Alabama life insurance exam

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 blanket policy The life and health insurance marketing system utilizing producers that represent multiple insurance companies at the same time, are compensated on a commission basis, and own their own " book of business" is the - Answer- independent agency system which of the following statements about key employee life insurance is true? - Answer- the business is always the owner and beneficiary of key employee insurance 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? - Answer- life income option which if the following is correct regarding alabama's annuity suitability regulation? - Answer- all are correct -the producer must make every effort to obtain information to clarify the prospective purchaser's financial status, tax status and investment objectives -the producer must have reasonable grounds to believe the recommended annuity purchase is suitable based on the facts disclosed -the producer must maintain records of information obtained for at least three years after the transaction withholding of facts that should be included in an application for insurance is called - Answer- concealment interest sensitive whole life is also called - Answer- current assumption whole life which of the following are true regarding medicare prescription drug coverage (part d)? - Answer- all of the above -there is a monthly premium -there is an annual deductible -there are copay requirements in general advertising would include each of the following except - Answer- communication of administrative matters