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ALABAMA INSURANCE TEST

ALABAMA INSURANCE TEST

22 items

Final exam life and health questions and answers 2024

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Risk - answer-Risk is the uncertainty of loss Capitation - answer-Capitation payments are payments agreed upon in a capitated contract by a health insurance company and a medical provider. They are fixed, pre-arranged monthly payments received by a physician, clinic or hospital per patient enrol...

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Alabama Adjusters License questions and answers

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Alabama Adjusters License questions and answers

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Alabama Property & Casualty Online Practice Exams questions and answers

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Alabama Property & Casualty Online Practice Exams questions and answers

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insurance exam questions and answers

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COBRA and HIPAA both address portability. What is the difference between them? - answer-COBRA provides a coverage bridge, HIPAA addresses coverage under plans for new entrants The type of health insurance policy most likely used to cover all students attending a large university is - answer-a bl...

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Personal Lines Alabama State Exam questions and answers

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What type of risk is insuring your home or auto? - answer-Pure risk A good definition for risk is: - answer-The chance of loss The primary insured in an insurance contract is the: - answer-First named insured In property insurance, coinsurance is designed to: - answer-Cover all losses in full i...

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Alabama State Insurance Exam FX questions and answers

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If a producer changes his residential address who must he/she notify? - answer-This change will need to be reported to the Commissioner. Which of the following is NOT true regarding minors purchasing insurance policies in this state? - answer-Minors at the age of 14 are allowed to buy their own ...

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Alabama Property and Casualty Sample Quiz 1-100 questions and answers

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What is a hazard? - answer-an increase in the possibility that a loss might occur transfer risk from a person or business to an insurance company that agrees to to pay for losses in exchange for a premium. - answer-insurance The type of insurance company in which the policyholder is considered...

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AL P&C University of Alabama Study Guide questions and answers

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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....

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Chapter exam- Alabama laws and rules questions and answers

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In Alabama, all health maintenance organizations must: - answer-Have a complaint system to resolve written complaints from enrollees. An insurance producer who offers a potential client something of value as an incentive to purchase insurance is engaging in: - answer-Rebating Medicare suppleme...

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Alabama Life & Health Insurance Exam with complete solution

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Term Insurance - answer-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 _________________ - answer-pure death protection Term insurance provides the greatest amount of coverage for t...

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Alabama Property and Casualty Exam questions and answers

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If a company cancels an auto policy mid term, the refund will be made on a. pro rata basis b. short rate basis c. retroactive basis d. coinsurance basis - answer-Pro Rata Basis What is the term used to describe terminating the insurance relationship at the end of the policy period ? a. cance...

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Alabama State Licensing Insurance Exam questions and answers

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An applicant who fails two examinations for the same line of authority must wait how long to take another examination for that line of authority - answer-3 months Payments for losses that cannot be precisely measured, such as the loss of companionship of spouse from another, are called ____. - ...

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Alabama Life Insurance Exam questions and answers

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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? - answer-Privilege of change clause The extended term nonforfeiture option provides: - answer-Paid-up term coverage equ...

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Alabama Life and Health Insurance Exam with correct answers

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The Fair Credit Reporting Act - answer-what law protects consumers from the circulation of inaccurate or obsolete information? domestic, foreign, and alien - answer-Insurers are classified according to their domicile. What are the 3 types of insurers? Fraternal insurer - answer-what type of insu...

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Alabama Insurance: Property and Casualty Test Questions with correct answers

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An incorporated insurance company which is run by a board of directors is known as - answer-a capital-stock company Which of the following statements is true regarding a binder? a. a binder guarantees that a policy will be issued by the insurance company. b. a binder guarantees coverage and that...

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Alabama Life & Health Insurance Exam Questions and answers

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2x sold

Alabama Life & Health Insurance Exam Questions and answers Which of the following would be considered a speculative risk? - 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: Gam...

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ALABAMA INSURANCE TEST QUESTIONS AND ANSWERS

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Which welfare program provides assistance to the needy? - answer-Medicaid Barbara has the right to change the beneficiary designation on her life insurance policy. Barbara's beneficiary is a(n): - answer-revocable beneficiary Within how many calendar days must all clean electronic health insu...

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Life and Health Insurance Study Guide questions and answers

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A life insurance producer's agency agreement normally authorizes the licensee to do all of the following EXCEPT: A. solicit insurance B. sell insurance C. issue policies D. collect premiums - answer-C. issue policies at what point must a life insurance applicant be informed of their rights t...

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Alabama life and health questions and answers

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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. F...

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Alabama Life and Health Insurance

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a predetermined limit. - ANSWER-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 - ANSWER-Which of the following would be considered proper establishment of insurable interest in t...

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2-14 Insurance License Exam questions and answers

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2-14 Insurance License Exam questions and answers 401K Plan - answer-A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollards Absolute Assigment vs. Collateral Asssigment - answer-Absolute: A permanent and irrevocable transfer of rights and...

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Adjuster Pro - Insurance adjuster test Questions and answers

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What is insurance? - ANSWER-protection against financial loss what is a premium - ANSWER-a scheduled amount to be paid for an insurance policy. What are premiums used for - ANSWER-premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies a...

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