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Exam (elaborations)

GA Life Insurance Exam Questions And Answers With Verified Updates

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Which of the following is TRUE if the owner of an IRA names their spouse as beneficiary, but then dies before any distributions are made? - the account can be rolled into the surviving spouse's IRA T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy ...

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  • August 20, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • GA Life Insurance
  • GA Life Insurance
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ACADEMICMATERIALS
GA Life Insurance Exam
Which of the following is TRUE if the owner of an IRA names their spouse as beneficiary, but then dies
before any distributions are made? - the account can be rolled into the surviving spouse's IRA



T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy
insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural
causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will
the mother receive? - $0



A Key Employee policy is taken out by Company X on its vice president. Ten years later, this employee
leaves Company X and begins working for Company Y. If this individual were to die and the policy is still
in force and unchanged, where would the death proceeds be directed? - Company X



A level premium indicates: - the premium is fixed for the entire duration of the contract



A life insurance application must be signed by all these, EXCEPT: - beneficiary



A life insurance policy that provides a policy owner with cash value along with a level face amount is
called: - whole life



A life insurance policy would be considered a wagering contract WITHOUT: - insurable interest



A Medical Information Report (MIB) report may disclose which of the following: - prior use of
marjuana



A noncontributory group term life plan is characterized by: - the entire cost of the plan is paid for
the employer




A person who is insured within a group contract will be given a: - certificate

, A policy owner is able to choose the frequency of premium payments through what policy feature? -
premium mode



A policy owner would like to change the beneficiary on a Life insurance policy and make the changes
permanent. Which type of designation would fulfill this need? - irrevocable



A policy owner's rights are limited under which beneficiary designation? - irrevocable



A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a
faster rate in the early years of the policy. Which of these statements made by the producer would be
correct? - 20-pay life accumulates cash value faster than straight life



A primary beneficiary has died before the insured in a life insurance policy. A contingent beneficiary is
also named in the policy. Which of the following will occur when the insured dies? - proceeds will
go to the contingent beneficiary



A qualified profit-sharing plan is designed to: - allow employees to participate in the profits of the
company



A Renewable Term Policy is renewable at the option of the: - insured



A retirement plan that sets aside part of the company's net income for distributions to qualifies
employees is called a: - profit-sharing plan



A term life insurance policy matures: - upon the insured's death during the term of the policy



A trustee-to-trustee transfer of rollover funds in a qualified plan allows a participant to avoid: -
mandatory income tax withholding on the transfer amount



Additional coverage can be added to a Whole Life policy by adding a(n) - decreasing term rider

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