Aflac Bundled Exams with complete solution

The Commissioner must examine the affairs, transactions, accounts, records, and assets of each domestic insurer at least every: - 5 years Sharon Smith, a licensed agent, just got married and she needs to change her name. After she gets her official name change from SS, in how many days must she n...

Uses of Life Insurance - -Insured pays premium to company and in return, company assumes risk of that person dying prematurely -premium (small certain loss) is exchanged for a large uncertain loss -spreading risk of premature death among a large group Life insurance has value like property: -va...

Insured - Answer-A person or entity that is covered by the insured includes loss of life, health, property, or liability Owner - Answer-Responsible for paying the policy's premium that has rights under the contract Stockholders - Answer-Owned by stock company Policyholders - Answer-A mutual com...

Insurance is defined as... - the transfer of PURE risk to the insurance company in consideration for a premium Pure risk is... - the chance of loss without any possibility for gain Speculative risk is... - the possibility for gain or loss and is not insurable Risk is defined as... - the chance f...

which dividend option allows a policy owner to use his or her dividends to buy life insurance on a single premium basis? - Answer-paid up additions option The Alabama Life and Disability Insurance Guaranty has the power to - Answer-Loan Money to an insolvent insurance company, guarantee the oblig...

What term refers to accepting a risk and confronting it as it occurs? - Answer-Retention What term relates to a larger group of people that spread a risk for a small specific cost called? - AnswerLoss Sharing An insurance company incorporated in one state and licensed to conduct business within an...

*A situation that arises during the sale of insurance coverage to a customer in which the producer's self interest interferes with their obligation to act in the best interests of the customer is called:* A. conflict of interest B. dispute resolution C. teachable moment D. NONE of the ABOVE - ...

ABC Company is attempting to minimize the severity of potential losses within its company. The company is engaged in risk A. transfer B. retention C. reduction D. avoidance - Answer-C. reduction "The potential for loss" is also known as a A. hazard B. risk C. transference D. peril - Answ...

Making a statement that is false or maliciously critical of the financial condition of an insurer is known as - Answer-defamation Which of the following statements regarding an examination of an insurer's books and records by the Commissioner is true? - An insurer has a right to delay an examin...

Certain conditions, such as dismemberment or total and permanent blinds, will automatically qualify the insured for full disability benefits. Which disability policy provision does this describe? - presumptive disability Which provision concerns the insured's duty to provide the insurer with rea...