Alabama state life insurance exam 2024

if lousie allows her whole life policy to lapse which nonforfeiture option shoild she elect to obtain the most life insurance protection? - correct answerExtended term option If administrative action is taken against you, or you are criminally prosecuted in another jurisdiction, you have how long to submit a notice to the Alabama commissioner? - correct answer r30 days How can 'key employee' disability income insurance purchased by business be used by the business - correct answerBoth: temporary replace the key employee and as a salary continuation for the disabled key employee In health maintenance organizations (HMO's) the use of a primary care physician is common as part of - correct answerAn out of network provider Under the typical coordination of benefits clause in group health insurance how is the primary coverage determined - correct answerThe employee plan is primary and the other may be excess The entire contract provision stipulates - correct answerThe entire contract includes the application A man applied for long term care policy. Three months earlier he was diagnosed with diabetes, can the LTC policy exclude future health problems linked with diabetes? - correct answerYes, for 6 months The 'elimination period' refers to - correct answerThe time period after a disability starts and before the insured may begin receiving disability income benefits The basic purpose for the coinsurance provision in a major medical policy is to - correct answerLimit over utilization of the policy benefits Which rider can decrease the amount of the policy death benefit if utilized - correct answerAutomatic premium loan rider The settlement option under which the principal never decreases unless the beneficiary makes withdrawals is the - correct answerThe interest only option If you surrender your policy early or simply stop paying premiums you still own the equity you have built. You can choose to: - correct answerGet a check for the remaining cash value What describes the aviation exclusion? - correct answerIt limits or excludes coverage for when the insured is participating in only certain kinds of air travel Under which circumstances will the payor rider waive the premiums and allow a life insurance policy to remain in force? - correct answerIf the policyowner dies or becomes disabled prior to the insured reaching either age 21 or 25 If you mistake your age when applying for disability income insurance, you may suffer what consequences at claim time? - correct answerYour benefits will be reduced if your age is higher than stated According to the Alabama regulations concerning Long term care insurance, what practice is allowed - correct answerUse of large amounts of direct mail to market specific LTC policy You must notify the company of a health insurance claim within how many days? - correct answer20 days If an agent tells a proposed insured he has the authority to Issue a policy, which he is actually disallowed to do by his agency contract, the insured may reasonably assume the agent had his authority. This is a example of - correct answerExpressed authority To receive some social security benefits and be considered "currently insured" an individual must have - correct answerAt least 6 quarters of coverage Dividend options are defined as ways in which the policyowner can: - correct answerUse or collect policy dividends The gen