Alabama Life Insurance Exam Updated 2025 with complete solution
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Course
Alabama Life Insurance
Institution
Alabama Life Insurance
An insured allows a permanent policy to lapse: Unless otherwise instructed, what will the insurance
company do? - The insurance company will automatically institute the extended term option
What does a split-dollar plan do? - A split-dollar plan divides the cost of additional insurance for
an em...
Alabama Life Insurance Exam
An insured allows a permanent policy to lapse: Unless otherwise instructed, what will the insurance
company do? - The insurance company will automatically institute the extended term option
What does a split-dollar plan do? - A split-dollar plan divides the cost of additional insurance for
an employee between that employee and the company. If death occurs while employed, the death
benefit is shared between the employer and the employee's beneficiary
Can an annuity contract be exchanged for a life contract under section 1035 policy exchange? -
No. An annuity contract can only be exchanged for another annuity contract under IRC section
1035 exchange rules.
A Taft-Hartley trust is established by one or more: - Labor unions or associations
An accounting measure used to determine a contract owner's interest in the separate account of a
variable annuity before payments begin is called: - An accumulation unit
Assets in a separate account are valued at: - Their market value on the date of valuation
At what age does the waiver of premium rider normally expire? - 60
Describe the term reserve - That amount that, when increased by future premiums on
outstanding policies, and interest on this premiums will enable the company to meet future death claims
Does social insurance provide equal benefits to all citizens that contribute? - No. As income is re-
distributed through the governmental system, insureds who put less into the system such as the poor,
elderly, and those with dependents get proportionately greater benefits.
Group Insurance Market: A certificate of insurance is issued to whom? - Each individual covered
by the group life insurance
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