Georgia Laws and Rules

GA Life Insurance Exam Questions and Answers 100% Pass 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 ha...

GA Life and Health Exam Questions and Answers 100% Pass Policyholders elect the governing bodies of which of the following types of insurance companies? - Correct Answer ️️ -Mutual An insurance agent is in violation of the Rules Governing Advertisement of Life Insurance and Annuities if the agent takes which of the following actions during a sales presentation? - Correct Answer ️️ -Refers to guaranteed policy dividends An insurance agent is guilty of twisting if the agent - Correc...

Georgia Life & Health Exam Questions and Answers 100% Pass A variable insurance policy: - Correct Answer ️️ -does not guarantee a return on its investment accounts Which of the following factors affects the amount of monthly disability benefits payable under Social Security? - Correct Answer ️️ -The amount of the benefits available from other sources Which of the following statements regarding a Tax Sheltered Annuity (TSA) is INCORRECT? - Correct Answer ️️ -The income from th...

GA Life and health Exam Questions and Answers 100% Pass the existing policy is kept in force and an additional policy is purchased from the same company - Correct Answer ️️ -Georgia's Replacement Rule applies to all of the following situations EXCEPT Waiver of premium - Correct Answer ️️ -A life insurance policy which ensures that the premium will be paid if the insured becomes disabled has what kind of rider attached? Premiums are Waived if the Payor becomes Disabled - Correct A...

Georgia Life, Accident& Sickness Agent Exam Questions and Answers 100% Pass Term Insurance - Correct Answer ️️ -Has no cash value, and you are only covered for a certain period of time, Temporary Decreasing Term - Correct Answer ️️ -Face value decreases, this type of insurance is used for a mortgage or to cover a loan Increasing Term - Correct Answer ️️ -Also known as ROP/ return of premium policy the Base amount increases based on the amount of premium you pay Annual Renewab...

GA Life, Health and Accident Insurance Exam Questions and Answers 100% Pass An individual wishes to purchase whole life Insurance but does not wish to pay premiums past retirement age. Which of the following policies should the person buy? - Correct Answer ️️ -Limited pay In addition to the Insurance Department, who has the authority to regulate variable life insurance? - Correct Answer ️️ -Securities Exchange Commission Rules and regulations made by the Commissioner of Insurance ...

A person who is required to be a licensed agent would be a(n): - Answer- Underwriter Officer who makes decissions on the financial direction of the insurer Person who places insurance on behalf of anyone seeking insurance Administrator working in the marketing department who does no selling A domestics insurance company in Georgia is considered a company that - Answer- Only sells to Georgia residents Exclusively does business in Georgia Is incorporated and formed in Georgia ...

J is an agent who recently told a claimant that his rights might be impaired if he does not complete a release form within a specified time. What could this agent be found guilty of? - Answer- Coercion All agents licensed less than 20 Years are required to complete ___ continuing education hours every two years, - Answer- 24 In Georgia, most life insurance policies have a contestability period of - Answer- 2 years All accident and sickness plans MUST provide coverage on newborn children...

Using an existing life insurance policy's cash value to purchase another policy with the same insurer for the sole purpose of earning additional commissions is called... - Answer- Churning: is an illegal practice where insurance agents unnecessarily replace existing life insurance for the purpose of earning additional (higher) first year commissions An example of unfair discrimination would be - Answer- offering different terms of coverage for different policyowners in the same risk classifi...