GA State License Practice Exam Questions - Life,
Accident and Sickness -Exam Questions and Answers
(Latest 2023) 193 Questions GRADED A+
How much participation does a Noncontributory plan require? - correct
answers ✅100%
The insured hands control of the policy to another person (usually the agent)
- correct answers ✅constructive delivery
Filing a request with the insurer - Recording Method, or by endorsement -
correct answers ✅beneficiary change can be made by doing what?
The application is part of the policy. Which policy provision states this? -
correct answers ✅Entire Contract Provision
Life insurance premiums are calculated based on three factors. What are the
three factors? - correct answers ✅Mortality Interest Earnings, and
Expenses
Typically, health insurance policies stipulate that coverage cannot be
renewed beyond age? - correct answers ✅65 (Medicare kicks in)
, GA State License Practice Exam Questions - Life,
Accident and Sickness -Exam Questions and Answers
(Latest 2023) 193 Questions GRADED A+
Coinsurance is a percentage (%)and the Copayment is associated with dollar
($) amount. - correct answers ✅What is the difference between
coinsurance and copayment?
A binding receipt (binder) provides coverage from the date of the date of the
application and usually lasts for ____ days. - correct answers ✅60 days
What is the exemption for the Incontestability Provision? - correct answers
✅Fraud
An Annual Renewable Term (ART) policy provides a level face amount with
an increasing premium, and is guaranteed renewable annually without? -
correct answers ✅Proof of insurability
With guaranteed renewable policy, the policy premiums can be
_______________. - correct answers ✅Increased.
When does insurable interest need exist with a life and health contract? -
correct answers ✅At the time of the application
, GA State License Practice Exam Questions - Life,
Accident and Sickness -Exam Questions and Answers
(Latest 2023) 193 Questions GRADED A+
What are the two ways that an annuity can be funded? - correct answers
✅Single premium or periodic payments
When a person other than the insured applies for a policy, it is referred to
as? - correct answers ✅Third party ownership
What does Medicare, Medicaid, TRICARE, and Social Security Disability
Benefits all have in common? - correct answers ✅Government health
programs
How many days does the insurer have to provide claim forms from the
insurance company? 15, 30, 60 days? - correct answers ✅15 days
What is the only life policy with cash accumulation? - correct answers
✅Straight Whole Life
Which is the cheaper policy that has cash accumulation, Straight Whole Life
or Term? - correct answers ✅Straight Whole Life
, GA State License Practice Exam Questions - Life,
Accident and Sickness -Exam Questions and Answers
(Latest 2023) 193 Questions GRADED A+
Term life policies accumulate cash value? True or False. - correct answers
✅False
What program (ACT) protects individuals and their coverage when their
employment is terminated? - correct answers ✅COBRA
How may a life policy be delivered? - correct answers ✅Electronically, by
mail or in person
What is the primary difference between a Universal (or Adjustable) Life and
a Whole Life policy? - correct answers ✅Policyowner can skip premium
payments if there is enough cash value to cover the cost of death protection.
This policy gives the policyowner flexibility in the premium payments, death
benefits, and the savings of their policy. This makes the premiums higher
than normal policies. - correct answers ✅Universal (or Adjustable) Life
policy
Accident and Sickness -Exam Questions and Answers
(Latest 2023) 193 Questions GRADED A+
How much participation does a Noncontributory plan require? - correct
answers ✅100%
The insured hands control of the policy to another person (usually the agent)
- correct answers ✅constructive delivery
Filing a request with the insurer - Recording Method, or by endorsement -
correct answers ✅beneficiary change can be made by doing what?
The application is part of the policy. Which policy provision states this? -
correct answers ✅Entire Contract Provision
Life insurance premiums are calculated based on three factors. What are the
three factors? - correct answers ✅Mortality Interest Earnings, and
Expenses
Typically, health insurance policies stipulate that coverage cannot be
renewed beyond age? - correct answers ✅65 (Medicare kicks in)
, GA State License Practice Exam Questions - Life,
Accident and Sickness -Exam Questions and Answers
(Latest 2023) 193 Questions GRADED A+
Coinsurance is a percentage (%)and the Copayment is associated with dollar
($) amount. - correct answers ✅What is the difference between
coinsurance and copayment?
A binding receipt (binder) provides coverage from the date of the date of the
application and usually lasts for ____ days. - correct answers ✅60 days
What is the exemption for the Incontestability Provision? - correct answers
✅Fraud
An Annual Renewable Term (ART) policy provides a level face amount with
an increasing premium, and is guaranteed renewable annually without? -
correct answers ✅Proof of insurability
With guaranteed renewable policy, the policy premiums can be
_______________. - correct answers ✅Increased.
When does insurable interest need exist with a life and health contract? -
correct answers ✅At the time of the application
, GA State License Practice Exam Questions - Life,
Accident and Sickness -Exam Questions and Answers
(Latest 2023) 193 Questions GRADED A+
What are the two ways that an annuity can be funded? - correct answers
✅Single premium or periodic payments
When a person other than the insured applies for a policy, it is referred to
as? - correct answers ✅Third party ownership
What does Medicare, Medicaid, TRICARE, and Social Security Disability
Benefits all have in common? - correct answers ✅Government health
programs
How many days does the insurer have to provide claim forms from the
insurance company? 15, 30, 60 days? - correct answers ✅15 days
What is the only life policy with cash accumulation? - correct answers
✅Straight Whole Life
Which is the cheaper policy that has cash accumulation, Straight Whole Life
or Term? - correct answers ✅Straight Whole Life
, GA State License Practice Exam Questions - Life,
Accident and Sickness -Exam Questions and Answers
(Latest 2023) 193 Questions GRADED A+
Term life policies accumulate cash value? True or False. - correct answers
✅False
What program (ACT) protects individuals and their coverage when their
employment is terminated? - correct answers ✅COBRA
How may a life policy be delivered? - correct answers ✅Electronically, by
mail or in person
What is the primary difference between a Universal (or Adjustable) Life and
a Whole Life policy? - correct answers ✅Policyowner can skip premium
payments if there is enough cash value to cover the cost of death protection.
This policy gives the policyowner flexibility in the premium payments, death
benefits, and the savings of their policy. This makes the premiums higher
than normal policies. - correct answers ✅Universal (or Adjustable) Life
policy
