Georgia Life/Health Insurance Exam Study Guide
1. Assimilate policies, procedures and internal controls based on an in-house risk assessment,
including: Instituting AML programs similar to banks and securities lenders and file suspicious
activity reports (SAR) with Federal authorities; 2. Appointing a qualified compliance officer
responsible for administering the AML program; 3. Continual training for applicable employees,
producers and other; and 4. Allow for independent testing of the program on a regular basis -
ANS-AML program consists of the following minimum requirements
3 key factors for life insurance: mortality, interest, and expense; Mode - ANS-Premium
Determination (Process of issuing a Life Insurance Policy)
a beneficiary who has a vested interest in the policy and therefore, the policyowner may not
exercise certain rights without the consent of the beneficiary - ANS-Irrevocable beneficiary
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
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
a federal law that mandates increased preventive, educational, and community-based health
care services, and that established the Health Insurance Marketplace to make health coverage
available to any uninsured individuals - ANS-Affordable Care Act (ACA or PPACA)
a formal written law enacted by legislature; insurance statutes can be found in the state
Insurance Code - ANS-Statute
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 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 mutual interchange of rights and privileges - ANS-Reciprocity
a period of time during which benefits are paid under the policy - ANS-Benefit period
a period of time that must pass after a loss occurs before the insurer start paying policy benefits
- ANS-Waiting period
a person applying for insurance - ANS-Applicant or proposed insured
, a person applying for insurance - ANS-Applicant or proposed insured
a person enrolled in a health insurance plan. an insured (doesn't include dependents of the
insured) - ANS-Enrollee
a person under legal age - ANS-Minor
a person who receives the benefits of an insurance policy - ANS-Beneficiary
a person's essential activities that include bathing, dressing, eating, transferring, toileting,
continence - ANS-Activities of daily living (ADLs)
a person's income before taxes or other deductions - ANS-Gross income
a person's net worth - ANS-Estate
a policy that is written on a noncancellable basis with the right to renew guaranteed -
ANS-Guaranteed renewable
a policy's savings element or living benefit - ANS-Cash value
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
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
a specified dollar amount that the insured must pay first before the insurance company will pay
the policy benefits - ANS-Deductible
added to the basic insurance policy to add, modify or delete policy provisions - ANS-Riders
agent's observations about the applicant that can assist in underwriting - ANS-Agent's report
Agreement, Consideration, Competent parties, legal purpose - ANS-Elements of a Legal
Contract (Insurance Contract Selection)
an illness, which first manifests itself while the policy is in force - ANS-Sickness
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