GA Life Insurance Exam Questions And Answers With Verified Updates

Which of the following is TRUE if the owner of an IRA names their spouse as beneficiary, but then dies before any distributions are made? - the account can be rolled into the surviving spouse's IRA T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the mother receive? - $0 A Key Employee policy is taken out by Company X on its vice president. Ten years later, this employee leaves Company X and begins working for Company Y. If this individual were to die and the policy is still in force and unchanged, where would the death proceeds be directed? - Company X A level premium indicates: - the premium is fixed for the entire duration of the contract A life insurance application must be signed by all these, EXCEPT: - beneficiary A life insurance policy that provides a policy owner with cash value along with a level face amount is called: - whole life A life insurance policy would be considered a wagering contract WITHOUT: - insurable interest A Medical Information Report (MIB) report may disclose which of the following: - prior use of marjuana A noncontributory group term life plan is characterized by: - the entire cost of the plan is paid for the employer A person who is insured within a group contract will be given a: - certificateA policy owner is able to choose the frequency of premium payments through what policy feature? - premium mode A policy owner would like to change the beneficiary on a Life insurance policy and make the changes permanent. Which type of designation would fulfill this need? - irrevocable A policy owner's rights are limited under which beneficiary designation? - irrevocable A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct? - 20-pay life accumulates cash value faster than straight life A primary beneficiary has died before the insured in a life insurance policy. A contingent beneficiary is also named in the policy. Which of the following will occur when the insured dies? - proceeds will go to the contingent beneficiary A qualified profit-sharing plan is designed to: - allow employees to participate in the profits of the company A Renewable Term Policy is renewable at the option of the: - insured A retirement plan that sets aside part of the company's net income for distributions to qualifies employees is called a: - profit-sharing plan A term life insurance policy matures: - upon the insured's death during the term of the policy A trustee-to-trustee transfer of rollover funds in a qualified plan allows a participant to avoid: - mandatory income tax withholding on the transfer amount Additional coverage can be added to a Whole Life policy by adding a(n) - decreasing term riderAll of these are considered to be a benefit under Social Security, EXCEPT for: - unemployment All of these statements concerning Settlement Options are true, EXCEPT: - only the beneficiary may select An annuity promises that, if the annuitant dies before receiving payments equal to the correct value, the payments will be continued to a beneficiary until an amount equal to the contract value has been paid. This type of annuity is called: - an installment refund annuity