GA Life/Health Insurance Exam
Questions and Answers Latest Version
Graded A+
Who is the person whose life is covered by a life insurance policy?
✔✔ The insured
What is the name of the person or entity that receives the death benefit from a life insurance
policy?
✔✔ The beneficiary
What happens if the insured outlives a term life insurance policy?
✔✔ The coverage ends with no payout
What type of insurance provides coverage for a specified period of time?
✔✔ Term life insurance
What is the cash value component found in?
✔✔ Whole life insurance
1
,Which type of life insurance offers lifelong protection and builds cash value?
✔✔ Whole life insurance
What is the term for the money an insurer pays to a beneficiary after the insured dies?
✔✔ Death benefit
What happens when a policyholder stops paying premiums on a whole life policy?
✔✔ The policy may lapse or use its cash value to stay active temporarily
What is insurable interest?
✔✔ A financial or emotional connection to the person insured
What is a premium?
✔✔ The amount paid to keep an insurance policy in force
What type of insurance provides benefits when the policyholder becomes disabled and unable to
work?
2
,✔✔ Disability income insurance
What is the name of the form used to apply for life or health insurance?
✔✔ Insurance application
What is the contestability period in a life insurance policy?
✔✔ A limited time (usually two years) during which the insurer can deny a claim for
misrepresentation
Who licenses insurance producers in Georgia?
✔✔ The Georgia Department of Insurance
What does an insurance underwriter do?
✔✔ Evaluates risk and decides if a policy should be issued
What is the grace period for premium payment in most life insurance policies?
✔✔ 30 or 31 days
3
, What does the term “free-look period” refer to in a life insurance policy?
✔✔ A period (usually 10 days) during which the policy can be canceled for a full refund
What does “convertible term insurance” allow the policyholder to do?
✔✔ Change the term policy into a permanent one without evidence of insurability
What does the beneficiary receive if the insured dies during the term of a level term policy?
✔✔ The full face value of the policy
What is a rider in an insurance policy?
✔✔ An optional benefit that adds or changes coverage in the policy
What is the purpose of the accidental death benefit rider?
✔✔ To pay an additional amount if death results from an accident
What is a reinstatement provision?
✔✔ Allows a lapsed policy to be restored if certain conditions are met
4
Questions and Answers Latest Version
Graded A+
Who is the person whose life is covered by a life insurance policy?
✔✔ The insured
What is the name of the person or entity that receives the death benefit from a life insurance
policy?
✔✔ The beneficiary
What happens if the insured outlives a term life insurance policy?
✔✔ The coverage ends with no payout
What type of insurance provides coverage for a specified period of time?
✔✔ Term life insurance
What is the cash value component found in?
✔✔ Whole life insurance
1
,Which type of life insurance offers lifelong protection and builds cash value?
✔✔ Whole life insurance
What is the term for the money an insurer pays to a beneficiary after the insured dies?
✔✔ Death benefit
What happens when a policyholder stops paying premiums on a whole life policy?
✔✔ The policy may lapse or use its cash value to stay active temporarily
What is insurable interest?
✔✔ A financial or emotional connection to the person insured
What is a premium?
✔✔ The amount paid to keep an insurance policy in force
What type of insurance provides benefits when the policyholder becomes disabled and unable to
work?
2
,✔✔ Disability income insurance
What is the name of the form used to apply for life or health insurance?
✔✔ Insurance application
What is the contestability period in a life insurance policy?
✔✔ A limited time (usually two years) during which the insurer can deny a claim for
misrepresentation
Who licenses insurance producers in Georgia?
✔✔ The Georgia Department of Insurance
What does an insurance underwriter do?
✔✔ Evaluates risk and decides if a policy should be issued
What is the grace period for premium payment in most life insurance policies?
✔✔ 30 or 31 days
3
, What does the term “free-look period” refer to in a life insurance policy?
✔✔ A period (usually 10 days) during which the policy can be canceled for a full refund
What does “convertible term insurance” allow the policyholder to do?
✔✔ Change the term policy into a permanent one without evidence of insurability
What does the beneficiary receive if the insured dies during the term of a level term policy?
✔✔ The full face value of the policy
What is a rider in an insurance policy?
✔✔ An optional benefit that adds or changes coverage in the policy
What is the purpose of the accidental death benefit rider?
✔✔ To pay an additional amount if death results from an accident
What is a reinstatement provision?
✔✔ Allows a lapsed policy to be restored if certain conditions are met
4
