Life Insurance Study Exam- Georgia with Study Guide with Complete Solutions
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Course
GA Life Insurance
Institution
GA Life Insurance
Life Insurance Study Exam- Georgia with
Study Guide with Complete Solutions
An insurance producer selling a Variable Annuity whose cash value
depends on the performance of an underlying investment account must be
registered with: - Answer️️ -The Financial Industry Regulatory Authority
(FIN...
Life Insurance Study Exam- Georgia with
Study Guide with Complete Solutions
An insurance producer selling a Variable Annuity whose cash value
depends on the performance of an underlying investment account must be
registered with: - Answer✔️✔️-The Financial Industry Regulatory Authority
(FINRA, formerly the NASD)
A life insurance policy whose cash value will fluctuate depending upon the
performance of a separate account is: - Answer✔️✔️-Variable Life
John Livingston owns a 30-Pay Life policy that he purchased at the age of
30. The cash value will equal the face amount of the policy when he reaches
the age of: - Answer✔️✔️-100
Which of the following types of insurance policies would provide the
greatest amount of protection for a temporary period during which an
insured will have limited financial resources? - Answer✔️✔️-Term
Which of the following statements about a Renewable Term policy is true?
- Answer✔️✔️-It is renewable at the option of the insured
An Annuity is designed to provide which of the following financial
features?
III. The creation of an estate - Answer✔️✔️-I and II
A 45-year old customer who is seeking to supplement his retirement
income at age 65 would not buy a: - Answer✔️✔️-Immediate Annuity
Which of the following is an example of a Limited-Pay Life policy? -
Answer✔️✔️-Life Paid-Up at Age 65
You have a client that is a real estate agent. Which of the following types of
permanent protection is best for this type of client? - Answer✔️✔️-
Adjustable life
Which of the following individual policy conversions is usually permitted
without any evidence of insurability? - Answer✔️✔️-Conversion from a
Term policy to a Whole Life policy
At age 30, Tom Morris wishes to purchase a Whole Life policy. His
producer explains that he can pay for the policy in several ways. One
method is called 20-Pay Life, and another, Straight Life. Tom wishes to
know which plan will accumulate cash value at a faster rate in the early
years of the policy. Which of the following would be the producer's most
appropriate response? - Answer✔️✔️-"20-Pay Life will accumulate cash
value faster."
Sandra Timms, age 27, is advised by her producer to purchase Life
insurance to cover a 20-year-amortized $50,000 business-improvement
loan. Which of the following plans would adequately protect Ms. Timms at
the minimum premium outlay? - Answer✔️✔️-A $50,000 Decreasing Term
policy for 20 years
In order to sell variable life insurance you must be registered with which of
the following? - Answer✔️✔️-The NASD
Which of the following contracts requires that a series of benefit payments
be made at specified intervals? - Answer✔️✔️-Annuity
A life insurance policy that covers two parties, but only pays when the last
party dies is known as: - Answer✔️✔️-Survivorship Life
Most Term Life insurance: - Answer✔️✔️-Is convertible to permanent Whole
Life without a physical exam
If a person wants to invest a lump sum in an annuity that may appreciate
along with market and economic conditions, they should buy a: -
Answer✔️✔️-Variable Annuity
If a client wants cash value life insurance with a flexible premium and an
adjustable death benefit that will allow the policy owner a choice of various
cash value investment options, he should buy: - Answer✔️✔️-
Variable/Universal Life
Which of the following statements is true about the premium payment
schedule for a Whole Life policy? - Answer✔️✔️-Premiums are payable
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