COMPLETING THE APPLICATION, UNDERWRITING, AND. DELIVERING. THE POLICY
TYPES OF POLICIES
POLICY RIDERS, PROVISIONS, OPTIONS, AND EXCLUSIONS
RETIREMENT AND OTHER INSURANCE CONCEPTS
GEORGIA LAWS, RULES, AND REGULATIONS
100

WHAT IS THE PURPOSE OF A CONDITIONAL RECEIPT?

INTENDED TO PROVIDE COVERAGE PRIOR TO POLICY ISSUE DATE

100

WHEN WOULD A 20-PAY WHOLE LIFE POLICY ENDOW?

WHEN THE INSURED REACHES AGE 100

100

WHAT NONFORFEITURE OPTION IS AUTOMATICALLY SELECTED BY THE COMPANY IF NOT CHOSEN BY THE POLICYOWNER?

EXTENDED TERM

100

WHAT IS THE PURPOSE OF THE 7-PAY TEST

TO DETERMINE IF A POLICY IS A MODIFIED ENDOWMENT CONTRACT

100

IF AN INSURER HOLDS A CERTIFICATE OF AUTHORITY, IT IS KNOWN AS WHAT TYPE OF INSURER?

AUTHORIZED OR ADMITTED

200

WHAT ARE REPRESENTATIONS?

STATEMENTS BELIEVED TO BE TRUE TO THE BEST’S OF ONE’S KNOWLEDGE

200

WHAT SETTLEMENT OPTION PROVIDES INCOME PAYMENTS FOR THE DURATION OF THEIR LIFE, AND GUARANTEES PAYMENT FORA SPECIFIED NUMBER OF YEARS?

LIFE INCOME WITH PERIOD CERTAIN

200

WHAT IS THE PURPOSE OF THE FREE-LOOK PERIOD?

TO ALLOW THE INSURED TO RETURN THE POLICY WITH A FULL REFUND

200

WHAT DOES LIQUIDITY MEAN IN A LIFE INSURANCE POLICY

AVAILABILITY OF CASH VALUE

200

WHAT TYPE OF MISREPRESENTATION PERSUADES AN INSURED TO THEIR DETRIMENT TO CANCEL, LAPSE, OR SWITCH, POLICIES FROM ONE TO ANOTHER?

TWISTING

300

WHAT TYPE OF UNDERWRITING RISK CLASSIFICATION RESULTS IN THE HIGHEST PREMIUMS?

SUBSTANDARD

300

IN FLEXIBLE PREMIUM PAYMENT ANNUITIES, THE TERM FLEXIBLE REFERS TO WHAT?

PREMIUM

300

WHAT ARE THE DIVIDEND OPTIONS?

C-CASH, R-REDUCTION OF PREMIUM, A-ACCUMULATION OF INTEREST, P-PAID UP ADDITIONS, P-PAID UP INSURANCE, O-ONE YEAR TERM

300

WHAT ARE SOME EXAMPLES OF QUALIFIED PLANS?

IRA, 401K, KEOGH(HR-10), SEP, SIMPLE

300

WHAT ARE THE MOST COMMON PENALTIES FOR VIOLATIONS OF INSURANCE STATUTES?

CEASE AND DESIST, A FINE, AND LICENSE SUSPENDED/REVOCATION

400

THE CONCEPT THAT THE INSURED PAYS A SMALL AMOUNT OF PREMIUM FOR A LARGE AMOUNT OF COVERAGE IS CALLED?

ALEATORY

400

WHO BEARS THE INVESTMENT RISK IN A FIXED ANNUITY?

THE INSURER

400

WHAT REQUIRED PROVISION PROTECTS AGAINST UNINTENTIONAL POLICY LAPSE?

GRACE PERIOD

400

HOW ARE CASH VALUE INCREASES TAXED?

ITS TAX DEFERRED

400

WHAT ARE PRODUCERS REQUIRED TO DO IN ORDER TO RENEW THEIR LICENSES?

COMPLETE CONTINUING EDUCATION HOURS AND PAY A RENEWAL FEE

500

WHEN WOULD A MISREPRESENTATION ON AN INSURANCE APPLICATION BE CONSIDERED FRAUD?

WHEN ITS INTENTIONAL AND MATERIAL

500

UUNDER OPTION B IN UNIVERSAL POLICY, WHAT HAPPENS TO THE DEATH BENEFIT?

INCREASES EACH YEAR 

500

WHAT PROVISION PREVENTS AN INSURER FROM DISPUTING OR DENYING A CLAIM DUE TO MISSTATEMENTS ON AN APPLICATION?

INCONTESTABILITY

500

WHAT IS THE CONSEQUENCE OF WITHDRAWING FUNDS FROM A TRADITIONAL IRA PRIOR TO AGE 59 1/2?

10% PENALTY

500

WHAT ARE THE TYPES OF LOCATIONS OF INCORPORATIONS?

DOMESTIC, FOREIGN, ALIEN

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