GA Life Insurance Exam Questions and Answers 100% Pass

GA Life Insurance Exam Questions and Answers 100% Pass Who elects the governing body of a mutual insurance company? - Correct Answer ️️ - policyholders What year was the McCarran-Ferguson Act enacted? - Correct Answer ️️ -1945 A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: - Correct Answer ️️ -a fraternal benefit society The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called: - Correct Answer ️️ -reserves What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained? - Correct Answer ️️ -Fair Credit Reporting Act The part of a life insurance policy guaranteed to be true is called a: - Correct Answer ️️ -warranty What is the consideration given by an insurer in the consideration clause of a life policy? - Correct Answer ️️ -promise to pay a death benefit to a named beneficiary Statements made on an insurance application that are believed to be true to the best of the applicant's knowledge are called: - Correct Answer ️️ -representations Which of the following consists of an offer, acceptance, and consideration? - Correct Answer ️️ -contract Which of these require an offer, acceptance, and consideration? - Correct Answer ️️ - contract In regards to representation or warranties, which of these statements is TRUE? - Correct Answer ️️ -If material to the risk, false representation will void a policy Insurance policies are offered on a "take it or leave it" basis, which make them: - Correct Answer ️️ -Contracts of Adhesion A life insurance policy would be considered a wagering contract WITHOUT: - Correct Answer ️️ -insurable interest Insurance policies are considered aleatory contracts because - Correct Answer ️️ - performance is conditioned upon a future occurance Life and health insurance policies are: - Correct Answer ️️ -Unilateral contracts Who makes the legally enforceable promises in a unilateral contract? - Correct Answer ️️ -insurance company