All Practice Exam Questions - Life, Accident and Sickness - GA State License with 100% Correct Solutions

All Practice Exam Questions - Life, Accident and Sickness - GA State License with 100% Correct Solutions 100% - Correct Answer ️️ -How much participation does a Noncontributory plan require? constructive delivery - Correct Answer ️️ -The insured hands control of the policy to another person (usually the agent) beneficiary change can be made by doing what? - Correct Answer ️️ -Filing a request with the insurer - Recording Method, or by endorsement Entire Contract Provision - Correct Answer ️️ -The application is part of the policy. Which policy provision states this? Mortality Interest Earnings, and Expenses - Correct Answer ️️ -Life insurance premiums are calculated based on three factors. What are the three factors? 65 (Medicare kicks in) - Correct Answer ️️ -Typically, health insurance policies stipulate that coverage cannot be renewed beyond age? What is the difference between coinsurance and copayment? - Correct Answer ️️ - Coinsurance is a percentage (%)and the Copayment is associated with dollar ($) amount. 60 days - Correct Answer ️️ -A binding receipt (binder) provides coverage from the date of the date of the application and usually lasts for ____ days. Fraud - Correct Answer ️️ -What is the exemption for the Incontestability Provision? Proof of insurability - Correct Answer ️️ -An Annual Renewable Term (ART) policy provides a level face amount with an increasing premium, and is guaranteed renewable annually without? Increased. - Correct Answer ️️ -With guaranteed renewable policy, the policy premiums can be _______________. At the time of the application - Correct Answer ️️ -When does insurable interest need exist with a life and health contract? Single premium or periodic payments - Correct Answer ️️ -What are the two ways that an annuity can be funded? Third party ownership - Correct Answer ️️ -When a person other than the insured applies for a policy, it is referred to as? Government health programs - Correct Answer ️️ -What does Medicare, Medicaid, TRICARE, and Social Security Disability Benefits all have in common? 15 days - Correct Answer ️️ -How many days does the insurer have to provide claim forms from the insurance company? 15, 30, 60 days? Straight Whole Life - Correct Answer ️️ -What is the only life policy with cash accumulation? Straight Whole Life - Correct Answer ️️ -Which is the cheaper policy that has cash accumulation, Straight Whole Life or Term? False - Correct Answer ️️ -Term life policies accumulate cash value? True or False. COBRA - Correct Answer ️️ -What program (ACT) protects individuals and their coverage when their employment is terminated? Electronically, by mail or in person - Correct Answer ️️ -How may a life policy be delivered? Policyowner can skip premium payments if there is enough cash value to cover the cost of death protection. - Correct Answer ️️ -What is the primary difference between a Universal (or Adjustable) Life and a Whole Life policy? Universal (or Adjustable) Life policy - Correct Answer ️️ -This policy gives the policyowner flexibility in the premium payments, death benefits, and the savings of their policy. This makes the premiums higher than normal policies. Whole Life policy - Correct Answer ️️ -The policy has fixed premiums, guaranteed death benefit that are designed to build tax deferred cash value. Provides coverage on the insured for the insured's entire life as long as the premiums are paid and