Ga Life Insurance Exam 2024 With 100% Correct Answers

Important facts on Variable life Insurance Products {Ans: In a variable whole life policy - because the insurance company is not sustaining the investment risk of the contract the underlying assets of the contract cannot be kept in the insurance company's general account. These assets must be held in a separate account, which invests in stocks, bonds, and other securities investment options. Variable insurance products are dually regulated by the State and Federal government. Due to the element of investment risk - Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and /or federal bodies. Variable insurance is regulated by the Insurance Department - Agents selling variable life products must be registered with FINRA (have securities license) and also be licensed by the state to sell life insurance}Universal Life {Ans: also known as flexible premium adjustable life - policyowner has the flexibility to increase the amount of premium going paid into the policy and to later decrease it again, policyowner may even skip paying a premium and policy will not lapse as long as there is sufficient case value at the time to cover the monthly deductions for cost of insurance}Death Benefit Options {Ans: Option