GA Life, Health and Accident Insurance Exam Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.

An applicant for health insurance completes the application and satisfies all of the conditions of the conditional receipt. If the policy is eventually issued as applied for, coverage takes effect: - just as if the policy had already been issued Tom has a $50,000 whole life policy. If he continued to pay the required premiums and lived to age 100, he would receive: - $50,000 as an endowment A whole life policy - provides both insurance protection and "living" values, the face amount may be paid as a lump sum at the policyowner's selected retirement age, and It is designed to mature or endow at the insured's age 100 AGC Publishing applied for key-person life insurance on its chief executive officer. Which of the following parties must sign the application? - The CEO, another officer of AGC, and the agent handling the application An applicant for an agent license has failed the written examination 3 times. What must the applicant do in order to take the examination a fourth time? - ke the prelicensing course before retaking the exam. An individual wishes to purchase whole life Insurance but does not wish to pay premiums past retirement age. Which of the following policies should the person buy? - Limited pay Frank is the insured in a $40,000, 5-year level term policy issued in 2001. He died in 2007. His beneficiary received - nothing In addition to the Insurance Department, who has the authority to regulate variable life insurance? - Securities Exchange Commission Increasing term insurance is almost always sold as a(an): - rider.Michelle, age 31, just purchased a $50,000 variable life insurance policy. With regard to her policy, which of the following statements is NOT correct - At her death, her beneficiary may receive more or less than $50,000 in proceeds. A 10-year renewable term life insurance policy - 10-year renewable term is a policy with a fixed face amount and a premium that increase at each 10-year renewal period. Public adjusters represent - persons insured under policies covering physical property Rules and regulations made by the Commissioner of Insurance must be approved by the - Georgia Attorney General Term life insurance is... - Term insurance provides protection for only a temporary period When must credit accident and sickness insurance policies define total disability as the inability to perform any occupation for which the debtor is reasonably fitted by education, training, or experience? - After the first 12 months of disability Which of the following has the greatest impact in making one individual's life insurance premium different from that of another individual, assuming both own the same type of policy? - The policy's mortality factor Which one of the following kinds of insurance is NOT covered by the Georgia Unfair Claims Settlement Practices Act? - worker's compensation What is a basic factor used to compute life insurance premiums? - an interest factor that offsets part of the mortality and expense charges An agent has been licensed in Georgia for 9 years. How many hours of classroom study must this agent complete in continuing education to keep the license valid? - 15 hours.