GA Life & Health study guide
GA Life & Health · Work through your exam, one topic at a time.
The Georgia Life, Accident and Health Insurance Agent License Examination is the licensing test that candidates must pass to be issued a Georgia producer license covering life insurance, accident and health insurance, and annuities. The license itself is issued and regulated by the Office of the Commissioner of Insurance and Safety Fire (OCI), the state agency that licenses and regulates insurers, licenses agents and agencies, and handles consumer complaints about insurers, agents and claims handling. The exam is aimed at people entering the insurance sales career - new agents, agency staff who will solicit or negotiate life and health products, and career-changers moving into the financial-services side of insurance. Content is organized around five areas: insurance regulation, general insurance concepts, life insurance, annuities, and health insurance, with rules, policy provisions and product mechanics carrying most of the weight. The GA Life & Health study guide has 5 sections and about 1,820 words.
01Insurance Regulation (Georgia)
Georgia insurance is regulated primarily by the Commissioner of Insurance , a statewide elected official who heads the Department of Insurance. The Commissioner licenses producers, agencies, adjusters, and counselors; conducts market-conduct and financial examinations; investigates consumer complaints; and enforces the state's unfair trade practice statutes.
365 words, about 2 min02General Insurance Concepts
Risk is uncertainty about loss; insurance transfers only pure risk (chance of loss or no loss), never speculative risk (chance of gain). A peril is the cause of loss (fire, theft, death, illness).
339 words, about 2 min03Life Insurance
Term provides pure protection for a stated period, with no cash value (level, decreasing, increasing, renewable, convertible). Whole life is permanent, level-premium, with guaranteed cash value and dividends if participating.
359 words, about 2 min04Annuities
An annuity is the mirror image of life insurance: it liquidates an estate by paying a stream of income, protecting against longevity risk . The accumulation period builds value; the annuity period pays it out.
371 words, about 2 min05Health Insurance
Indemnity (fee-for-service) plans reimburse after deductible and coinsurance. HMO members use a network, choose a primary care physician, and need referrals; care is prepaid and capitated.
386 words, about 2 min