Alabama Life Insurance

Alabama Life Insurance Exam Questions With 100% Correct Answers. At what point does coverage begin when an agent issues a conditional receipt for a life insurance policy? date of application or date of medical exam whichever is last What is the purpose of insurance guaranty associations? to protect policy owners, insureds, and beneficiaries from financial losses caused by insolvent insurers Which of the following is true about a defined benefit plan? High-salaried employees with only a f...

Final Exam Alabama life Insurance Questions With Complete Solutions Graded A+ The minimum grace period for a life insurance policy sold in Alabama is: 30 days Alabama's annuity disclosure regulation: Requires the delivery of a buyer's guide and a disclosure document to annuity applicant An insurer pays a large claim for medical expenses after the insured has only made one premium payment. This is an example of an: Aleatory contract Which of the following is NOT guaranteed by a whole l...

Chapter exam- Alabama laws and rules In Alabama, all health maintenance organizations must: Have a complaint system to resolve written complaints from enrollees. An insurance producer who offers a potential client something of value as an incentive to purchase insurance is engaging in: Rebating Medicare supplement policies marketed in Alabama: Cannot offer benefits that simply duplicate Medicare benefits Cannot be more restrictive than Medicare Cannot treat a loss due to injury diffe...

Alabama State Insurance Exam FX Questions & Answers. If a producer changes his residential address who must he/she notify? This change will need to be reported to the Commissioner. Which of the following is NOT true regarding minors purchasing insurance policies in this state? Minors at the age of 14 are allowed to buy their own policies. What is the penalty for IRA distributions that are below the required minimum for the year? 50% All of the following are business uses of life insuran...

Alabama Life Insurance Exam Q’s & A’s Already Passed!! What are commercial insurers also referred to as? Private Insurance Companies Commercial Insurers are in the business of selling insurance for ___ ________. a profit What two groups can commercial insurance be broken into? Stock Companies & Mutual Insurers What is a stock insurer? incorporated to make a profit for its stockholders. nonparticipating because the policyholders do not receive dividends unless they are stockholders....

Alabama Life Insurance Exam Questions With Complete Solutions (Updated) 2024 Which clause allows the insured to change an existing policy to any other policy of any type as long as the new policy has a higher premium, without any proof of insurability? Privilege of change clause The extended term nonforfeiture option provides: Paid-up term coverage equal to that of the original policy With a collateral assignment of a life policy to a creditor: You assign a partial amount of the policy v...