Alabama State Licensing Insurance Exam Latest 2024

Alabama State Licensing Insurance Exam Latest 2024 An applicant who fails two examinations for the same line of authority must wait how long to take another examination for that line of authority 3 months Payments for losses that cannot be precisely measured, such as the loss of companionship of spouse from another, are called ____. General damages Transfering is a method of handling risk. Which of the following best describes the concept of transfer Purchasing insurance Which of the following terms indicates that an insurance contract contains the enforceable promises of only one party Unilateral Dennis purchased a small manufacturing firm and wants to purchase coverage for the premiums-operations and products-completed operations exposures. Which of the following types of insurance should he purchase Commercial general liability With regard to insurance, risk can be defined as Uncertainty of financial loss Which department within an insurance company organization is typically responsible for helping to cover the insurers exposed loss Reinsurance department Joanne and Steven have a plied for automobile insurance with ABC auto insurance. When the agent asked if anyone else drives a car they lied and do not tell him that your neighbor George who lost his drivers license due to drunk driving uses one of their cars on a regular basis to drive to work. Once the company found how about George after he had an accident they denied the claim siding with legal concepts as a reason Fraud All the following are optional property coverage is under business owner policies Money and securities Mechanical breakdown Outdoor signs In Alabama, the Commissioner of Insurance is Appointed by the governor and serves a rearm concurrent with that of the governor For an injury producing temporary total disability under Worker's Compensation the compensation is what percentage of the employees average weekly earnings at the time of the injury subject to a maximum and minimum weekly compensation specified in the law 66-2/3% Aviation physical damage coverage also known as aircraft hull insurance covers all of the following Controls Electronic navigation Engines These are the following things that are not covered by jewelers block coverage Property being worn by the insured Property exhibited in a showcase away from the premises Property in transit by mail The face amount of insurance provided by an industrial fire policy covering buildings under the same ownership may not exceed what amount for a weekly policy $7,500.00 A binder is not valid be on the insurance of the policy for which it was given or Beyond how many days 90 What is the maximum amount that the business owner policy will pay for property damage to an outdoor sign not attached to a building $2,500 Which of the following amounts is the maximum that an insurer will pay in case of a loss Limit of liability The insured is looking for the amount of coverage in a property and casualty policy. This information is found in the Declaration Comprehensive coverage pays for all the following damages Explosion Hitting a deer Glass breaking In a climate liability policy the specific date shown in the declarations indicating the first aid events are covered by the policy is called its Retroactive dates Self insurance is an example of what type of risk management Retention Which of the following is a type of surety bond Bid Performance Fiduciary Coverage for Worker's Compensation may be obtained from all the following Private insurance Self insurance The federal employers liability act In legal terms voluntary relinquishment of a known right is called a Waiver These would use an error and omissions policy Consultant Attorney Insurance agent Which of the following is an eligibility requirement for homeowners policy