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Georgia Life_Health Insurance Exam Study Guide (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update CA$11.48   Add to cart
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Georgia Life_Health Insurance Exam Study Guide (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update

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Georgia Life_Health Insurance Exam Study Guide (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 15, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • georgia lifehealth insurance exam study guide 1

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Georgia Life/Health Insurance Exam Study Guide
a person's essential activities that include bathing, dressing, eating, transferring, toileting,
continence - ANS-Activities of daily living (ADLs)

transfer of rights of policy ownership - ANS-Assignment

something of value that each party gives to the other (binding force in any contract) -
ANS-Consideration

a principle of reimbursement on which insurance is based; in the event of loss, an insurer
reimburses the insureds or beneficiaries for the loss - ANS-Indemnity

payment of the entire benefit in one sum; a payout method that pays the beneficiary the entire
benefit in one payment - ANS-Lump sum

a person under legal age - ANS-Minor

National Association of Insurance Commissioners, an organization composed of insurance
Commissioners from all states and jurisdictions formed to resolve insurance regulatory issues -
ANS-NAIC

the face value of the policy; the original amount invested before the earnings - ANS-Principal

insuring of risks that are more prone to losses than the average risk - ANS-Adverse selection

a legal representative of an insurance company; the classification of producer usually includes
agents and brokers; agents are the agents of the insurer - ANS-Agent/Producer

a person applying for insurance - ANS-Applicant or proposed insured

a person who receives the benefits of an insurance policy - ANS-Beneficiary

the amount paid upon the death of the insured in a life insurance policy - ANS-Death benefit

intentional misrepresentation or deceit with the intent to induce a person to part with something
of value - ANS-Fraud

a contract between a policyowner (and/or insured) and an insurance company which agrees to
pay the insured or the beneficiary for loss caused by specific events - ANS-Insurance policy

person covered by the insurance policy; may or may not be the policyowner - ANS-Insured

, the company who issues an insurance policy - ANS-Insurer (principal)

policy termination due to nonpayment of premium - ANS-Lapse

coverage on human lives - ANS-Life insurance

the person entitled to exercise the rights and privileges in the policy - ANS-Policyowner

the money paid to the insurance company for the insurance policy - ANS-Premium

salary, wages, or commissions; but not income from investments, unemployment benefits, and
similar sources of income - ANS-Earned income

principle under which it is assumed that the funds paid into the policy first will be paid out first -
ANS-FIFO (First In, First Out)

a person's income before taxes or other deductions - ANS-Gross income

principle applied to asset management in life insurance products, under which it is assumed that
the funds paid into the policy last will be paid out first - ANS-LIFO (Last In, First Out)

an organization that uses its surplus to fulfill its purpose instead of distributing the surplus to its
owners or members - ANS-Nonprofit organization

maturity date - ANS-Policy endowment

contribution made before federal and/or state taxes are deducted from earnings - ANS-Pretax
contribution

withdrawal of the money from one qualified plan and placing it into another plan - ANS-Rollover

early termination of a policy by the policyowner - ANS-Surrender

the right of a participant in a retirement plan to retain part or all of the benefits - ANS-Vesting

a reduction of taxable income, resulting in lower tax liability; a qualified expense that mav
reduce the amount of income subject to taxation - ANS-Tax deductible

subject to taxation; payable to state and federal government - ANS-Taxable

taxes on investments or gains (such as interest or dividends) are paid at a future date instead of
in the period in which they are incurred tax - ANS-Tax deferred

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