Georgia Insurance Licensing
Study online at https://quizlet.com/_eokac1
1. Common Disaster Provi- In a life policy, determines the order of benefit payment in case of
sion simultaneous deaths
2. Insurable Interest Must exist at the time of the insured's death for a life policy to be valid
3. Noncontributory Group Type of plan where the employer pays the entire cost
Term Life Insurance
4. Exclusion Feature of a life policy used to restrict coverage
5. Guaranteed Insurability Allows a student airplane pilot to buy life insurance at a regular price
Rider
6. Limited-Pay Life Policy type providing permanent protection at the lowest annual pre-
mium
7. Major Medical Policy Provides benefits for reasonable and necessary medical expenses,
subject to policy limits
8. Renewable Term Policy Guarantees the insured the right to continue term coverage after it
expires
9. Free Look Period Time after policy delivery to examine and return the policy for a full
refund
10. Disability Income Policy Provides benefits for loss of income due to disability
11. Deductibles Used in health policies to reduce over-utilization of medical services
12. Business Overhead Ex- Covers eligible expenses for staff, rent, and utilities
pense Insurance
13. Medicaid Provides medical assistance for low-income individuals
14. Convertible Term Policy
1/3
Study online at https://quizlet.com/_eokac1
1. Common Disaster Provi- In a life policy, determines the order of benefit payment in case of
sion simultaneous deaths
2. Insurable Interest Must exist at the time of the insured's death for a life policy to be valid
3. Noncontributory Group Type of plan where the employer pays the entire cost
Term Life Insurance
4. Exclusion Feature of a life policy used to restrict coverage
5. Guaranteed Insurability Allows a student airplane pilot to buy life insurance at a regular price
Rider
6. Limited-Pay Life Policy type providing permanent protection at the lowest annual pre-
mium
7. Major Medical Policy Provides benefits for reasonable and necessary medical expenses,
subject to policy limits
8. Renewable Term Policy Guarantees the insured the right to continue term coverage after it
expires
9. Free Look Period Time after policy delivery to examine and return the policy for a full
refund
10. Disability Income Policy Provides benefits for loss of income due to disability
11. Deductibles Used in health policies to reduce over-utilization of medical services
12. Business Overhead Ex- Covers eligible expenses for staff, rent, and utilities
pense Insurance
13. Medicaid Provides medical assistance for low-income individuals
14. Convertible Term Policy
1/3
