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GA Life Insurance Exam 1 (100% correct and graded A+)
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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 ...

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  • March 5, 2024
  • 12
  • 2023/2024
  • Exam (elaborations)
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GA Life Insurance Exam 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 When third -party ownership is involved, applicants who also happen to be the stated primary beneficiary are required to have: - Answer -insurable interest in the proposed insured What kind of life insurance policy pays a specified monthly income to a beneficiary for 30 years and then pays a lump sum benefit at the end of that 30 years? - Answer -family maintenance policy When is the face amount paid under a Joint Life and Survivor policy? - Answer -upon the death of the insured A 15 -year mortgage is best protected by what kind of life policy? - Answer -15-year decreasing term A term life insurance policy matures: - Answer -upon the insured's death during the term of the policy The amount of coverage on a group credit life policy is limited to: - Answer -the insured's total loan value Which statement is TRUE regarding a Variable Whole Life policy? - Answer -a minimum guaranteed Death benefit is provided

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