 midnight June 30th each
year
unauthorized/non-admitted carrier - ANSWERcompany that has not been
admitted or authorized to sell their products in Georgia
do not carry a CA and sell their products = considered to be unauthorized
unauthorized carries do NOT have to file an annual report w/ the insurance
commissioner's office
insurance - ANSWERthe possibility of transferring risks (sharing loses) from an
individual to a group
insurance contract - ANSWER2 parties:
1. the insurer aka insurance company or principle
2. policyowner/holder
insurer - ANSWER"risk manager": manages the contract
beneficiary - ANSWERthe person, organization, trust or thing that the policy
owner chooses to receive the face amount of the policy if the insured dies
does NOT have to have insurable interest in the insured
underwriter - ANSWERaccepts or rejects risks for insurer
death benefit - ANSWERface amount or value of the contract
value is the face amount of the policy
death benefit is the money that the insurer pays out if the insured dies
agents contract - ANSWERa contract = legal document
specifies what the insurer will allow the agent to do or not do
,agency contract - ANSWERcontract between the agency and insurance
company
insurance policy - ANSWER
self-insurer - ANSWERinsurance policy has NOT been purchased, therefore if
a person gets sick or has an accident they are self-insured (pay for own
services)
dividends are: - ANSWERa: taxable
b: nontaxable
c: both of the above
d: none of the above
b: nontaxable
the insured died (not the owner of the policy), what will happen to the life
insurance policy proceeds? - ANSWERpaid out to beneficiary
if the insured is not the owner of the policy and the owner dies, what will
happen to the life insurance policy? - ANSWERthe policy will terminate
all of the following are types of insurers except? - ANSWERservice insurer
reciprocal insurer - organization - ANSWERinsurers own property
the organization is managed by an attorney-in fact
,reciprocals do not sell life insurance, they are involved with property and
casualty insurance in Georgia
ex: HOA - pay their own claims
Lloyd's of London - ANSWERknown as excess or surplus line broker
insure high risk property of people
recruits insurance companies to become members (syndicate members)
cannot sell life insurance in the state of Georgia
assessment insurer - ANSWERmay charge their policyholders an additional
premium only if the company administrative expenses go up
open ended contract- can make changes without the owner's permission
close ended contract- cannot make changes without notifying the client
can assess you for additional premiums
ex: HOA assess for additional ?
reinsurer - ANSWERretains risk from other insurance companies
Fraternal Insurer - ANSWERmembership is usually drawn from those who are
also members of a lodge of fraternal organization
ex: moose club, mason, VFW
what policy do we have where the group will its own claims? -
ANSWERreciprocals
, reciprocals are involved in all of the following forms of insurance except? -
ANSWERlife
certificate of authority - CA - ANSWERlicense that authorizes an insurance
company to sell its products in the state of Georgia
if the insurance commissioner does issue the CA then the company is
ADMITTED
if the commissioner does not deny a certificate of authority withing _____
days after an application is filed, it is considered approved. - ANSWER90
renewal - ANSWERCA must be renewed annually
all certificates expire June 30 of the yr following issuance or renewal
application must include a copy of an insurer's annual statement of Dec. 31st
of the previous year
report contains info about insurer's affairs and operations during the
proceeding year
authorized have to file an annual report with the insurance commissioner's
office
all authorized carriers must renew their CA by 12:00 midnight June 30th each
year
unauthorized/non-admitted carrier - ANSWERcompany that has not been
admitted or authorized to sell their products in Georgia
do not carry a CA and sell their products = considered to be unauthorized
unauthorized carries do NOT have to file an annual report w/ the insurance
commissioner's office
