Alabama Life & Health Insurance Exam/Alabama Life and Health Insurance Exam/Alabama Life & Health Insurance Exam/Alabama Life and Health Final Exam/Alabama Life and Health Insurance- Comp Exam/Alabama Health Insurance Exam/Alabama Life and Health Exam/Ala

The Fair Credit Reporting Act - Answer- what law protects consumers from the circulation of inaccurate or obsolete information? domestic, foreign, and alien - Answer- Insurers are classified according to their domicile. What are the 3 types of insurers? Fraternal insurer - Answer- what type of...

Term Insurance - Answer- Temporary protection because it only provides coverage for a specific period of time. Also known as pure life insurance Term insurance provides what is known as _________________ - Answer- pure death protection Term insurance provides the greatest amount of coverage fo...

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? - Answer- The amount of insurance that his premiums would have purchased at his correct age Which of the following is con...

industrial life insurance is also referred to as - Answer- debt policy Based upon Optional Uniform Provisions, an insurer would have the right to deny claim payment in all of the following circumstances, except: - Answer- misstatement of age on the application Insurable interest for life insur...

Pure - Answer- Insurance is defined as the transfer of ______________ risk to the insurance company in consideration for a premium. Pure Risk - Answer- The chance of loss without any chance of gain is called ___________ Speculative Risk - Answer- has the possibility for gain or loss and is not...

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 p...

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? - Answer- Privilege of change clause The extended term nonforfeiture option provides: - Answer- Paid-up term coverage equ...

Agent/Producer - Answer- A 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 - Answer- a contract that is held between an insurer and an agent/producer, containing the expr...

a predetermined limit. - Answer- Insurance is a method risk is transferred to an insurer for consideration up to 1. spouses in each other 2. parents in their children 3. creditors in their debtors - Answer- Which of the following would be considered proper establishment of insurable interest in...

According to the Alabama Insurance Regulations, all of the following are included as advertisements except: - Answer- A birthday card sent to a policyowner by his or her agent According to the Alabama Insurance regulations, when using an illustration in the sale of a life insurance policy, an in...

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 a...

COBRA and HIPAA both address portability. What is the difference between them? - Answer- COBRA provides a coverage bridge, HIPAA addresses coverage under plans for new entrants The type of health insurance policy most likely used to cover all students attending a large university is - Answer- a b...

Barbara has the right to change the beneficiary designation on her life insurance policy. Barbara's beneficiary is a(n)? ngent beneficiary able beneficiary ary beneficiary ocable beneficiary - Answer- b with term life insurance which of the following types of premium remain the same for th...

The minimum grace period for a life insurance policy sold in Alabama is: - Answer- 30 days Alabama's annuity disclosure regulation: - 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 i...