Simulate Your Exam

All of the following are examples of transacting ins in GA

.

An insurance agent had received a request for a hearing from the commissioner. Within how many days must the hearing be held?

30

What is the number of credits required for fully insured status for Social Security disability benefits?

40

Which of the following is not true regarding Equity indexed annuities?

They earn lower interest rates than fixed annuities.

Which of the following is true for both equity indexed annuities and fixed annuities?

They have a guaranteed minimum interest rate.

When the policyowner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option?

a fixed amount

An insured pays an annual premium to his insurer. In return, the insurer promises to pay benefits in accordance with the terms of the contract. This is called

consideration

All of the following actions can be described as twisting EXCEPT

Explaining to client the advantages of permanent ins over term and suggesting changing policies

The authority granted to an agent through the agent's contract is referred to as

Express

Which of the following positions is responsible solely for offering advice on ins policies (for a fee)?

Counselor

In order to qualify for conversion from a group life policy after being terminated, a person must have been insured under the group plan for how many years?

3

When a policy is replaced, replacing insurers must maintain a replacement register regarding that policy until the conclusion of the next regular examination by the insurance department or for

3 years

Agents, subagents, and counselors are required to maintain records of all insurance transactions for what time period?

5 years

All of the following are nonforfeiture options EXCEPT

?

Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT

?

If an insurance company makes a statement that its policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered

An unfair trade practice.

If an agent advises a policyholder to replace an insurance policy but only does for the purpose of making commissions, the agent has committed an act of

Churning