Life Insurance Study Exam- Georgia Questions And Answers With Verified Updates
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Module
Life Insurance Georgia
Institution
Life Insurance Georgia
A business owner with a fluctuating income who wants a life insurance policy that can be changed to suit
economic conditions should buy: - Adjustable Life
A producer takes an application from a proposed insured without receiving payment of the first
premium. The insurance company issues the poli...
Life Insurance Study Exam- Georgia
A business owner with a fluctuating income who wants a life insurance policy that can be changed to suit
economic conditions should buy: - Adjustable Life
A producer takes an application from a proposed insured without receiving payment of the first
premium. The insurance company issues the policy and, when the producer visits the proposed insured
to deliver it, she realizes that the health of the applicant has deteriorated significantly since the
application was taken. The producer should: - Refuse to deliver the policy or to accept any
premium offered
A client applied for Life insurance on October 1st. The application was approved and the policy was
issued on October 10th. It was delivered to the customer on October 18th. When did the Free Look
start? - October 18th
A 45-year old customer who is seeking to supplement his retirement income at age 65 would not buy a: -
Immediate Annuity
A beneficiary designation that prevents the policy owner from making certain changes in the policy is: -
Irrevocable
A client buys a $50,000 Whole Life policy on himself and wants to add $25,000 in Term coverage for his
spouse. He should add which of the following riders to his policy? - Other Insured Rider
A client buys a Life insurance policy on July 1st and dies by suicide 6 months later. The insurance
company will: - Deny the claim, but refund the premium
A client with a participating Life insurance policy receives both interest and dividends. What are the tax
implications? - The interest is taxable, but the dividends are not
A customer buys a $25,000 Life insurance policy with a $25,000 Accidental Death Benefit rider attached.
If he dies of cancer, how much will his policy pay? - $25,000
, A Life insurance policy of which the cash value is over-funded according to IRS rules is known as: -
A Modified Endowment Contract
A life insurance policy that combines term insurance protection, a flexible premium, and cash value
accumulation is: - Universal Life
A life insurance policy that covers two parties, but only pays when the last party dies is known as: -
Survivorship Life
A life insurance policy whose cash value will fluctuate depending upon the performance of a separate
account is: - Variable Life
A parent who wishes to have complete control of their son's life insurance policy until the son reaches
age 25 can do so through the use of which of the following? - Ownership provision
A plan under which the surviving partners of a partnership agree to buy the interest of a deceased
partner is known as a: - Buy and Sell Agreement
A producer completes an application for Life insurance and sends it to the underwriter who approves it
and issues the policy. When is coverage effective: - When the producer delivers the policy and
picks up the premium
A $10,000 Life insurance policy with a Triple Indemnity clause has been in force for three years. The
insured is injured in a train wreck and dies in a hospital five months later. The death proceeds payable
under the policy would be: - $10,000
A producer sends a completed and signed application along with the check for the initial premium to the
underwriter, who notices that the applicant forgot to sign the check. When would coverage start? -
When the producer delivers the policy and picks up a signed check along with a Statement of
Continued Good Health
A producer submits a completed and signed application to the underwriter along with the first premium
check. After checking the results of the physical exam, the underwriter issues a 'rated' policy. Which of
the following will not be required: - A new completed and signed application
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