GA Life Insurance Exam 1 (100% correct and graded A+)
6 views 0 purchase
Course
GA Life Insurance
Institution
GA Life Insurance
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 ...
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICMATERIALS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
