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ALABAMA INSURANCE EXAM BUNDLE 2024
ALABAMA LIFE & HEALTH INSURANCE EXAM REVIEW ALABAMA PROPERTY AND CASUALTY SPOT –ON EXAM SOLUTIONS
[Show more]ALABAMA LIFE & HEALTH INSURANCE EXAM REVIEW ALABAMA PROPERTY AND CASUALTY SPOT –ON EXAM SOLUTIONS
[Show more]According to the Alabama Insurance Regulations, all of the following are included as advertisements 
except: - correct 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...
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Add to cartAccording to the Alabama Insurance Regulations, all of the following are included as advertisements 
except: - correct 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...
Peril Types associated with accident and health insurance - correct answer sickness 
accidental injury 
 
sickness - correct answer first deems itself when policy is in force 
 
accidental injury - correct answer Unforeseen and unintended injury that resulted from an accident rather than a sickness ...
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Add to cartPeril Types associated with accident and health insurance - correct answer sickness 
accidental injury 
 
sickness - correct answer first deems itself when policy is in force 
 
accidental injury - correct answer Unforeseen and unintended injury that resulted from an accident rather than a sickness ...
Pure - correct answer Insurance is defined as the transfer of ______________ risk to the insurance company in consideration for a premium. 
 
Pure Risk - correct answer The chance of loss without any chance of gain is called ___________ 
 
Speculative Risk - correct answer has the possibility for ga...
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Add to cartPure - correct answer Insurance is defined as the transfer of ______________ risk to the insurance company in consideration for a premium. 
 
Pure Risk - correct answer The chance of loss without any chance of gain is called ___________ 
 
Speculative Risk - correct answer has the possibility for ga...
Insurance is defined as the transfer of ______________ risk to the insurance company in consideration for a premium. - correct answer Pure 
 
The chance of loss without any chance of gain is called ___________ - correct answer Pure Risk 
 
has the possibility for gain or loss and is not insurable. -...
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Add to cartInsurance is defined as the transfer of ______________ risk to the insurance company in consideration for a premium. - correct answer Pure 
 
The chance of loss without any chance of gain is called ___________ - correct answer Pure Risk 
 
has the possibility for gain or loss and is not insurable. -...
Which welfare program provides assistance to the needy? - correct answerMedicaid 
 
Barbara has the right to change the beneficiary designation on her life insurance policy. Barbara's beneficiary is a(n): - correct answerrevocable beneficiary 
 
Within how many calendar days must all clean electron...
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Add to cartWhich welfare program provides assistance to the needy? - correct answerMedicaid 
 
Barbara has the right to change the beneficiary designation on her life insurance policy. Barbara's beneficiary is a(n): - correct answerrevocable beneficiary 
 
Within how many calendar days must all clean electron...
An incorporated insurance company which is run by a board of directors is known as - correct answer a capital-stock company 
 
Which of the following statements is true regarding a binder? 
a. a binder guarantees that a policy will be issued by the insurance company. 
b. a binder guarantees coverage...
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Add to cartAn incorporated insurance company which is run by a board of directors is known as - correct answer a capital-stock company 
 
Which of the following statements is true regarding a binder? 
a. a binder guarantees that a policy will be issued by the insurance company. 
b. a binder guarantees coverage...
What is a Mutual Company? - correct answer A mutual insurance company is an insurance company owned entirely by its policyholders. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or reduced futu...
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Add to cartWhat is a Mutual Company? - correct answer A mutual insurance company is an insurance company owned entirely by its policyholders. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or reduced futu...
Which of the following would be considered a speculative risk? - correct 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 choic...
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Add to cartWhich of the following would be considered a speculative risk? - correct 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 choic...
If a company cancels an auto policy mid term, the refund will be made on 
 
a. pro rata basis 
b. short rate basis 
c. retroactive basis 
d. coinsurance basis - correct answerPro Rata Basis 
 
What is the term used to describe terminating the insurance relationship at the end of the policy period ?...
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Add to cartIf a company cancels an auto policy mid term, the refund will be made on 
 
a. pro rata basis 
b. short rate basis 
c. retroactive basis 
d. coinsurance basis - correct answerPro Rata Basis 
 
What is the term used to describe terminating the insurance relationship at the end of the policy period ?...
If a company cancels an auto policy mid term, the refund will be made on 
 
a. pro rata basis 
b. short rate basis 
c. retroactive basis 
d. coinsurance basis - correct answer Pro Rata Basis 
 
What is the term used to describe terminating the insurance relationship at the end of the policy period ...
Preview 3 out of 18 pages
Add to cartIf a company cancels an auto policy mid term, the refund will be made on 
 
a. pro rata basis 
b. short rate basis 
c. retroactive basis 
d. coinsurance basis - correct answer Pro Rata Basis 
 
What is the term used to describe terminating the insurance relationship at the end of the policy period ...
What is a hazard? Answer - an increase in the possibility that a loss might occur 
 
transfer risk from a person or business to an insurance company that agrees to to pay for losses in exchange for a premium. Answer - insurance 
 
The type of insurance company in which the policyholder is considered...
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Add to cartWhat is a hazard? Answer - an increase in the possibility that a loss might occur 
 
transfer risk from a person or business to an insurance company that agrees to to pay for losses in exchange for a premium. Answer - insurance 
 
The type of insurance company in which the policyholder is considered...
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