Life Insurance Study Exam- Georgia |correctly Answered Questions

On May 8th a prospect filled out an application for a life insurance policy but paid no premium. The insurance company approved the application on May 14th and issued the policy on May 15th. The producer delivered the policy on May 26th and collected the first premium. The coverage became effective on: {Ans: May 26th}Traditional IRAs have a premature distribution penalty for distributions taken prior to age: {Ans: 59 1/2}In order to sell variable life insurance you must be registered with which of the following? {Ans: The NASD}A producer takes an application from a proposed insured without receiving payment of the first premium. The insurance company issues the policy and, when the producer visits the proposed insured to deliver it, she realizes that the health of the applicant has deteriorated significantly since the application was taken. The producer should: {Ans: Refuse to deliver the policy or to accept any premium offered}Which of the following is a Non-forfeiture Option that provides continuing cash value buildup? {Ans: Reduced Paid-Up}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