GA Life Insurance Exam Questions Reviewed And Revised With Correct Answers <Guarantee Pass |Updated!!>
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Course
GA LIFE INSURANCE
Institution
GA LIFE INSURANCE
GA Life Insurance Exam
Questions Reviewed And Revised
With Correct Answers
<Guarantee Pass |Updated!!>
1) Which of the following is NOT a valid contract exchange?
>An annuity exchanged for a life insurance policy
> An annuity exchanged for another annuity
> A life insu...
GA Life Insurance Exam
Questions Reviewed And Revised
With Correct Answers
<Guarantee Pass |Updated!!>
1) Which of the following is NOT a valid contract exchange?
>An annuity exchanged for a life insurance policy
> An annuity exchanged for another annuity
> A life insurance policy exchanged for an annuity - ANSWER
An annuity exchanged for a life insurance policy
2) When a sum of money undergoes capital liquidation, that
sum will
>increase in value
> remain the same indefinitely
> decrease in size
>create tax deductions - ANSWER decrease in size
,3) A business may purchase an annuity for all of the following
reasons EXCEPT
>Structuring a liability settlement payment
> Funding a non-qualified deferred compensation plan
>Accumulating assets on a tax-deferred basis
> Providing a pension to employees - ANSWER Funding a
non-qualified deferred compensation plan
4) An individual, age 45, would like to help pay for his
daughter's college expenses in 10 years. Which annuity would
be appropriate for this individual?
>Joint and survivor annuity
>Deferred annuity
> 403(b) plan
> Immediate annuity - ANSWER Deferred annuity
5) When does interest income for a flexible premium deferred
annuity get reported for federal income taxes?
>Never
>After the principal has been exhausted
>When the distributions are received from the contract
,>During the accumulation phase - ANSWER When the
distributions are received from the contract
6) When a deferred annuity is surrendered, who must sign the
authorization to do so?
> Owner
> Annuitant and beneficiary
> Annuitant
> All parties involved - ANSWER Owner
7) How do benefit payments fluctuate over time in a variable
life annuity?
> Benefit payments stay fixed
> Reflects changes in the market value of assets in a separate
account
> Annuitant controls any benefit payment changes
> Any benefit payment fluctuations have to be approved in
writing by the owner - ANSWER Reflects changes in the
market value of assets in a separate account
, 8) The back-end charge typically associated with an annuity
that has been cancelled during the early contract years is called
a
Which of the following normally pertains to an immediate
annuity?
Tax-free benefit payments
Installment premium payments
Lack of an accumulation period
Lump-sum benefit - ANSWER Lack of an accumulation
period
The contractual rights that allow the owner of a deferred
annuity to surrender the cash value several years before the
annuity date are called
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