Alabama life exam 2024 - Study guides, Class notes & Summaries

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 choices describe pure risk, where there is no chance of gain, only a chance of loss exists. Which is the proper term for a company owned by its policy owners? - correct answer A mutual insurance company...

Alabama Life Insurance Exam 2024 Quizzes & Ans…

ALABAMA LIFE INSURANCE EXAM 2 2024 WITH 100% CORRECT ANSWERS UPDATED Dividend options are defined as ways in which the policy owner can: - ANSWERS receives dividends paid on any stock held A life insurance company may pay a death claim for less than the face amount of a policy under which of the following conditions? - ANSWERS All of the above Which policy will have immediate cash? - ANSWERS single premium The process of underwriting primarily involves what two key steps? - ANSWERS ris...

ALABAMA LIFE INSURANCE EXAM 2 2024 WITH 100% CORRECT ANSWERS UPDATED Dividend options are defined as ways in which the policy owner can: - ANSWERS receives dividends paid on any stock held A life insurance company may pay a death claim for less than the face amount of a policy under which of the following conditions? - ANSWERS All of the above Which policy will have immediate cash? - ANSWERS single premium The process of underwriting primarily involves what two key steps? - ANSWERS ris...

Which of the following would be considered a speculative risk? - 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 choices describe pure risk, where there is no chance of gain, only a chance of loss exists. Which is the proper term for a company owned by its policy owners? - A mutual insurance company A producer who is acting a...

Alabama Life and Health Insurance Exam

ALABAMA LIFE INSURANCE EXAM 2024 WITH 100% CORRECT ANSWERS What are commercial insurers also referred to as? - ANSWERS Private Insurance Companies Commercial Insurers are in the business of selling insurance for ___ ________. - ANSWERS a profit What two groups can commercial insurance be broken into? - ANSWERS Stock Companies & Mutual Insurers What is a stock insurer? - ANSWERS incorporated to make a profit for its stockholders. nonparticipating because the policyholders do not rece...

what law protects consumers from the circulation of inaccurate or obsolete information? - The Fair Credit Reporting Act Insurers are classified according to their domicile. What are the 3 types of insurers? - domestic, foreign, and alien what type of insurer is a voluntarily formed organization that provides religious organizations with a representative form of government? - Fraternal insurer the type of insurance company organized to return any surplus money to its policyholders is kno...

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? correct answersPrivilege of change clause The extended term nonforfeiture option provides: correct answersPaid-up term coverage equal to that of the original policy With a collateral assignment of a life policy to a creditor: correct answersYou assign a partial amount of the policy values to the creditor An accoun...