Alabama Life & Health Insurance 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...

if lousie allows her whole life policy to lapse which nonforfeiture option shoild she elect to obtain the most life insurance protection? - correct answerExtended term option If administrative action is taken against you, or you are criminally prosecuted in another jurisdiction, you have how long to submit a notice to the Alabama commissioner? - correct answer r30 days How can 'key employee' disability income insurance purchased by business be used by the business - correct answerBoth...

What are commercial insurers also referred to as? - correct answer Private Insurance Companies Commercial Insurers are in the business of selling insurance for ___ ________. - correct answer a profit What two groups can commercial insurance be broken into? - correct answer Stock Companies & Mutual Insurers What is a stock insurer? - correct answer incorporated to make a profit for its stockholders. nonparticipating because the policyholders do not receive dividends unless they are stock...

Which clause allows the insured to change an existing policy to any other policy of any type as long as the new policy has a higher premium, without any proof of insurability? - correct answer Privilege of change clause The extended term nonforfeiture option provides: - correct answer Paid-up term coverage equal to that of the original policy With a collateral assignment of a life policy to a creditor: - correct answer You assign a partial amount of the policy values to the creditor An ...

Which of the following is a true characteristic of a variable universal life policy? - correct answerAs 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...

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

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. - correct answerC Which of the following is true regarding a single life settlement option? a...

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...

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...