Alabama life stuvia Study guides, Class notes & Summaries

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Alabama Life and Health Insurance Exam | Questions & Answers (100% Correct)Alabama Life and Health Insurance Exam | Questions & Answers (100% Correct)Alabama Life and Health Insurance Exam | Questions & Answers (100% Correct)Alabama Life and Health Insurance Exam | Questions & Answers (100% Correct)Alabama Life and Health Insurance Exam | Questions & Answers (100% Correct) Insurance is a method risk is transferred to an insurer for consideration up to - ANSWER - a predetermined limit. Which ...

Alabama Life & Health Insurance Exam | Questions & Answers 100% CorrectAlabama Life & Health Insurance Exam | Questions & Answers 100% CorrectAlabama Life & Health Insurance Exam | Questions & Answers 100% CorrectAlabama Life & Health Insurance Exam | Questions & Answers 100% CorrectAlabama Life & Health Insurance Exam | Questions & Answers 100% CorrectAlabama Life & Health Insurance Exam | Questions & Answers 100% Correct Which of the following would be considered a speculative risk? - ANSWER ...

industrial life insurance is also referred to as - ANSWERSdebt policy Based upon Optional Uniform Provisions, an insurer would have the right to deny claim payment in all of the following circumstances, except: - ANSWERSmisstatement of age on the application Insurable interest for life insurance is necessary only at the time of: - ANSWERSapplication Which of the following types of policies would a sports team purchase to obtain coverage for a season? - ANSWERSblanket If the insurer c...

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? - ANSWERSThe 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? - ANSWERSExtended term Susan owns a life insurance policy that has accumulated $10,000 in cash value in which she can no l...

Alabama Life and Health Exam 2023-2024 Questions & Answers(GRADED A+) Alabama Life and Health Exam 2023-2024 Questions & Answers(GRADED A+) Alabama Life and Health Exam 2023-2024 Questions & Answers(GRADED A+) Alabama Life and Health Exam 2023-2024 Questions & Answers(GRADED A+) Alabama Life and Health Exam 2023-2024 Questions & Answers(GRADED A+)

In reference to the standard Medicare Supplement benefits plans, what does the term standard mean? a) All plans must include basic benefits A-N. b) Coverage options and conditions are developed for average individuals. c) All providers will have the same coverage options and conditions for each plan. d) Coverage options and conditions comply with the law, but will vary from provider to provider. - ANSWERSC Which of the following is true regarding a single life settlement option? a) Payme...

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? - ANSWERSPrivilege of change clause The extended term nonforfeiture option provides: - ANSWERSPaid-up term coverage equal to that of the original policy With a collateral assignment of a life policy to a creditor: - ANSWERSYou assign a partial amount of the policy values to the creditor An accounting measure used ...

Agent/Producer - ANSWERSA person who acts for another person or entity with regard to contractual arrangements with third parties; a legal representative of an insurance company. Agent/Agency Contract - ANSWERSa contract that is held between an insurer and an agent/producer, containing the expressed authority given to the agent/producer, outlining the duties and responsibilities to the principal. If the agent is in violation of the agency contract (or agreement), he or she may be held persona...

Which of the following would be considered a speculative risk? - ANSWERSThe 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 policy owners? - ANSWERSA mutual insurance company A producer w...