Alabama Life and Health Study guides, Class notes & Summaries

John has recently died and it was discovered that he was actually ten years older than what was listed on his life insurance policy. What will the insurer pay his beneficiary? - The amount of insurance that his premiums would have purchased at his correct age Which of the following is considered the "automatic" Nonforfeiture Option that most insurers will use? - Extended term Susan owns a life insurance policy that has accumulated $10,000 in cash value in which she can no longer pay its ...

Which of these statements is true regarding the medical information Bureau (MIB) Reports given to me member companies information regarding the insurability or insurance applicants The proposed insured must give authorization before information can be given to member companies The MIB is a nonprofit agency which aids in underwriting insurance policies - All of the above What does renewable term guarantee? - The insurers insurability Bert purchased an immediate annuity with quarterly ...

Which of these statements is true regarding the medical information Bureau (MIB) Reports given to me member companies information regarding the insurability or insurance applicants The proposed insured must give authorization before information can be given to member companies The MIB is a nonprofit agency which aids in underwriting insurance policies - All of the above What does renewable term guarantee? - The insurers insurability Bert purchased an immediate annuity with quarterly ...

Billy is the owner of a life insurance policy and has chosen a policy settlement option under which the company will pay the beneficiary (his widow) an income each month for as long as she lives. Payment stops at her death. Which settlement option has Billy selected? A. Fixed amount option B. Fixed period option C. Interest only option D. Life income option - D. Life income option A man with an Accidental Death & Dismemberment (AD&D) policy having a Principal Sum of $100,000 and a Capita...

Which of the following is NOT an allowable 1035 exchange A whole life insurance policy is exchanged for a term insurance policy. Which of the following is NOT a type of information that needs to be gathered in order to determine the value of someone's life when using the needs approach? Estimated longevity Which of the following would be the basic source of information used by the company in the risk selection process? Application underwriting is a major consideration wh...

John has recently died and it was discovered that he was actually ten years older than what was listed on his life insurance policy. What will the insurer pay his beneficiary? The amount of insurance that his premiums would have purchased at his correct age Which of the following is considered the "automatic" Nonforfeiture Option that most insurers will use? Extended term Susan owns a life insurance policy that has accumulated $10,000 in cash value in which she can no longer pa...

a predetermined limit. - ANSWERSInsurance 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 - ANSWERSWhich of the following would be considered proper establishment of insurable interest in the life insurance area? It is called the mortality rate - ANSWERSWhich of the following statements about the average number of people who die each year is true? Equal value is not necessarily gi...

industrial life insurance is also referred to as - ANSWERSdebt policy Based upon Optional Uniform Provisions, an insurer would have the right to deny claim payment in all of the following circumstances, except: - ANSWERSmisstatement of age on the application Insurable interest for life insurance is necessary only at the time of: - ANSWERSapplication Which of the following types of policies would a sports team purchase to obtain coverage for a season? - ANSWERSblanket If the insurer c...

In reference to the standard Medicare Supplement benefits plans, what does the term standard mean? a) All plans must include basic benefits A-N. b) Coverage options and conditions are developed for average individuals. c) All providers will have the same coverage options and conditions for each plan. d) Coverage options and conditions comply with the law, but will vary from provider to provider. - ANSWERSC Which of the following is true regarding a single life settlement option? a) Payme...