Alabama life insurance Study guides, Class notes & Summaries

Alabama Life and Health Insurance Exam Questions and Answers [2023 - 2024] (Verified by Expert) Alabama Life and Health Insurance Exam Questions and Answers [2023 - 2024] (Verified by Expert)

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? - correct answer Privilege of change clause The extended term nonforfeiture option provides: - correct answer Paid-up term coverage equal to that of the original policy With a collateral assignment of a life policy to a creditor: - correct answer You assign a partial amount of the policy values to the creditor An ...

ALABAMA LIFE INSURANCE EXAM 2 2024 WITH 100% CORRECT ANSWERS UPDATED Dividend options are defined as ways in which the policy owner can: - ANSWERS receives dividends paid on any stock held A life insurance company may pay a death claim for less than the face amount of a policy under which of the following conditions? - ANSWERS All of the above Which policy will have immediate cash? - ANSWERS single premium The process of underwriting primarily involves what two key steps? - ANSWERS ris...

ALABAMA INSURANCE TEST QUESTIONS & ANSWERS (100% CORRECT) ALABAMA INSURANCE TEST QUESTIONS & ANSWERS (100% CORRECT) Which welfare program provides assistance to the needy? - ANSWER - Medicaid Barbara has the right to change the beneficiary designation on her life insurance policy. Barbara's beneficiary is a(n): - ANSWER - revocable beneficiary Within how many calendar days must all clean electronic health insurance claims be paid in Alabama? - ANSWER - 30 Which type of term policy ...

Alabama Life and Health Insurance Final Exam Questions and Answers [2023 - 2024] (Verified by Expert) Alabama Life and Health Insurance Final Exam Questions and Answers [2023 - 2024] (Verified by Expert)

Alabama Life & Health Insurance Exam Questions and answers Which of the following would be considered a speculative risk? - ANSWER-The possibility the painting you bought might be a long-lost masterpiece A speculative risk is one in which there is a chance for either loss or gain. Example: Gambling, Casino's, Lottery, etc. All of the other choices describe pure risk, where there is no chance of gain, only a chance of loss exists. Which is the proper term for a company owned by its poli...

Which of the following is a true characteristic of a variable universal life policy? - correct answerAs long as there is sufficient cash value to cover policy expenses when due, the insured is not required to pay the planned premium Fred purchased a $100,000 policy naming his wife, Wilma, as primary beneficiary, and his only child, Pebbles, to receive any proceeds if Wilma dies before Fred, or if she dies after Fred, but before receiving all the policy proceeds. Fred elected the interest sett...

Alabama Life Insurance Final Exam With 100% Correct Answers 2024

ALABAMA LIFE INSURANCE EXAM 2024 WITH 100% CORRECT ANSWERS The minimum grace period for a life insurance policy sold in Alabama is: - correct answer 30 days Alabama's annuity disclosure regulation: - correct answer 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: - correct answer Aleatory contract Which of the fol...