Georgia Laws and Rules Study guides, Class notes & Summaries

GA Life and Health Exam Questions and Answers 100% Pass Policyholders elect the governing bodies of which of the following types of insurance companies? - Correct Answer ️️ -Mutual An insurance agent is in violation of the Rules Governing Advertisement of Life Insurance and Annuities if the agent takes which of the following actions during a sales presentation? - Correct Answer ️️ -Refers to guaranteed policy dividends An insurance agent is guilty of twisting if the agent - Correc...

Georgia Life & Health Exam Questions and Answers 100% Pass A variable insurance policy: - Correct Answer ️️ -does not guarantee a return on its investment accounts Which of the following factors affects the amount of monthly disability benefits payable under Social Security? - Correct Answer ️️ -The amount of the benefits available from other sources Which of the following statements regarding a Tax Sheltered Annuity (TSA) is INCORRECT? - Correct Answer ️️ -The income from th...

GA Life and health Exam Questions and Answers 100% Pass the existing policy is kept in force and an additional policy is purchased from the same company - Correct Answer ️️ -Georgia's Replacement Rule applies to all of the following situations EXCEPT Waiver of premium - Correct Answer ️️ -A life insurance policy which ensures that the premium will be paid if the insured becomes disabled has what kind of rider attached? Premiums are Waived if the Payor becomes Disabled - Correct A...

GA Life Insurance Exam Questions and Answers 100% Pass Who elects the governing body of a mutual insurance company? - Correct Answer ️️ - policyholders What year was the McCarran-Ferguson Act enacted? - Correct Answer ️️ -1945 A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: - Correct Answer ️️ -a fraternal benefit society The stated amount or percent of liquid assets that an insurer must have on ha...

GA LIFE ACCIDENT AND SICKNESS EXAM QUESTIONS AND ANSWERS At what point must a life insurance applicant be informed of their right that fall under the fair credit reporting act? - Correct Answer ️️ -Upon the completion of the application A Group owned insurance company that is formed to assume and spread the liability risks of its members is known as a: - Correct Answer ️️ -Risk retention group Who elects the governing body of a mutual insurance company - Correct Answer ️️ - Po...

GA: Life Insurance Exam Questions and Answers 100% Pass When does an Endowment Life policy mature? - Correct Answer ️️ -When the Insured dies or reaches the age or date of endowment. A securities license is required to sell which of the following? - Correct Answer ️️ - Variable Universal Life Which is a community based provider of insurance benefits: - Correct Answer ️️ -PPO The Payor Benefit Rider is commonly found in policies insuring: - Correct Answer ️️ - juveniles. ...

Georgia Life, Accident& Sickness Agent Exam Questions and Answers 100% Pass Term Insurance - Correct Answer ️️ -Has no cash value, and you are only covered for a certain period of time, Temporary Decreasing Term - Correct Answer ️️ -Face value decreases, this type of insurance is used for a mortgage or to cover a loan Increasing Term - Correct Answer ️️ -Also known as ROP/ return of premium policy the Base amount increases based on the amount of premium you pay Annual Renewab...

Georgia Laws and Rules Pertinent Exam Questions and Answers 100% Pass A stock insurance company is BEST defined as an incorporated company that has its capital divided into shares and - Correct Answer ️️ -is owned exclusively by its shareholders If an agent tells an applicant that an insurance policy is like a share of stock, the agent may be guilty of - Correct Answer ️️ -misrepresentation Which of the following would be considered misrepresentation by an insurance agent? - Corr...

Georgia Laws, Rules, and regulations Pertinent to Life and Accident and Sickness Insurance Exam Questions and Answers 100% Pass 5 Years - Correct Answer ️️ -The period of time in which the Commissioner must conduct an examination of every authorized insurer 20 Days - Correct Answer ️️ -Time frame for the Commissioner to provide the examinee a copy of the written report 10 Days - Correct Answer ️️ -written notice to all interested parties 30 Days - Correct Answer ️️ -The h...

GA Personal Lines Insurance Terms Questions and Answers 100% Pass Abandonment - Correct Answer ️️ -The abdication of insured property into the hands of another or into the possession of no one in particular Accident - Correct Answer ️️ -A sudden unplanned and unexpected event not under the control of the insured resulting in injury or damage that is neither expected or intended Actual Cash Value - Correct Answer ️️ -The replacement cost of lost or damaged property minus depre...