GA Life Insurance Exam Questions Reviewed And Revised With Correct Answers <Guarantee Pass |Updated!!>
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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
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