Georgia Life & Health Exam 2023 with complete solution graded A+

A variable insurance policy: - does not guarantee a return on its investment accounts Which of the following factors affects the amount of monthly disability benefits payable under Social Security? - The amount of the benefits available from other sources Which of the following statements regarding a Tax Sheltered Annuity (TSA) is INCORRECT? - The income from the TSA is received income tax-free Which of the following health policy provisions states that the producer does NOT have the authority to change the policy or waive any of its provisions? - Entire Contract What kind of premium does a Whole Life policy have? - level Agent J takes an application and initial premium from an applicant and sends the application and premium check to the insurance company. The insurance company returns the check back to J because the check is made out to J instead of the insurance company. What action should J take? - Return to the customer, collect a new check made out to the insurance company, and send the new check out to the insurance company An insured covered by a group Major Medical plan is hospitalized after sustaining injuries that resulted from an automobile accident. Assuming the plan had a $1,000 deductible and an 80/20 Coinsurance clause, how much will the INSURED be responsible to pay with $11,000 in covered medical expenses? - $3,000 the insured is responsible for $1,000 deductible + 20% of the remaining bill = $3,000. An agent takes an individual Disability Income application, collects the appropriate premium, and issues the prospective insured a conditional receipt. The next step the insurance company will take is to: - determine if the applicant is an acceptable risk by completing standard underwriting procedures An insured's inability to perform two or more activities of daily living may trigger which type of policy rider? - Long term careT is covered by two health insurance plans: a group plan through his employer and his spouse's plan as a dependent. Under the Model Group Coordination of Benefits provision, when T files a claim, his employer's plan is considered the: - Primary carrier