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GA Life Insurance Exam Questions and Answers Rated A+ Who elects the governing body of a mutual insurance company? policyholders What year was the McCarran-Ferguson Act enacted? 1945 A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: 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: reserves ...

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GA Life Insurance Latest 2023 Graded A+ Term life temporary protection also known as pure death protection Level term Most common, level refers to death benefit does not change Annually Renewable Term ART purest form of term insurance, death benefit remains level, policy guaranteed renewable each year without proof of insurability, but premium increases annually according to the attained age Decreasing Term features a level premium and a death benefit that decreases each year over the duratio...

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Representations and Warranties Representations are statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Warranties are statements the insurer makes in the contract. Underwriting vs. Actuarial Departments Two related insurance company functions. Through the process of _________, applications are assessed for insurability and to assign premium rates. The ________ department analyzes data to help estimate future losses and to produ...

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