GEORGIA LIFE AND HEALTH INSURANCE EXAM PRACTICE |
QUESTIONS AND ANSWERS | VERIFIED ANSWERS (100% CORRECT) |
LATEST EXAM UPDATE
Insurance spreads the financial burden of an individual's loss to
B. a group of insureds
Where does a domestic insurer have its home office
B. In any state in the U.S.
The maximum benefit a policy will pay categorized as any of the following
except
A. per cause limit
An employer pays all of the premium for key person disability income
insurance. What percentage of this can the employer deduct as a business
expense?
100%
The provision in health insurance policies states that both the printed contract
and a copy of the applications for the contract between the policy owner and
the insurer are called
D. Entire Contract
Which of the following would have the smallest first-year premium payment?
C. Annually Renewable Term
First-year commission on a Medicare supplement policy may not exceed
A. 200% of the 2nd year commission on the same policy
B. 100% of the other commission from the other policies for that year
C. 100% of the 2nd year commission on the same policy
D. 200% of all the other commission from the other policies from that year
A. 200% of the 2nd year commission on the same policy
,Where must an insurer's home office be located for it to be considered an alien
insurer
A. In more than one state
B. In this state
C. In another country
D. In another state
C. In another country
Annuities can be purchased for all the following reasons except
A. To accumulate retirement funds
B. To fund a child's education
C. To create an immediate estate
D. To liquidate an estate
D. To liquidate an estate
In the replacement of a Medicare supplement insurance policy, who must sign
the notice regarding replacement?
Both the applicant and the agent
The assignment clause in a life insurance policy allows the policy owner to don
which of the following?
Transfer policy rights to another person
A nonresident agent moved from one state to another. How soon thereafter
should the agent file a change of address and provide a certificate from the
new state?
30 Days
An insured would like to reactivate a life insurance policy that lapsed 2 years
ago by paying all the missed premiums and providing evidence of insurability.
Which provision allows the insured to do this?
D. Reinstatement
Term insurance provides coverage for
specified period of time
,Which of the following is true regarding guaranteed renewable health
insurance policies?
They must be renewed if the insured pays the premium
After a loss, an insured requests claims forms but has not received them. To
fulfill notice of claim requirements, the insured can also submit, in writing, all
of the following except
Names of the other insurers with whom the insured has filled claim.
Under a universal life insurance policy, the policyowners have a choice
between what two types of premiums?
Adjustable Premium and Target Premium
The primary beneficiary of her husband's life insurance policy found that no
settlement options were stated in the policy on the date of her husband's
death. Who will select the settlement option in this case?
The beneficiary
Which of the following would be tax free?
Death benefit received in a lump sum settlement
If a settlement option is not selected on a life insurance policy, how will the
benefits be distributed?
In a single cash payment
Under which installment option does the annuitant select the amount of each
payment, and the insurer determines how long they will pay benefits?
Fixed Amount
Which of the following mandatory health provisions states the specified
number of days given to an insured to return the completed claims forms to
the insurance company?
Proof of loss
, If an insurer makes a statement misrepresentation or incompletely comparing
the terms of any insurance policy to induce a policyholder to drop existing
policy, what unfair practice has occurred?
Twisting
What is the maximum number of employees that a company can have in order
to legally be defined as a small group?
50
Which of the following disability riders in life insurance allows the policy
owner to keep coverage in force without paying policy premiums after a
qualifying event?
Waiver of Premium
An insured submits the full premium along with a completed application.
Once the policy is issued, when does the coverage begin?
Upon the date the policy was issued
What clauses stipulate that if an insured and the primary beneficiary die as a
result of the same incident, the benefits will be paid out as if the primary
beneficiary has died first?
Common disaster clause
Which of the following is not considered a rebate?
A. Returning part of the premium of the insured as a thank you for buying
insurance
B. Giving prospective insureds $100 gift cards in return for buying a policy
C. Any inducement to buy that is not stated in the policy
D. Offering a prospective insured a multi-policy discount
D. Offering a prospective insured a multi-policy discount
In a group health insurance policy, which of the following would be issued as
the master policy
A. A Health Care provider
B. Employer
QUESTIONS AND ANSWERS | VERIFIED ANSWERS (100% CORRECT) |
LATEST EXAM UPDATE
Insurance spreads the financial burden of an individual's loss to
B. a group of insureds
Where does a domestic insurer have its home office
B. In any state in the U.S.
The maximum benefit a policy will pay categorized as any of the following
except
A. per cause limit
An employer pays all of the premium for key person disability income
insurance. What percentage of this can the employer deduct as a business
expense?
100%
The provision in health insurance policies states that both the printed contract
and a copy of the applications for the contract between the policy owner and
the insurer are called
D. Entire Contract
Which of the following would have the smallest first-year premium payment?
C. Annually Renewable Term
First-year commission on a Medicare supplement policy may not exceed
A. 200% of the 2nd year commission on the same policy
B. 100% of the other commission from the other policies for that year
C. 100% of the 2nd year commission on the same policy
D. 200% of all the other commission from the other policies from that year
A. 200% of the 2nd year commission on the same policy
,Where must an insurer's home office be located for it to be considered an alien
insurer
A. In more than one state
B. In this state
C. In another country
D. In another state
C. In another country
Annuities can be purchased for all the following reasons except
A. To accumulate retirement funds
B. To fund a child's education
C. To create an immediate estate
D. To liquidate an estate
D. To liquidate an estate
In the replacement of a Medicare supplement insurance policy, who must sign
the notice regarding replacement?
Both the applicant and the agent
The assignment clause in a life insurance policy allows the policy owner to don
which of the following?
Transfer policy rights to another person
A nonresident agent moved from one state to another. How soon thereafter
should the agent file a change of address and provide a certificate from the
new state?
30 Days
An insured would like to reactivate a life insurance policy that lapsed 2 years
ago by paying all the missed premiums and providing evidence of insurability.
Which provision allows the insured to do this?
D. Reinstatement
Term insurance provides coverage for
specified period of time
,Which of the following is true regarding guaranteed renewable health
insurance policies?
They must be renewed if the insured pays the premium
After a loss, an insured requests claims forms but has not received them. To
fulfill notice of claim requirements, the insured can also submit, in writing, all
of the following except
Names of the other insurers with whom the insured has filled claim.
Under a universal life insurance policy, the policyowners have a choice
between what two types of premiums?
Adjustable Premium and Target Premium
The primary beneficiary of her husband's life insurance policy found that no
settlement options were stated in the policy on the date of her husband's
death. Who will select the settlement option in this case?
The beneficiary
Which of the following would be tax free?
Death benefit received in a lump sum settlement
If a settlement option is not selected on a life insurance policy, how will the
benefits be distributed?
In a single cash payment
Under which installment option does the annuitant select the amount of each
payment, and the insurer determines how long they will pay benefits?
Fixed Amount
Which of the following mandatory health provisions states the specified
number of days given to an insured to return the completed claims forms to
the insurance company?
Proof of loss
, If an insurer makes a statement misrepresentation or incompletely comparing
the terms of any insurance policy to induce a policyholder to drop existing
policy, what unfair practice has occurred?
Twisting
What is the maximum number of employees that a company can have in order
to legally be defined as a small group?
50
Which of the following disability riders in life insurance allows the policy
owner to keep coverage in force without paying policy premiums after a
qualifying event?
Waiver of Premium
An insured submits the full premium along with a completed application.
Once the policy is issued, when does the coverage begin?
Upon the date the policy was issued
What clauses stipulate that if an insured and the primary beneficiary die as a
result of the same incident, the benefits will be paid out as if the primary
beneficiary has died first?
Common disaster clause
Which of the following is not considered a rebate?
A. Returning part of the premium of the insured as a thank you for buying
insurance
B. Giving prospective insureds $100 gift cards in return for buying a policy
C. Any inducement to buy that is not stated in the policy
D. Offering a prospective insured a multi-policy discount
D. Offering a prospective insured a multi-policy discount
In a group health insurance policy, which of the following would be issued as
the master policy
A. A Health Care provider
B. Employer
