Alabama Life & Health Insurance Study guides, Class notes & Summaries

Alabama Life & Health Insurance Exam With 100% Correct Answers 2024

Alabama State Licensing Exam Property and Casualty Questions and Verified Solutions a company in chartered in Guam or Puerto Rico doing regular business in new York would be considered by new yorkers to be a 1. domestic company 2. foreign company 3. alien company 4. international company - Answer -2. foreign company If a company cancels an auto policy mid-term, the refund will be made on a 1. Pro rata basis 2. short rate basis 3. retroactive basis 4. coinsurance basis - Answer -1. pr...

Alabama Insurance: Property and Casualty Exam A with Verified Solutions What is hazard? - Answer -An increase in the possibility that a loss might occur What rating method involves modifying the premium based on the insureds loss experience over a specified period of time? - Answer -Experience Rating In a particular state, an insurance company must file policy forms and rates with the state the insurance department and wait for official approval before using the new forms and rates. This i...

University of Alabama AL P&C Study Test with Correct Solutions 2024 If a company cancels an auto policy mid-term, the refund will be made on a : A. pro rata basis B. short rate basis C. retroactive basis D. coinsurance basis - Answer -A. Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period? A. Cancellation B. Nonrenewal C. Separation D. Exclusion - Answer -B. Nonrenewal Which is the best example of an indirect loss? ...

Alabama Adjusters License Exam Questions and Verified Solutions 2024 Accident Insurance - Answer -Covers expenses associated with a covered accident and can extend to ambulance and emergency room expenses, intensive care, and hospital costs. Accident insurance also provides for loss of income, and a death benefit if injuries prove fatal Accumulated Depreciation - Answer -The total decrease in an item's value over a period of time. Formula: (annual depreciation x number of years used). S...

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 & Health Insurance Exam Complete Guide Term Insurance Temporary protection because it only provides coverage for a specific period of time. Also known as pure life insurance Term insurance provides what is known as _________________ pure death protection Term insurance provides the greatest amount of coverage for the _______________ lowest premium Term insurance has no ____________ cash value Three basic types of term coverage available, based on how the face amount (dea...

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...

A qualified Long-Term Care Policy may exclude losses incurred from preexisting conditions for no longer than ______ months from the effective date of coverage. 6 8 3 12 -ANSWER A Every LTC Policy that provides benefits of homecare or community-based services shall provide all of the following, except: A Adult day care B Respite care C Hospice services D Acute care -ANSWER D The contract type in which only one party is legally bound to its contractual obligations after a premium...