Ga Life & Health Insurance- ADBanker

Certificates of authority for subagents must be renewed biennially

All of the following statements regarding producer appointments are true, EXCEPT:

Earnings are tax deferred during the accumulation phase

One of the benefits of an annuity in regards to taxes is:

For 4 years or until the next exam, whichever is longer

A file with copies of all advertisements must be maintained:

Advises consumers about their insurance needs for compensation

A licensed insurance Counselor:

Purchase a Joint life policy

A married couple wants to make sure that if either of them dies, the survivor has enough funds to maintain their standard of living but want to accomplish this in the most economical way. Which of the following recommendations is best suited to accomplish their goal?

An executive officer of the insurer

A policy is issued with a rider. Years later the policyowner would like to drop the rider in order to save some money. Who has the authority to effect that policy change?

Only those insurance products which offer 12 months of coverage for chronic care

According to the insurance statutes of the state of Georgia, the definition of long-term care insurance includes:

The premiums have not been paid and have been overdue for 3 years

All of the following are situations in which the insurer is obligated to pay out a death benefit after the insured has died, except:

Advertisements may not use the word "investment" to describe an insurance policy The form and content of an advertisement must be sufficiently accurate, complete and clear so as to avoid deception Advertisements heard or seen beyond the jurisdiction in which an insurer is licensed cannot imply licensing beyond those limits

All of the following statements regarding the advertising of insurance policies are accurate

Biennially

All resident licenses are renewed:

Whole Life

An insured forgets to pay his insurance premium. Instead of the policy lapsing, the premium is paid by the company. This would suggest that a __________ policy was purchased.

Up to 100 days

An insured is hospitalized for at least 3 days. How long will Medicare pay for confinement in a skilled nursing facility?

She cannot change the distribution once commenced

At the time of her retirement at age 62, Jolene chose a Life Income Payment Option to have her annuity distributed. Five years later, when her health declines, she needs the distribution to be increased. How is this accomplished?

The overall policy performance has something to do with the stock market in general

Equity Universal, Variable, and Variable Universal all have which of the following characteristics in common?

May only be sold by agents who have completed 8 hours of initial LTC training

Georgia Long-Term Care Partnership (LTCP) policies:

Renewable with adjustable premiums, by classification only

Guaranteed Renewable means:

24

How many hours of CE would an agent who had been licensed for 10 years need to complete during each biennium?

There is no tax deferral benefit on any earnings

If a corporation owns an annuity, what is the tax ramifications?

30 and 10

If an aggrieved person demands a hearing, the Commissioner is obliged to hold one within ________ days, and must give all parties advanced notice of at least ______ days.

30

If an aggrieved person demands a hearing, the Commissioner is obliged to hold one within how many days?

15

In Georgia, a person may legally enter into a contract for annuities, life insurance, and accident and sickness insurance as early as age:

A statement of good health

In the event a policy is delivered by an agent to the insured, and the premium payment is to be collected at the time of this delivery, normally what else must the agent obtain to make the delivery complete?

25

It is a prohibited practice to write what percentage of insurance, measured by volume of premium, as controlled business in a single year?

Agreement between the Insurance Commissioner and regulators of other states in order to facilitate licensing of nonresident adjusters in Georgia and other states

Reciprocal agreements, as defined in the Georgia Insurance Code, refers to:

If a person receives any benefit other than required union scale wages, the advertisement must state that, "this is a paid endorsement" Testimonials must be genuine, applicable to the policy advertised, and be accurately reproduced Advertisements must disclose what type of policy or contract is being advertised

Testimonials must adhere to all of the following requirements:

A fine of up to $10,000 per violation

The Commissioner may impose which of the following penalties on any person who violates a cease and desist order following a hearing?

Commissioner

The ____________ has the power to issue rules and regulations to help enforce insurance statutes.

Period certain

The capital liquidation approach is similar to which of the following settlement options?

The aggregate face value of the life insurance policies owned by the insured up to $300,000 per insured

The maximum liability assumed by the Life and Health Insurance Guaranty Association with regard to an individual insured is no more than:

Applicants for a resident license must reside in Georgia at least half the year or have a business domiciled in the state

The qualifications for becoming an insurance producer include which of the following?

Must notify the Commissioner within 30 days of any change in business address

The rules for holding an insurance counselor's license require that all licensees:

6

To avoid having to submit electronic fingerprints to the Commissioner, within how many months must a producer submit a late renewal reinstatement?

Reinsure the risk

To make insurance more affordable and protect the insurance company from paying out too much in claims, insurers will:

If an individual is denied coverage, they can request a copy of the report

Under the Fair Credit Reporting Act, which of the following statements is correct?

60 days

Under the Legal Actions Mandatory Uniform Provision, an insured must wait at least _____ days after providing proof of loss before he or she can take legal action against the insurer.

When a transfer of ownership takes place while the insured was alive

Unless an exception applies, life insurance proceeds are income taxable in which of the following circumstances?

At least 6 credits earned in the 13 calendar quarters prior to death, disability, or is entitled to retirement benefits

What is the minimum requirement for currently insured status under the Social Security system?

Impairment Rider

What rider can eliminate coverage for a preexisting condition?

Personally deliver the policy, explain the rating, and reinforce the value of the policy

What should a producer do if the policy applied for is issued at a higher rate than was expected?

Experience rating

When an insurer relies on the prior claims history of the group to be insured in determining the rate to be charged, it is called:

The replacing agent must present the applicant with a Replacement Notice, no later than at the time of delivery

Whenever the purchase of insurance results in the existing policy being dropped, all of the following requirements apply, EXCEPT:

NAIC Model Law

Which Act was implemented in order to protect consumers from questionable Medicare Supplement Policy marketing practices?

Plans A through N

Which of the following Medicare Supplement policies have Core Benefits?

Making a false or maliciously critical statement regarding the financial condition of a competitor

Which of the following actions is not considered to be misrepresentation under law?

Irrevocable

Which of the following beneficiary designations prevents a policyowner from assigning the policy, taking a policy loan, or surrendering the policy without the beneficiaries consent?

A person in the business of selling, soliciting, or negotiating insurance contracts for a commission

Which of the following individuals is required to hold an insurance license?

Notify the Commissioner within 30 days of any change in business and residence address

Which of the following is a requirement that all licensees must meet?

Producer and the applicant

Which of the following is required to sign the application for insurance?

Indeterminate Premium Life

Which of the following life insurance policies has a current and guaranteed maximum premium stated in the policy?

If an insurance company refuses to be examined by the Commissioner, its certificate of authority may be suspended or revoked

Which of the following statements regarding certificates of authority is correct?

The Commissioner may examine the records of any licensee as often as the Commissioner deems advisable

Which of the following statements regarding the ability of the Insurance Commissioner to examine insurers and other persons is true?

He defaulted on a debt

Which of the following statements regarding the suspension of Harry's insurance agent license accurately describes a reason for his suspension?

A temporary license is only granted upon the death of an agent

Which of the following statements regarding the temporary insurance license is not correct?

Medicare Part A

Which of the following will cover the cost of inpatient blood transfusions after the first 3 pints?

Probationary

Which type of insurance license may be granted by the Commissioner for a period of 3 to 12 months?

Disability

_______ income benefits received by an employee are subject to taxation in proportion to the amount of premium that the employer paid. That income attributable to the employee's premium is not taxable.