Alabama Life Insurance Exam Questions with ACCURATE Answers

Alabama Life & Health Insurance Exam2024
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Expected Questions and Answers
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1. Insurancerisrdefinedrasrthertransferrof
riskrtortherinsurancercompanyrinrconsiderationrforrarpremium.rANSrrPure


2. Therchancerofrlossrwithoutranyrchancerofrgainrisrcalled
ANSrrPurerRisk
r




3. hasrtherpossibilityrforrgainrorrlossrandrisrnotrinsurable.rANSrrSpeculativerRisk


4. isrdefinedrasrtherchancerofrloss.rANSrrRisk



5. ArconditionrthatrcouldrresultrinrarlossrisrknownrasrANSrrExposure


6. isrsomethingrthatrincreasesrtherchancerofrloss.rANSrrHazard



7. Therpresencerofra increasesrtherchancerofrarlossroccurring.-
ANSrrPhysicalrHazard
r




8. definedrasrarcauserofrloss,rsuchrasrfire.rANSrrPeril


,9. Torberinsurable,rlossesrmustrbe .rANSrrCalculable



10. allowsrinsurersrtorpredictrclaimsrmoreraccurately.rANSrrLawrofrLargerNumbers


11. Therlawrofrlargernumbersrappliesrto
.rANSrrGroupsrofrpeople,rnotrindividuals



12. Therlawrofrlargernumbersrappliesrtorgroupsrofrpeople,rnotrtorindividuals.rThermorerpeopleri
nrthergroup .rANSrrthermoreraccuratertherpredic-
tionsrare
r




13. Mostrinsurersrbuy torprotectrthemselvesrinrthereventrofra
.rANSrrreinsurancer,rcatastrophicrloss



14. arernotrrequiredrtorberuniformrfromronerstatertoranother.rANSrrInsurancerlaws


15. dividendsrtoritsrshareholdersr(stockholders),rbutrtheyrmayrnotrberguaran-
teed.rANSrrStockrinsurerrmayrpay
r




16. Stockrinsurersrpayrtherdividendsrtoritsrshareholdersr(stockholders),rarertheyrguaranteed.rA
NSrrNo
17. ArreciprocalrinsurancercompanyrisrmanagedrbyranrANSrrattorney-in-fact



,18. AnrunincorporatedrassociationrofrindividualsrwhorinsurereachrotherrisrknownrasrarANSrrRe
ciprocalrInsurers



19. ThergovernmentroffersrinsurancerprimarilyrbasedruponrANSrrsocialrneeds,rsuchrasrfloodrinsur
ancerandrworkersrcompensation


20. ThergovernmentroffersrinsurancerprimarilyrbasedruponrsocialrneedsrandrnotrANSrrpreventin
grfraud



21. companyrhasrtheirrhomerofficerinranotherrstaterANSrrForeign


22. companyrhasrtheirrhomerofficerinranotherrcountryrANSrrAlien



23. KeyrPersonrdisabilityrincomerpolicy,rpremiumrpaymentsrANSrrArermaderbyrtherbusinessrandr
arernotrtax-deductible


24. Claimsrotherrthanrdeathrbenefitsrarertorberpaidrtorthe
,runlessrotherwiserassignedrbyrtherinsured.rANSrrinsuredrorrtherinsured'srestate






, 25. Anrinsurancercontractris
inrthatronlyronerofrtherpartiesrtorthercontractrisrlegallyrboundrtordoranything.rANSrrunilateral
26. insurerrANSrrIfrformsrarernotrfurnished,rwrittenrproofrofrtheroccurrence,rnaturerofrtherloss,randr
extentrofrlossrmustrbersubmittedrtorthe


27. Ifrardistributionrisrmaderforrarreasonrotherrthanrtorpayrforrqualifiedrmedicalrexpenses,rtheram
ountrwithdrawnrwillrbersubjectrtoranrincomertaxrandranradditionalrANSrr20%rtax



28. Medicarersupplementrpoliciesr(Medigap)rdornotrcoverrthercostrofrANSrrextendedrnursingrhom
ercare


29. torfillrthergaprinrcoveragerattributablertorMedicare'srdeductibles,rcopay-
mentrrequirements,randrbenefitrperiods.rTheserplansrarerissuedrbyrprivaterinsurancercompani
r


es.rANSrrMedigaprplansrarerdesigned
30. toreitherrcontinuergrouprcoveragerandrdeferrMedicareruntilrretirement,rorrswitchrtorMedica
re.rANSrrIfrarpersonrisrstillremployedratrtheragerofr65,rherorrshermayrchoose
31. non-controlledrbusinessrANSrrTherpurposerofrarlicenserisrtorprimarilyrwrite
32. Whenrproducerrwasrreviewingrarpotentialrcustomersrcoveragerwrittenrbyranotherrcompan
yrtherproducerrmaderseveralrremarksrthatrwerermaliciouslyrcriticalrofrthatrotherrinsurer.rTherpro
ducerrcountrberfoundrguiltyrofr(oralrorrwrittenrremarks)rANSrrDefamation
33. WhatrpolicyrcharacteristicsrofrarMajorrMedicalrExpenserdon'trEXCEPTrANSrrLowrmaximumrlimit
s
34. CharacteristicsrofrarMajorrMedicalrExpenserANSrrHighrMaximumrLimits
35. CharacteristicsrofrarMajorrMedicalrExpenserANSrrBlanketrCoverage
36. CharacteristicsrofrarMajorrMedicalrExpenserANSrrCoinsurance
37. CharacteristicsrofrarMajorrMedicalrExpenserANSrrDeductible