GA LIFE INSURANCE 500 EXAM QUESTIONS AND ANSWERS PASS
UPDATED 2026/2027 || LIFE INSURANCE LICENSING REVIEW ||
POLICY TYPES, UNDERWRITING & REGULATIONS || VERIFIED
QUESTIONS & ACCURATE ANSWERS || HIGH-YIELD STUDY GUIDE ||
COMPLETE TEST BANK || GRADED A+
Georgia Life Insurance Exam 500+ questions
An insurance producer selling a Variable Annuity whose cash value depends on
the performance of an underlying investment account must be registered with: -
CORRECT ANSWER -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: - CORRECT ANSWER -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: - CORRECT ANSWER -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? - CORRECT ANSWER -Term
Which of the following statements about a Renewable Term policy is true? -
CORRECT ANSWER -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 - CORRECT ANSWER -I and II
,A 45-year old customer who is seeking to supplement his retirement income at
age 65 would not buy a: - CORRECT ANSWER -Immediate Annuity
Which of the following is an example of a Limited-Pay Life policy? -
CORRECT ANSWER -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? - CORRECT ANSWER -
Adjustable life
Which of the following individual policy conversions is usually permitted
without any evidence of insurability? - CORRECT ANSWER -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? - CORRECT
ANSWER -"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-year-amortized $50,000 business-improvement loan. Which of the
following plans would adequately protect Ms. Timms at the minimum premium
outlay? - CORRECT ANSWER -A $50,000 Decreasing Term policy for 20
years
In order to sell variable life insurance you must be registered with which of the
following? - CORRECT ANSWER -The NASD
Which of the following contracts requires that a series of benefit payments be
made at specified intervals? - CORRECT ANSWER -Annuity
,A life insurance policy that covers two parties, but only pays when the last party
dies is known as: - CORRECT ANSWER -Survivorship Life
Most Term Life insurance: - CORRECT ANSWER -Is convertible to
permanent Whole Life without a physical exam
If a person wants to invest a lump sum in an annuity that may appreciate along
with market and economic conditions, they should buy a: - CORRECT
ANSWER -Variable Annuity
If a client wants cash value life insurance with a flexible premium and an
adjustable death benefit that will allow the policy owner a choice of various
cash value investment options, he should buy: - CORRECT ANSWER -
Variable/Universal Life
Which of the following statements is true about the premium payment schedule
for a Whole Life policy? - CORRECT ANSWER -Premiums are payable
throughout the insured's lifetime, and coverage continues until the insured's
death
Which of the following policies provides the greatest amount of protection for
an insured's premium dollar as well as some cash accumulation? - CORRECT
ANSWER -Whole Life
Which of the following is NOT correct regarding Ordinary Whole Life policies?
- CORRECT ANSWER -The cash value grows more quickly in the beginning
years of the policy
A business owner with a fluctuating income who wants a life insurance policy
that can be changed to suit economic conditions should buy: - CORRECT
ANSWER -Adjustable Life
, Which of the following is an example of a Limited-Pay Life policy: -
CORRECT ANSWER -20-Pay Life
A life insurance policy that combines term insurance protection, a flexible
premium, and cash value accumulation is: - CORRECT ANSWER -Universal
Life
A client buys a $50,000 Whole Life policy on himself and wants to add $25,000
in Term coverage for his spouse. He should add which of the following riders to
his policy? - CORRECT ANSWER -Other Insured Rider
A $10,000 Life insurance policy with a Triple Indemnity clause has been in
force for three years. The insured is injured in a train wreck and dies in a
hospital five months later. The death proceeds payable under the policy would
be: - CORRECT ANSWER -$10,000
The provision in a Life insurance policy that provides protection against
unintentional policy lapse is known as the: - CORRECT ANSWER -
Automatic Premium Loan provision
A client applied for Life insurance on October 1st. The application was
approved and the policy was issued on October 10th. It was delivered to the
customer on October 18th. When did the Free Look start? - CORRECT
ANSWER -October 18th
Dividend projections may be included in a proposal for Life insurance: -
CORRECT ANSWER -When there is a clear statement that they are not
guaranteed
An insured died during the Grace Period of her Life insurance policy and had
not paid the required annual premium. The insurance company is obligated to
UPDATED 2026/2027 || LIFE INSURANCE LICENSING REVIEW ||
POLICY TYPES, UNDERWRITING & REGULATIONS || VERIFIED
QUESTIONS & ACCURATE ANSWERS || HIGH-YIELD STUDY GUIDE ||
COMPLETE TEST BANK || GRADED A+
Georgia Life Insurance Exam 500+ questions
An insurance producer selling a Variable Annuity whose cash value depends on
the performance of an underlying investment account must be registered with: -
CORRECT ANSWER -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: - CORRECT ANSWER -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: - CORRECT ANSWER -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? - CORRECT ANSWER -Term
Which of the following statements about a Renewable Term policy is true? -
CORRECT ANSWER -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 - CORRECT ANSWER -I and II
,A 45-year old customer who is seeking to supplement his retirement income at
age 65 would not buy a: - CORRECT ANSWER -Immediate Annuity
Which of the following is an example of a Limited-Pay Life policy? -
CORRECT ANSWER -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? - CORRECT ANSWER -
Adjustable life
Which of the following individual policy conversions is usually permitted
without any evidence of insurability? - CORRECT ANSWER -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? - CORRECT
ANSWER -"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-year-amortized $50,000 business-improvement loan. Which of the
following plans would adequately protect Ms. Timms at the minimum premium
outlay? - CORRECT ANSWER -A $50,000 Decreasing Term policy for 20
years
In order to sell variable life insurance you must be registered with which of the
following? - CORRECT ANSWER -The NASD
Which of the following contracts requires that a series of benefit payments be
made at specified intervals? - CORRECT ANSWER -Annuity
,A life insurance policy that covers two parties, but only pays when the last party
dies is known as: - CORRECT ANSWER -Survivorship Life
Most Term Life insurance: - CORRECT ANSWER -Is convertible to
permanent Whole Life without a physical exam
If a person wants to invest a lump sum in an annuity that may appreciate along
with market and economic conditions, they should buy a: - CORRECT
ANSWER -Variable Annuity
If a client wants cash value life insurance with a flexible premium and an
adjustable death benefit that will allow the policy owner a choice of various
cash value investment options, he should buy: - CORRECT ANSWER -
Variable/Universal Life
Which of the following statements is true about the premium payment schedule
for a Whole Life policy? - CORRECT ANSWER -Premiums are payable
throughout the insured's lifetime, and coverage continues until the insured's
death
Which of the following policies provides the greatest amount of protection for
an insured's premium dollar as well as some cash accumulation? - CORRECT
ANSWER -Whole Life
Which of the following is NOT correct regarding Ordinary Whole Life policies?
- CORRECT ANSWER -The cash value grows more quickly in the beginning
years of the policy
A business owner with a fluctuating income who wants a life insurance policy
that can be changed to suit economic conditions should buy: - CORRECT
ANSWER -Adjustable Life
, Which of the following is an example of a Limited-Pay Life policy: -
CORRECT ANSWER -20-Pay Life
A life insurance policy that combines term insurance protection, a flexible
premium, and cash value accumulation is: - CORRECT ANSWER -Universal
Life
A client buys a $50,000 Whole Life policy on himself and wants to add $25,000
in Term coverage for his spouse. He should add which of the following riders to
his policy? - CORRECT ANSWER -Other Insured Rider
A $10,000 Life insurance policy with a Triple Indemnity clause has been in
force for three years. The insured is injured in a train wreck and dies in a
hospital five months later. The death proceeds payable under the policy would
be: - CORRECT ANSWER -$10,000
The provision in a Life insurance policy that provides protection against
unintentional policy lapse is known as the: - CORRECT ANSWER -
Automatic Premium Loan provision
A client applied for Life insurance on October 1st. The application was
approved and the policy was issued on October 10th. It was delivered to the
customer on October 18th. When did the Free Look start? - CORRECT
ANSWER -October 18th
Dividend projections may be included in a proposal for Life insurance: -
CORRECT ANSWER -When there is a clear statement that they are not
guaranteed
An insured died during the Grace Period of her Life insurance policy and had
not paid the required annual premium. The insurance company is obligated to
