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GA Life/Health Insurance Exam Questions and Answers Latest Version Graded A+
Who is the person whose life is covered by a life insurance policy?✔✔ The insured
What is the name of the person or entity that receives the death benefit from a life insurance policy?✔✔ The beneficiary
What happens if the insured outlives a term life insurance policy?✔✔ The coverage ends with no payout
What type of insurance provides coverage for a specified period of time?✔✔ Term life insurance
What is the cash value component found in?✔✔ Whole life insurance 1 / 4
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Which type of life insurance offers lifelong protection and builds cash value?✔✔ Whole life insurance
What is the term for the money an insurer pays to a beneficiary after the insured dies?✔✔ Death benefit
What happens when a policyholder stops paying premiums on a whole life policy?✔✔ The policy may lapse or use its cash value to stay active temporarily
What is insurable interest?✔✔ A financial or emotional connection to the person insured
What is a premium?✔✔ The amount paid to keep an insurance policy in force
What type of insurance provides benefits when the policyholder becomes disabled and unable to work? 2 / 4
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✔✔ Disability income insurance
What is the name of the form used to apply for life or health insurance?✔✔ Insurance application
What is the contestability period in a life insurance policy?✔✔ A limited time (usually two years) during which the insurer can deny a claim for misrepresentation
Who licenses insurance producers in Georgia?✔✔ The Georgia Department of Insurance
What does an insurance underwriter do?✔✔ Evaluates risk and decides if a policy should be issued
What is the grace period for premium payment in most life insurance policies?✔✔ 30 or 31 days
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What does the term “free-look period” refer to in a life insurance policy?✔✔ A period (usually 10 days) during which the policy can be canceled for a full refund
What does “convertible term insurance” allow the policyholder to do?✔✔ Change the term policy into a permanent one without evidence of insurability
What does the beneficiary receive if the insured dies during the term of a level term policy?✔✔ The full face value of the policy
What is a rider in an insurance policy?✔✔ An optional benefit that adds or changes coverage in the policy
What is the purpose of the accidental death benefit rider?✔✔ To pay an additional amount if death results from an accident
What is a reinstatement provision?✔✔ Allows a lapsed policy to be restored if certain conditions are met
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