Final Exam - Alabama Life and Health Exam With Complete Solutions

Final Exam - Alabama Life and Health Exam With Complete Solutions John has recently died and it was discovered that he was actually ten years older than what was listed on his life insurance policy. What will the insurer pay his beneficiary? - Correct Answer The amount of insurance that his premiums would have purchased at his correct age Which of the following is considered the "automatic" Nonforfeiture Option that most insurers will use? - Correct Answer Extended term Susan owns a life insurance policy that has accumulated $10,000 in cash value in which she can no longer pay its premiums. If she elects to take the extended term option, which of these actions would she take? - Correct Answer Uses the $10,000 to buy term insurance of the same face amount as her original policy What kind of risk are amateur pilots normally classified as? - Correct Answer Special class risks The monthly benefit of an Annuity Certain is determined by: - Correct Answer The annuitant's payout period selection Shawn has a waiver of premium rider on his life insurance policy. He becomes disabled for 3 years, during which the insurance company waives $3,000 in premiums. When Shawn recovers, he must: - Correct Answer Resume paying premiums again Alabama's annuity disclosure regulation: - Correct Answer Requires the delivery of a buyer's guide and a disclosure document to an annuity's applicant A policyowner can collect the face amount on what type of policy? - Correct Answer Endowment policy On November 10, Ozzie's Major Medical policy is reinstated. He is later injured in an automobile accident on November 13 and immediately hospitalized. Ozzie is eligible for: - Correct Answer Full benefits In Alabama, when are newborns covered under a health policy? - Correct Answer The moment of birth Alabama's continuing education law states that an insurance producer must report how many classroom hours every two years? - Correct Answer 24 Mortgage protection is typically covered with: - Correc