GA Life Insurance Exam Questions and Answers (100% Pass)
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Course
GA Life Insurance
Institution
GA Life Insurance
GA Life Insurance Exam Questions and
Answers (100% Pass)
Who elects the governing body of a mutual insurance company? -
Answer️️ -policyholders
What year was the McCarran-Ferguson Act enacted? - Answer️️ -1945
A nonprofit incorporated society that does not have capital stock and
opera...
GA Life Insurance Exam Questions and
Answers (100% Pass)
Who elects the governing body of a mutual insurance company? -
Answer✔️✔️-policyholders
What year was the McCarran-Ferguson Act enacted? - Answer✔️✔️-1945
A nonprofit incorporated society that does not have capital stock and
operates for the sole benefit of its members is known as: - Answer✔️✔️-a
fraternal benefit society
The stated amount or percent of liquid assets that an insurer must have on
hand that will satisfy future obligations to its policyholders is called: -
Answer✔️✔️-reserves
What is the name of the law that requires insurers to disclose information
gathering practices and where the information was obtained? - Answer✔️✔️-
Fair Credit Reporting Act
The part of a life insurance policy guaranteed to be true is called a: -
Answer✔️✔️-warranty
What is the consideration given by an insurer in the consideration clause of
a life policy? - Answer✔️✔️-promise to pay a death benefit to a named
beneficiary
Statements made on an insurance application that are believed to be true to
the best of the applicant's knowledge are called: - Answer✔️✔️-
representations
Which of the following consists of an offer, acceptance, and consideration?
- Answer✔️✔️-contract
Which of these require an offer, acceptance, and consideration? -
Answer✔️✔️-contract
In regards to representation or warranties, which of these statements is
TRUE? - Answer✔️✔️-If material to the risk, false representation will void a
policy
Insurance policies are offered on a "take it or leave it" basis, which make
them: - Answer✔️✔️-Contracts of Adhesion
A life insurance policy would be considered a wagering contract
WITHOUT: - Answer✔️✔️-insurable interest
Insurance policies are considered aleatory contracts because - Answer✔️✔️-
performance is conditioned upon a future occurance
Life and health insurance policies are: - Answer✔️✔️-Unilateral contracts
Who makes the legally enforceable promises in a unilateral contract? -
Answer✔️✔️-insurance company
When must insurable interest be present in order for a life insurance policy
to be valid? - Answer✔️✔️-when the application is made
Which of these is NOT a type of agent authority - Answer✔️✔️-principal
When third-party ownership is involved, applicants who also happen to be
the stated primary beneficiary are required to have: - Answer✔️✔️-insurable
interest in the proposed insured
What kind of life insurance policy pays a specified monthly income to a
beneficiary for 30 years and then pays a lump sum benefit at the end of that
30 years? - Answer✔️✔️-family maintenance policy
When is the face amount paid under a Joint Life and Survivor policy? -
Answer✔️✔️-upon the death of the insured
A 15-year mortgage is best protected by what kind of life policy? -
Answer✔️✔️-15-year decreasing term
A term life insurance policy matures: - Answer✔️✔️-upon the insured's
death during the term of the policy
The amount of coverage on a group credit life policy is limited to: -
Answer✔️✔️-the insured's total loan value
Which statement is TRUE regarding a Variable Whole Life policy? -
Answer✔️✔️-a minimum guaranteed Death benefit is provided
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