Alabama producer exam - Study guides, Class notes & Summaries

Alabama Life & Health Insurance Exam Quizzes With Complete Solutions. 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 pol...

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...

Final Exam Alabama life Insurance Questions With Complete Solutions 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 l...

Alabama Insurance Law Questions and Answers Rated A+ The Commissioner of Insurance for Alabama is appointed by the governor The Commissioner of Insurance may do all of the following except change insurance laws for the good of the general public 3. The Commissioner, upon written demand by a person aggrieved, must hold a hearing within 30 days after receipt of the demand In Alabama, the minimum capital required to form and organize a new domestic stock life insurance is $1,000,000 An applican...

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...

ALABAMA INSURANCE TEST EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ Which welfare program provides assistance to the needy? Correct Answer: Medicaid Barbara has the right to change the beneficiary designation on her life insurance policy. Barbara's beneficiary is a(n): Correct Answer: revocable beneficiary Within how many calendar days must all clean electronic health insurance claims be paid in Alabama? Correct Answer: 30 Which type of term policy allows th...

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...

Final Exam Alabama life Insurance Questions With Complete Solutions 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 l...

Alabama Life and Health Insurance Exam Solved 100% Correct!! a predetermined limit. Insurance is a method risk is transferred to an insurer for consideration up to 1. spouses in each other 2. parents in their children 3. creditors in their debtors Which of the following would be considered proper establishment of insurable interest in the life insurance area? It is called the mortality rate Which of the following statements about the average number of people who die each year is true? ...

Alabama Life & Health Insurance Exam | With Complete Questions & Answers (Graded A+)Alabama Life & Health Insurance Exam | With Complete Questions & Answers (Graded A+)Alabama Life & Health Insurance Exam | With Complete Questions & Answers (Graded A+)Alabama Life & Health Insurance Exam | With Complete Questions & Answers (Graded A+) Agent/Producer - ANSWER- A person who acts for another person or entity with regard to contractual arrangements with third parties; a legal representative of an i...