ALABAMA LIFE AND HEALTH INSURANCE EXAM COMPLETE QUESTIONS AND DETAILED ANSWERSALREADY GRADED A+
8 views 0 purchase
Course
ALABAMA LIFE AND HEALTH
Institution
ALABAMA LIFE AND HEALTH
ALABAMA LIFE AND HEALTH
INSURANCE EXAM COMPLETE
QUESTIONS AND DETAILED
ANSWERSALREADY GRADED A+
Will pay only the amount of insurance that Linwood's premiums
would have purchased at his correct age - ANSWER -When
Linwood died, it was discovered that he was actually six years
older than ...
ALABAMA LIFE AND HEALTH
INSURANCE EXAM COMPLETE
QUESTIONS AND DETAILED
ANSWERS\ALREADY GRADED A+
Will pay only the amount of insurance that Linwood's premiums
would have purchased at his correct age - ANSWER -When
Linwood died, it was discovered that he was actually six years
older than he had claimed when applying for an insurance policy.
As a result of this discovery, the insurance company
Notify the insurance company - ANSWER -When a producer is
made aware of an insured's death, the first task is to
the policy owner - ANSWER -Which of the following can make a
policy loan on a life policy?
1. Encumbering the proceeds of the policy
2. Commuting the proceeds of the policy
3. Transferring the proceeds of the policy - ANSWER -The main
purpose of the spendthrift clause contained in a settlement option
is to prevent the beneficiary from doing all of the following
The insured remains eligible for all provisions - ANSWER -Should
an insured become totally and permanently disabled two months
before the cut-off date for the waiver of premium rider
,An absolute assignment - ANSWER -Turning over all rights in a
life policy to an assignee is referred to as
If the insured and the primary beneficiary should die immediately
in the same accident, the proceeds are paid as if the primary
beneficiary had died first - ANSWER -Which statement best
describes the provisions of the uniform simultaneous death act?
Waiver of premium rider - ANSWER -Which of the following
riders require the insured being totally and permanently disabled
before it becomes effective?
six months - ANSWER -The normal waiting period for benefits
under the disability income rider is
1. life insurance
2. Homeowners Policy
3. An annuity - ANSWER -Minors over the age of fifteen would be
allowed to buy which of the following insurance policies?
New premium is higher than the original - ANSWER -As a general
rule, most insurance companies will allow the insured to change
to another type of insurance policy without a medical examination
if the
,When the age of the insured has been overstated at the time the
policy was issued - ANSWER -Which of the following is NOT a
circumstance under which a company will pay a death claim for
less than the face amount?
An insurable interest in the life of the insured - ANSWER -The
applicant, if other than the proposed insured, must have
Will pay the policy proceeds only if it would have issued the policy
to the proposed insured had he or she been living - ANSWER -If a
proposed insured dies before the policy is issued but while in
possession of a conditional receipt, the company
Katrina receives the proceeds of the policy, which in turn are paid
to her estate upon her death - ANSWER -Calvert names his wife,
Katrina, as the primary beneficiary of $100,000 whole life policy
with a common disaster provision. Their son, Jake, is the
contingent beneficiary. Calvert and Katrina are involved in a
serious private airplane accident. Calvert is killed immediately but
Katrina lives for another two months before she, too, dies. Which
of the following is likely to occur?
Two years - ANSWER -The company will normally pay the face
amount of the policy to the beneficiary of an insured who commits
suicide after the policy has been in effect for
Each son receives $10,000 - ANSWER -Gavin has named each of
his three sons as per capita primary beneficiaries of a $30,000 life
insurance policy. If all three sons are living at the time of Gavin's
, death, which statement best describes the amount each will
receive?
Total and permanent - ANSWER -To waive an insured's premium,
most companies require an individual's disability to be
1. Refund to the beneficiary only the amount of premium paid to
date
2. Void the policy
3. Refuse to pay a death benefit - ANSWER -If an insured
commits suicide within the time specified by the suicide clause,
the insurance company may do all of the following
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
the life insurance area?
It is called the mortality rate - ANSWER -Which of the following
statements about the average number of people who die each year
is true?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lornezyeng. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $27.99. You're not tied to anything after your purchase.
