Alabama producer exam - Study guides, Class notes & Summaries

Alabama Life & Health Insurance Exam Questions and answers Which of the following would be considered a speculative risk? - 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 polic...

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...

Ch. 3 Alabama Producer Exam Life & Health

J and his insurance company disagree over some ambiguous language in J's life insurance policy. If the parties end up in court, which principle would direct the court to rule in favor of J? correct answers Adhesion Which of the following is not true about insurance? correct answers It eliminates risk Which of the following is considered a field underwriter? correct answers Producer Lloyd's of London is not an insurance company, but consists of groups of underwriters called _________, ...

Ch. 3 Alabama Producer Exam Life & Health

Ch. 3 Alabama Producer Exam Life & Health

Ch. 2 Alabama Producer Exam Life & Health

A person making application, for themselves or another, to be insured under an insurance policy is called the: correct answersApplicant Industrial insurance is also known as: correct answersHome service If a home office underwriter obtains MIB codes inconsistent with information provided on the application, what is the underwriter required to do? correct answersConduct further investigation to obtain more information prior to making a decision All of the following signatures would be re...

Ch. 2 Alabama Producer Exam Life & Health with complete solutions

A person making application, for themselves or another, to be insured under an insurance policy is called the: Applicant Industrial insurance is also known as: Home service If a home office underwriter obtains MIB codes inconsistent with information provided on the application, what is the underwriter required to do? Conduct further investigation to obtain more information prior to making a decision All of the following signatures would be required on a life insurance app...