GA Life Insurance Exam | Q&A Study
Guide | 2026 | 100% Verified | A+ Pass
• Term life -✓✓temporary protection also known as pure death protection
• Level term -✓✓Most common, level refers to death benefit does not change
• Annually Renewable Term -✓✓ART purest form of term insurance, death benefit
remains level, policy guaranteed renewable each year without proof of insurability, but
premium increases annually according to the attained age
• Decreasing Term -✓✓features a level premium and a death benefit that decreases
each year over the duration of the policy term, more often used as mortgage insurance
amount of coverage decreases as the outstanding loan balance decreases; usually
convertible but not renewable
• Increasing Term -✓✓features level premiums and a death benefit that increases each
year over the duration of the policy term; often used by ins. co. to fund certain riders that
provide refund of premiums
• Renewable -✓✓provision that allows the policyowner the right to renew the coverage
at the expiration date without evidence of insurability; premium will be based on
insured's current age
• Convertible -✓✓provision provides the policyowner the right to convert the policy to a
permanent insurance policy without evidence of insurability; premium will be based on
insured's attained age at the time of conversion
• Permanent Life Insurance -✓✓general term used to refer to various forms of life
insurance policies that build cash value and remain in effect for the entire life of the
insured (or until age 100) as long as premiums are paid - the most common is whole life
• Whole Life Insurance -✓✓provides lifetime protection and includes a savings element
(or cash value); endowed at the insured's age 100 which means the cash value created
by the accumulation of premium is scheduled to equal the face amount of the policy at
age 100
• Key characteristics of whole life -✓✓Level Premium - based on issue age, remains the
same throughout the life of the policy
Death Benefit - guaranteed and remains level for life
Cash Value - created by the accumulation of premium, is scheduled to equal the face
amount of the policy when the insured reaches 100 (the policy maturity date) and is paid
out to the policyowner
Guide | 2026 | 100% Verified | A+ Pass
• Term life -✓✓temporary protection also known as pure death protection
• Level term -✓✓Most common, level refers to death benefit does not change
• Annually Renewable Term -✓✓ART purest form of term insurance, death benefit
remains level, policy guaranteed renewable each year without proof of insurability, but
premium increases annually according to the attained age
• Decreasing Term -✓✓features a level premium and a death benefit that decreases
each year over the duration of the policy term, more often used as mortgage insurance
amount of coverage decreases as the outstanding loan balance decreases; usually
convertible but not renewable
• Increasing Term -✓✓features level premiums and a death benefit that increases each
year over the duration of the policy term; often used by ins. co. to fund certain riders that
provide refund of premiums
• Renewable -✓✓provision that allows the policyowner the right to renew the coverage
at the expiration date without evidence of insurability; premium will be based on
insured's current age
• Convertible -✓✓provision provides the policyowner the right to convert the policy to a
permanent insurance policy without evidence of insurability; premium will be based on
insured's attained age at the time of conversion
• Permanent Life Insurance -✓✓general term used to refer to various forms of life
insurance policies that build cash value and remain in effect for the entire life of the
insured (or until age 100) as long as premiums are paid - the most common is whole life
• Whole Life Insurance -✓✓provides lifetime protection and includes a savings element
(or cash value); endowed at the insured's age 100 which means the cash value created
by the accumulation of premium is scheduled to equal the face amount of the policy at
age 100
• Key characteristics of whole life -✓✓Level Premium - based on issue age, remains the
same throughout the life of the policy
Death Benefit - guaranteed and remains level for life
Cash Value - created by the accumulation of premium, is scheduled to equal the face
amount of the policy when the insured reaches 100 (the policy maturity date) and is paid
out to the policyowner
