ALABAMA INSURANCE FINAL EXAM

Bart is injured and provides notice of a health claim to his insurer. He later receives the required claims forms. Within how many days of the loss must Bart file proof of loss with the insurance company? - Answer-90 Which welfare program provides assistance to the needy? - Answer-medicaid Who is considered the individual that retains all rights, values, and options of an insurance policy? - Answer-the policy owner Long Term Care policies normally provide benefits for: - Answer-home health care A Long-Term Care (TLC) policy has a minimum renewability level of: - Answer-guaranteed renewable Which of these statements accurately portray a whole life policy? No cash value accumulates Requires a conversion for coverage extending past age 70 Endows at age 70 and paid up at a stated time Endows at age 100 and paid up at a stated time - Answer-endows at age 100 and paid up at a stated time Paula has an insurance policy that has a guaranteed minimum cash value, a guaranteed death benefit, fixed premiums, and grows at a rate reflected by a selected fund index. Which type of life policy fits this description? - Answer-equity indexed life How long must a producer keep complete records pertaining to his/her insurance transactions? - Answer-three years A policyowner can collect the face amount on what type of policy? - Answer-endowment policy Which of these statements regarding an insurance application is true? All statements made on an application are considered to be warranties A representation is valid as long as it is true A representation made by an applicant is guaranteed to be true A warranty is not guaranteed to be true - Answer-a representation is valid as long as it is true A life insurance producer's agency agreement normally authorizes the license to do all of the following, EXCEPT: solic