GA Life Insurance Exam Questions Reviewed And Revised With Correct Answers <Guarantee Pass |Updated!!>
3 views 0 purchase
Course
GA LIFE INSURANCE
Institution
GA LIFE INSURANCE
GA Life Insurance Exam
Questions Reviewed And Revised
With Correct Answers
<Guarantee Pass |Updated!!>
The Common Disaster Clause provides that if both the insured
and the sole named beneficiary were to die in a common
accident, which of the following is true? - ANSWER
the ...
GA Life Insurance Exam
Questions Reviewed And Revised
With Correct Answers
<Guarantee Pass |Updated!!>
The Common Disaster Clause provides that if both the insured
and the sole named beneficiary were to die in a common
accident, which of the following is true? - ANSWER the
clause provides the payment of proceeds to the insured's
estate
A policy owner would like to change the beneficiary on a Life
insurance policy and make the changes permanent. Which type
of designation would fulfill this need? - ANSWER
irrevocable
A level premium indicates: - ANSWER the premium is fixed
for the entire duration of the contract
, Which statement regarding the Change of Beneficiary
provision is true? - ANSWER the policy owner can change
the beneficiary
Which of these statements is incorrect regarding the federal
income tax treatment of life insurance? - ANSWER entire
cash surrender value is taxable
A policy owner is able to choose the frequency of premium
payments through what policy feature? - ANSWER
premium mode
A primary beneficiary has died before the insured in a life
insurance policy. A contingent beneficiary is also named in the
policy. Which of the following will occur when the insured dies?
- ANSWER proceeds will go to the contingent beneficiary
A policy owner's rights are limited under which beneficiary
designation? - ANSWER irrevocable
On a life insurance policy, who is qualified to change the
beneficiary designation? - ANSWER policyholder
, Which of the following statements is correct regarding the tax
treatment of a lump-sum payment paid to a life insurance
policy's primary beneficiary? - ANSWER All proceeds are
income tax free in the year they are received
Which statement is true regarding a minor beneficiary? -
ANSWER normally, a guardian is required to be appointed
in the Beneficiary clause of the contract
T and S are named co-primary beneficiaries on a $500,000
Accidental Death and Dismemberment policy insuring their
father. Their mother was named contingent beneficiary. Five
years later, S dies of natural causes and the father is killed in a
scuba accident shortly afterwards. How much of the death
benefit will the mother receive? - ANSWER $0
C is trying to determine whether to convert her convertible
term life policy to whole life insurance using her original age or
attained age. What factor would affect her decision the most? -
ANSWER the cost
Which of these terms accurately defines an underwriter's
assessment of information on a life insurance application? -
ANSWER risk classification
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EWLindy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.34. You're not tied to anything after your purchase.
