Life Insurance Exam – Georgia | State-Specific
Licensing Prep with Key Concepts and Practice
Questions
1. Describe the significance of the option to renew in a Renewable Term life
insurance policy.
The option to renew means the policyholder can change the
beneficiary at any time.
The option to renew guarantees lower premiums for the insured.
The option to renew allows the insured to extend coverage
without undergoing additional medical underwriting.
The option to renew allows the insured to convert the policy to a
whole life policy.
2. Describe the concept of insurable interest and its importance in life
insurance applications.
Insurable interest is a requirement that can be established at any
time during the policy's life.
Insurable interest is a concept that applies only to property
insurance, not life insurance.
Insurable interest is only necessary at the time of policy issuance
to validate the contract.
Insurable interest is a legal requirement that ensures the
policyholder has a legitimate interest in the life of the insured,
which must exist at the time of application.
, 3. In order to sell variable life insurance, you must be registered with which
of the following?
The State
The NASD
Licensing Prep with Key Concepts and Practice
Questions
1. Describe the significance of the option to renew in a Renewable Term life
insurance policy.
The option to renew means the policyholder can change the
beneficiary at any time.
The option to renew guarantees lower premiums for the insured.
The option to renew allows the insured to extend coverage
without undergoing additional medical underwriting.
The option to renew allows the insured to convert the policy to a
whole life policy.
2. Describe the concept of insurable interest and its importance in life
insurance applications.
Insurable interest is a requirement that can be established at any
time during the policy's life.
Insurable interest is a concept that applies only to property
insurance, not life insurance.
Insurable interest is only necessary at the time of policy issuance
to validate the contract.
Insurable interest is a legal requirement that ensures the
policyholder has a legitimate interest in the life of the insured,
which must exist at the time of application.
, 3. In order to sell variable life insurance, you must be registered with which
of the following?
The State
The NASD
