Docsity
Log inSign up
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search Store documents

The best documents sold by students who completed their studies

Search through all study resources
Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

University Rankings

Discover the best universities in your country according to Docsity users

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

From our blog

Exams and Study
Go to the blog

GA Life, Health, and Accident Insurance Exam Prep: Practice Questions, Exams of Insurance Economics

Buckinghamshire New UniversityInsurance Economics

A comprehensive set of practice questions designed to prepare individuals for the ga life, health, and accident insurance exam. It covers key topics such as total disability definitions, agent licensing requirements, and various aspects of life insurance policies, including term life, whole life, and variable life insurance. The questions address premium calculations, policy benefits, and regulatory compliance, offering valuable insights for exam preparation. This resource is ideal for anyone seeking to pass their insurance licensing exam and gain a solid understanding of insurance principles. It includes questions about mortality factors, policy riders, and continuing education requirements, ensuring a well-rounded preparation experience. The document also touches on the implications of disability on credit accident and sickness insurance policies, providing a broad overview of insurance-related topics.

Typology: Exams

2024/2025

Available from 05/25/2025

GradeGuardian
GradeGuardian šŸ‡¬šŸ‡§

218 documents

1 / 20

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
GA LIFE, HEALTH, AND ACCIDENT INSURANCE EXAM | COMPLETE
LICENSING PREP WITH STATE-SPECIFIC CONTENT AND PRACTICE
QUESTIONS
1.
Describe the significance of defining total disability in credit accident and
sickness insurance policies after the first 12 months.
Defining total disability limits benefits to only physical impairments.
Defining total disability is irrelevant to the policyholder's education
or training.
Defining total disability ensures that the policyholder receives
benefits based on their overall ability to work, not just their
current job.
Defining total disability allows for benefits to be denied after 12
months.
2.
What is the requirement for an applicant who has failed the written
examination for an agent license three times before retaking it?
Pass a different examination.
Take the prelicensing course before retaking the exam.
Wait for a year before retaking the exam.
Submit a new application for the license.
3.
The agent issues a conditional receipt at the time of the application.
Which of the following statements is true?
The company will look on his application more favorably, even if
he has some health problems.
pf3
pf4
pf5
pf8
pf9
pfa
pfd
pfe
pff
pf12
pf13
pf14

Partial preview of the text

Download GA Life, Health, and Accident Insurance Exam Prep: Practice Questions and more Exams Insurance Economics in PDF only on Docsity!

GA LIFE, HEALTH, AND ACCIDENT INSURANCE EXAM | COMPLETE

LICENSING PREP WITH STATE-SPECIFIC CONTENT AND PRACTICE

QUESTIONS

  1. Describe the significance of defining total disability in credit accident and sickness insurance policies after the first 12 months. Defining total disability limits benefits to only physical impairments. Defining total disability is irrelevant to the policyholder's education or training. Defining total disability ensures that the policyholder receives benefits based on their overall ability to work, not just their current job. Defining total disability allows for benefits to be denied after 12 months.
  2. What is the requirement for an applicant who has failed the written examination for an agent license three times before retaking it? Pass a different examination. Take the prelicensing course before retaking the exam. Wait for a year before retaking the exam. Submit a new application for the license.
  3. The agent issues a conditional receipt at the time of the application. Which of the following statements is true? The company will look on his application more favorably, even if he has some health problems.

The agent should issue a receipt whether or not a payment has been collected. If the insurer accepts the policy as applied for, the coverage will take effect from the date of the application or medical exam,

  1. If a life insurance company decides to increase the interest factor used in premium calculations, what would be the likely impact on policyholders' premiums? Premiums would become variable based on age Premiums would remain unchanged Premiums would likely increase Premiums would likely decrease
  2. What is the maturity age for a whole life insurance policy? Age 65 Age 85 Age 100 Age 75
  3. Describe the purpose of an increasing term insurance rider in a life insurance policy. An increasing term insurance rider decreases the premium costs over time. An increasing term insurance rider allows for the death benefit to increase over time, providing additional coverage as the insured's needs change. An increasing term insurance rider limits the coverage to a specific age. An increasing term insurance rider is a standalone policy that does not attach to any other insurance.
  1. If a policyholder has a 10 - year renewable term life insurance policy and decides to renew after the first term, what financial impact might they expect? Their coverage will automatically extend without any additional cost. They may face higher premiums due to age and increased risk. They will receive a cash value payout upon renewal. Their premiums will decrease because they have been insured for longer.
  2. Describe the significance of having multiple parties sign a key-person life insurance application. Only the CEO's signature is necessary for the application to be valid. It allows for easier processing of the application by the insurance company. Having multiple parties sign ensures that the application is valid and that all stakeholders acknowledge the importance of the coverage. It is only a formality and does not impact the application process.
  3. If a policyholder adds an increasing term insurance rider to their whole life policy, how might this affect their overall insurance strategy? It allows for greater flexibility in coverage as the policyholder's financial responsibilities grow over time. It restricts the policyholder from making changes to the base policy. It reduces the total premium costs of the whole life policy. It eliminates the need for additional riders in the future.
  1. What is the minimum number of hours of continuing education required for a licensed agent in Georgia to maintain their license after 9 years? 20 hours 10 hours 15 hours 25 hours
  2. If a new policy is introduced that combines features of variable life insurance and mutual funds, which regulatory body would likely be involved in its oversight? Insurance Department Federal Trade Commission Securities Exchange Commission National Labor Relations Board
  3. If Michelle's variable life insurance policy performs poorly and the account value decreases, what might happen to the death benefit her beneficiary receives? The death benefit will be unaffected by the account value. The death benefit may be less than $50,000. The death benefit will always be $50,000. The death benefit will increase to cover the loss.
  4. Which of the following has the greatest impact in making one individual's life insurance premium different from that of another individual, assuming both own the same type of policy? The policy's interest factor

The policy's issue date The policy's expense factor The policy's mortality factor

  1. What is a key characteristic of a 10 - year renewable term life insurance policy? It does not require medical underwriting. The premium increases at each 10-year renewal period. It provides coverage for the insured's entire life. It has a variable face amount.
  2. Tom has a $50,000 whole life policy. If he continues to pay the required premiums and lives to age 100, he will receive double the face amount, or $100, nothing, because he outlived the term of the contract the cash surrender value, a sum less than $50, $50,000 as an endowment
  3. What type of life insurance policy allows an individual to stop paying premiums after a certain period while still maintaining coverage? Whole life Term life Limited pay Variable life
  4. What type of insurance provides coverage for a limited duration? Term insurance

The mortality factor is irrelevant to premium calculations. The mortality factor determines the likelihood of the insurer having to pay out a claim, which directly influences the premium amount. The mortality factor only affects whole life policies, not term policies.

  1. If a debtor has been disabled for 14 months and is unable to perform any job for which they are qualified, what implications does this have for their credit accident and sickness insurance policy? They will receive reduced benefits due to the duration of their disability. They will be denied benefits because they are not completely incapacitated. They will not receive benefits because they cannot perform their previous job. They should be eligible for benefits under the total disability definition.
  2. Describe how the premium structure of a 10 - year renewable term life insurance policy affects the policyholder over time. The premium remains constant throughout the policy term, making it predictable. The premium increases at each renewal, which may lead to higher costs as the policyholder ages. The premium decreases as the policyholder ages, providing savings. The premium is only paid once at the beginning of the policy.
  1. Who are the required signatories for a key-person life insurance application according to AGC Publishing's case? The CEO, another officer of AGC, and the agent handling the application The agent handling the application and the insurance company Only the CEO and the agent handling the application The CEO and the board of directors
  2. Describe the role of public adjusters in the insurance claims process. Public adjusters are responsible for underwriting insurance policies. Public adjusters provide legal advice to policyholders. Public adjusters represent insurance companies in disputes. Public adjusters assist policyholders in negotiating and settling claims for property damage.
  3. A Public adjuster primarily represents the interests of: The Insured named in the policy The Insurance Dept The independent adjustment company The issuer
  4. Describe the significance of the prelicensing course for applicants who have failed the agent examination multiple times. The prelicensing course is a requirement for all insurance agents regardless of examination attempts.

The Securities Exchange Commission regulates variable life insurance by overseeing the securities aspects of these policies, ensuring compliance with federal securities laws. The Securities Exchange Commission provides consumer education about life insurance policies. The Securities Exchange Commission sets the premiums for variable life insurance.

  1. If an applicant has failed the written examination for an agent license three times and completes the prelicensing course, what steps should they take to prepare for their fourth attempt at the exam? Take a break for six months before attempting the exam again. Only focus on the sections they found difficult in the last exam. Review the course material and practice with sample exam questions to reinforce knowledge. Skip studying and rely on previous knowledge.
  2. Describe the significance of a conditional receipt in the context of health insurance applications. A conditional receipt guarantees that the policy will be issued regardless of the applicant's health status. A conditional receipt indicates that the applicant has been denied coverage. A conditional receipt allows coverage to begin under certain conditions before the policy is formally issued. A conditional receipt is only applicable for term life insurance policies.
  3. What type of life insurance policy did Frank have?

Universal life policy Whole life policy 5 - year level term policy Variable life policy

  1. Which type of insurance is specifically excluded from the Georgia Unfair Claims Settlement Practices Act? whole life insurance variable life insurance term life insurance worker's compensation
  2. Describe how the death benefit of a variable life insurance policy can vary. The death benefit is determined solely by the insured's age at the time of death. The death benefit can fluctuate based on the performance of the investments within the policy. The death benefit is always equal to the face value of the policy. The death benefit is fixed and does not change regardless of investment performance.
  3. If an agent in Georgia has completed 10 hours of continuing education after 9 years of licensure, what action must they take to remain compliant with state regulations? Submit a request for exemption from continuing education requirements Renew their license without additional hours

Term life insurance accumulates cash value, whereas whole life does not. Term life insurance has higher premiums than whole life insurance.

  1. If Tom decides to stop paying premiums after 20 years, what would likely happen to his whole life policy? He will receive the full face value of the policy. He may receive a reduced death benefit or cash value. The policy will remain active without further payments. He will lose all benefits immediately.
  2. What is the common classification of increasing term insurance in relation to other insurance products? contract policy rider endorsement
  3. Which of the following statements about workers' compensation coverage in Georgia is CORRECT? It is considered an exclusive remedy coverage. Domestic workers must be covered. Businesses with 10 or more employees must comply with the law. Coverage of farm workers is mandatory.
  4. If AGC Publishing's CEO is unavailable to sign the key-person life insurance application, what alternative steps could the company take to

ensure the application is processed? The company must wait until the CEO is available to sign the application. The company can submit the application with just the agent's signature. The company could appoint another officer to sign on behalf of the CEO, ensuring all required signatures are obtained. The company should proceed without the CEO's signature as it is not essential.

  1. If the Commissioner of Insurance proposes a new regulation that is not approved by the Georgia Attorney General, what would be the likely outcome for that regulation? The regulation would be implemented temporarily until further notice. The regulation would be revised and automatically approved. The regulation would not take effect and would remain unenforceable. The regulation would take effect immediately without approval.
  2. What is the primary factor that influences the difference in life insurance premiums between individuals with the same type of policy? The policy's term length The policy's coverage amount The policyholder's age The policy's mortality factor

Universal life insurance Whole life insurance Variable life insurance

  1. On a disability income policy with the typical definition of total disability, you are still considered to be disabled if, after 2 years: You cannot perform your own job. Only if you are confined to the hospital You cannot perform any job You cannot perform any job you are suited to do by experience, education or training
  2. Who must approve the rules and regulations made by the Commissioner of Insurance in Georgia? State Legislature Insurance Advisory Board Georgia Attorney General Governor of Georgia
  3. Which regulatory body is responsible for overseeing variable life insurance alongside the Insurance Department? Federal Reserve Consumer Financial Protection Bureau National Association of Insurance Commissioners Securities Exchange Commission
  1. Describe the significance of the Georgia Unfair Claims Settlement Practices Act in relation to different types of insurance policies. The Act is primarily concerned with the regulation of health insurance claims. The Act only applies to life insurance policies and not to any other types. The Act applies to all types of insurance equally without exclusions. The Georgia Unfair Claims Settlement Practices Act regulates claims practices but excludes worker's compensation from its provisions.
  2. Describe how the interest factor influences the calculation of life insurance premiums. The interest factor has no impact on premiums, as it only affects policy benefits. The interest factor offsets part of the mortality and expense charges, thereby reducing the premium amount. The interest factor increases the mortality charges, leading to higher premiums. The interest factor is used to determine the age of the policyholder.