All Practice Exam Questions - Life, Accident and Sickness - GA State License Practice Questions and Answers (100% Pass)

All Practice Exam Questions - Life, Accident and Sickness - GA State License Practice Questions and Answers (100% Pass) How much participation does a Noncontributory plan require? - Answer️️ -100% The insured hands control of the policy to another person (usually the agent) - Answer️️ -constructive delivery Filing a request with the insurer - Recording Method, or by endorsement - Answer️️ -beneficiary change can be made by doing what? The application is part of the policy. Which policy provision states this? - Answer️️ -Entire Contract Provision Life insurance premiums are calculated based on three factors. What are the three factors? - Answer️️ -Mortality Interest Earnings, and Expenses Typically, health insurance policies stipulate that coverage cannot be renewed beyond age? - Answer️️ -65 (Medicare kicks in) Coinsurance is a percentage (%)and the Copayment is associated with dollar ($) amount. - Answer️️ -What is the difference between coinsurance and copayment? ©SOPHIABENNET@ Friday, August 23, 2024 10:49 AM 2 A binding receipt (binder) provides coverage from the date of the date of the application and usually lasts for ____ days. - Answer️️ -60 days What is the exemption for the Incontestability Provision? - Answer️️ - Fraud An Annual Renewable Term (ART) policy provides a level face amount with an increasing premium, and is guaranteed renewable annually without? - Answer️️ -Proof of insurability With guaranteed renewable policy, the policy premiums can be _______________. - Answer️️ -Increased. When does insurable interest need exist with a life and health contract? - Answer️️ -At the time of the application What are the two ways that an annuity can be funded? - Answer️️ -Single premium or periodic payments When a person other than the insured applies for a policy, it is referred to as? - Answer️️ -Third party ownership What does Medicare, Medicaid, TRICARE, and Social Security Disability Benefits all have in common? - Answer️️ -Government health programs How many days does the insurer have to provide claim forms from the insurance company? 15, 30, 60 days? - Answer️️ -15 days ©SOPHIABENNET@ Friday, August 23, 2024 10:49 AM 3 What is the only life policy with cash accumulation? - Answer️️ -Straight Whole Life Which is the cheaper policy that has cash accumulation, Straight Whole Life or Term? - Answer️️ -Straight Whole Life Term life policies accumulate cash value? True or False. - Answer️️ -False What program (ACT) protects individuals and their coverage when their employment is terminated? - Answer️️ -COBRA How may a life policy be delivered? - Answer️️ -Electronically, by mail or in person What is the primary difference between a Universal (or Adjustable) Life and a Whole Life policy? - Answer️️ -Policyowner can skip premium payments if there is enough cash value to cover the cost of death protection. This policy gives the policyowner flexibility in the premium payments, death benefits, and the savings of their policy. This makes the premiums higher than normal policies. - Answer️️ -Universal (or Adjustable) Life policy The policy has fixed premiums, guaranteed death benefit that are designed to build tax deferred cash value. Provides coverage on the insured for the insured's entire life as long as the premiums are paid and the policy has not been surrendered. It does not have a term. - Answer️️ -Whole Life policy ©SOPHIABENNET@ Friday, August 23, 2024 10:49 AM 4 Misstatement of age or sex could be considered? - Answer️️ - Misrepresentation Payment of a life could be reduced by a policy loan, overdue premium payment (missed/late), or? - Answer️️ -Misstatement of age or sex Which is based on a dollar amount? Copayment or Coinsurance? - Answer️️ -Copayment Individuals with earned income are eligible to own an IRA if they are under the age of? - Answer️️ -70 Which is based on a percentage? Copayment or Coinsur