Alabama life insur - Study guides, Class notes & Summaries

Alabama Life Insurance Exam questions with answers 2024 A ____________ company is one that is domiciled in another state and has Not received a license to do business in Alabama. - ANSWERS Foreign Nonamitted A 15-year mortgage - ANSWERS 15 year decreasing term A collateral assignment allows a policy owner to assign: - ANSWERS A portion of the policy provides to the assignee A cross purchase buy-see agreement is in place of ABC Company four founding partners. What would this agreement...

The minimum grace period for a life insurance policy sold in Alabama is: correct answers 30 days Alabama's annuity disclosure regulation: correct answers Requires the delivery of a buyer's guide and a disclosure document to annuity applicant An insurer pays a large claim for medical expenses after the insured has only made one premium payment. This is an example of an: correct answers Aleatory contract Which of the following is NOT guaranteed by a whole life policy? correct answers po...

Which of the following is a true characteristic of a variable universal life policy? correct answers As long as there is sufficient cash value to cover policy expenses when due, the insured is not required to pay the planned premium Fred purchased a $100,000 policy naming his wife, Wilma, as primary beneficiary, and his only child, Pebbles, to receive any proceeds if Wilma dies before Fred, or if she dies after Fred, but before receiving all the policy proceeds. Fred elected the interest sett...

A substandard or special class risk typically results in: correct answers a premium that is higher than for a normal risk John purchases insurance because he expects to experience a loss. This is known as: correct answers adverse selection An insurance company may cancel a life insurance policy under which of the following conditions? correct answers The outstanding policy loan exceeds the cash value of the policy Which of the following provisions may NOT be adjusted in an adjustable li...

Final exam Alabama life insurance (2023/2024) graded A The minimum grace period for a life insurance policy sold in Alabama is: 30 days Alabama's annuity disclosure regulation: Requires the delivery of a buyer's guide and a disclosure document to annuity applicant An insurer pays a large claim for medical expenses after the insured has only made one premium payment. This is an example of an: Aleatory contract Which of the following is NOT guaranteed by a whole life policy? policy dividends ...

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 ADB

Final exam Alabama life insurance Questions and Answers

Alabama life insurance test questions with correct answers 2024 The best definition of risk? - ANSWERS Chance of loss. Producer appointed by one company on an exclusive basis is a. - ANSWERS Captive agent Predicting the likelihood of sickness or accident occurring among groups of people according to age, occupation or some other factor. - ANSWERS Morbidity tables Specialized property or liability coverage provided by a nonadmitted insurer is called: - ANSWERS Excess and surplus lines ...

FINAL EXAM ALABAMA LIFE INSURANCE QUESTIONS AND ANSWERS LATEST 2024 UPDATE