Life Insurance Study Exam- Georgia
(2022/2023) Already Passed
An insurance producer selling a Variable Annuity whose cash value depends on the performance
of an underlying investment account must be registered with: ✔
...
Life Insurance Study Exam- Georgia
(2022/2023) Already Passed
An insurance producer selling a Variable Annuity whose cash value depends on the performance
of an underlying investment account must be registered with: ✔✔The Financial Industry
Regulatory Authority (FINRA, formerly the NASD)
A life insurance policy whose cash value will fluctuate depending upon the performance of a
separate account is: ✔✔Variable Life
John Livingston owns a 30-Pay Life policy that he purchased at the age of 30. The cash value
will equal the face amount of the policy when he reaches the age of: ✔✔100
Which of the following types of insurance policies would provide the greatest amount of
protection for a temporary period during which an insured will have limited financial resources?
✔✔Term
Which of the following statements about a Renewable Term policy is true? ✔✔It is renewable at
the option of the insured
An Annuity is designed to provide which of the following financial features?
I. The liquidation of principal and interest
II. Favorable tax treatment
III. The creation of an estate ✔✔I and II
A 45-year old customer who is seeking to supplement his retirement income at age 65 would not
buy a: ✔✔Immediate Annuity
Which of the following is an example of a Limited-Pay Life policy? ✔✔Life Paid-Up at Age 65
You have a client that is a real estate agent. Which of the following types of permanent
protection is best for this type of client? ✔✔Adjustable life
Which of the following individual policy conversions is usually permitted without any evidence
of insurability? ✔✔Conversion from a Term policy to a Whole Life policy
At age 30, Tom Morris wishes to purchase a Whole Life policy. His producer explains that he
can pay for the policy in several ways. One method is called 20-Pay Life, and another, Straight
Life. Tom wishes to know which plan will accumulate cash value at a faster rate in the early
years of the policy. Which of the following would be the producer's most appropriate response?
✔✔"20-Pay Life will accumulate cash value faster."
Sandra Timms, age 27, is advised by her producer to purchase Life insurance to cover a 20-yearamortized $50,000 business-improvement loan. Which of the following plans would adequately
protect Ms. Timms at the minimum premium outlay? ✔✔A $50,000 Decreasing Term policy for
20 years
In order to sell variable life insurance you must be reg
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