GA Life Insurance Exam Questions and Answers Rated A+

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GA Life Insurance Exam Questions and Answers Rated A+ Who elects the governing body of a mutual insurance company? ✔✔policyholders What year was the McCarran-Ferguson Act enacted? ✔✔1945 A... nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: ✔✔a fraternal benefit society The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called: ✔✔reserves What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained? ✔✔Fair Credit Reporting Act The part of a life insurance policy guaranteed to be true is called a: ✔✔warranty What is the consideration given by an insurer in the consideration clause of a life policy? ✔✔promise to pay a death benefit to a named beneficiary Statements made on an insurance application that are believed to be true to the best of the applicant's knowledge are called: ✔✔representations Which of the following consists of an offer, acceptance, and consideration? ✔✔contract Which of these require an offer, acceptance, and consideration? ✔✔contract In regards to representation or warranties, which of these statements is TRUE? ✔✔If material to the risk, false representation will void a policy Insurance policies are offered on a "take it or leave it" basis, which make them: ✔✔Contracts of Adhesion A life insurance policy would be considered a [Show More]

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