GA Life Insurance Exam 2024 with 100% correct answers

Who elects the governing body of a mutual insurance company? - correct answer policyholders What year was the McCarran-Ferguson Act enacted? - correct answer 1945 A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: - correct answer 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: - correct answer reserves What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained? - correct answer Fair Credit Reporting Act The part of a life insurance policy guaranteed to be true is called a: - correct answer warranty What is the consideration given by an insurer in the consideration clause of a life policy? - correct answer promise to pay a death benefit to a named beneficiary Statements made on an insurance application that are believed to be true to the best of the applicant's knowledge are called: - correct answer representations Which of the following consists of an offer, acceptance, and consideration? - correct answer contract Which of these require an offer, acceptance, and consideration? - correct answer contract