GA Life Insurance Exam 2025/2026 Exam
Questions with 100% Correct Answers |
Latest Update
Who elects the governing body of a mutual insurance company? - 🧠
ANSWER ✔✔policyholders
What year was the McCarran-Ferguson Act enacted? - 🧠 ANSWER
✔✔1945
A nonprofit incorporated society that does not have capital stock and
operates for the sole benefit of its members is known as: - 🧠 ANSWER
✔✔a fraternal benefit society
The stated amount or percent of liquid assets that an insurer must have on
hand that will satisfy future obligations to its policyholders is called: - 🧠
ANSWER ✔✔reserves
,What is the name of the law that requires insurers to disclose information
gathering practices and where the information was obtained? - 🧠 ANSWER
✔✔Fair Credit Reporting Act
The part of a life insurance policy guaranteed to be true is called a: - 🧠
ANSWER ✔✔warranty
What is the consideration given by an insurer in the consideration clause of
a life policy? - 🧠 ANSWER ✔✔promise to pay a death benefit to a named
beneficiary
Statements made on an insurance application that are believed to be true
to the best of the applicant's knowledge are called: - 🧠 ANSWER
✔✔representations
Which of the following consists of an offer, acceptance, and consideration?
- 🧠 ANSWER ✔✔contract
Which of these require an offer, acceptance, and consideration? - 🧠
ANSWER ✔✔contract
, In regards to representation or warranties, which of these statements is
TRUE? - 🧠 ANSWER ✔✔If material to the risk, false representation will void
a policy
Insurance policies are offered on a "take it or leave it" basis, which make
them: - 🧠 ANSWER ✔✔Contracts of Adhesion
A life insurance policy would be considered a wagering contract WITHOUT:
- 🧠 ANSWER ✔✔insurable interest
Insurance policies are considered aleatory contracts because - 🧠 ANSWER
✔✔performance is conditioned upon a future occurance
Life and health insurance policies are: - 🧠 ANSWER ✔✔Unilateral contracts
Who makes the legally enforceable promises in a unilateral contract? - 🧠
ANSWER ✔✔insurance company
When must insurable interest be present in order for a life insurance policy
to be valid? - 🧠 ANSWER ✔✔when the application is made
Which of these is NOT a type of agent authority - 🧠 ANSWER ✔✔principal
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
Questions with 100% Correct Answers |
Latest Update
Who elects the governing body of a mutual insurance company? - 🧠
ANSWER ✔✔policyholders
What year was the McCarran-Ferguson Act enacted? - 🧠 ANSWER
✔✔1945
A nonprofit incorporated society that does not have capital stock and
operates for the sole benefit of its members is known as: - 🧠 ANSWER
✔✔a fraternal benefit society
The stated amount or percent of liquid assets that an insurer must have on
hand that will satisfy future obligations to its policyholders is called: - 🧠
ANSWER ✔✔reserves
,What is the name of the law that requires insurers to disclose information
gathering practices and where the information was obtained? - 🧠 ANSWER
✔✔Fair Credit Reporting Act
The part of a life insurance policy guaranteed to be true is called a: - 🧠
ANSWER ✔✔warranty
What is the consideration given by an insurer in the consideration clause of
a life policy? - 🧠 ANSWER ✔✔promise to pay a death benefit to a named
beneficiary
Statements made on an insurance application that are believed to be true
to the best of the applicant's knowledge are called: - 🧠 ANSWER
✔✔representations
Which of the following consists of an offer, acceptance, and consideration?
- 🧠 ANSWER ✔✔contract
Which of these require an offer, acceptance, and consideration? - 🧠
ANSWER ✔✔contract
, In regards to representation or warranties, which of these statements is
TRUE? - 🧠 ANSWER ✔✔If material to the risk, false representation will void
a policy
Insurance policies are offered on a "take it or leave it" basis, which make
them: - 🧠 ANSWER ✔✔Contracts of Adhesion
A life insurance policy would be considered a wagering contract WITHOUT:
- 🧠 ANSWER ✔✔insurable interest
Insurance policies are considered aleatory contracts because - 🧠 ANSWER
✔✔performance is conditioned upon a future occurance
Life and health insurance policies are: - 🧠 ANSWER ✔✔Unilateral contracts
Who makes the legally enforceable promises in a unilateral contract? - 🧠
ANSWER ✔✔insurance company
When must insurable interest be present in order for a life insurance policy
to be valid? - 🧠 ANSWER ✔✔when the application is made
Which of these is NOT a type of agent authority - 🧠 ANSWER ✔✔principal
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
