Final exam Alabama life insurance

The minimum grace period for a life insurance policy sold in Alabama is: - Answer- 30 days Alabama's annuity disclosure regulation: - Answer- Requires the delivery of a buyer's guide and a disclosure document to annuity applicant An insurer pays a large claim for medical expenses after the insured has only made one premium payment. This is an example of an: - Answer- Aleatory contract Which of the following is NOT guaranteed by a whole life policy? - Answer- policy dividends Any individual who has failed two Alabama insurance licensing examinations must wait how long before retaking it a third time? - Answer- 3 months When an estate is named beneficiary to a life insurance policy, the policy proceeds are: - Answer- distributed according to state law Which of the following statements concerning a life insurance policy is TRUE? - Answer- an issued policy can never be changed by a producer Julio, the insurance producer, has allowed his license to lapse. He would like to reinstate his licenses without retaking a pre license course or passing a written examination. To do this, Julio must reinstate the license within ___ months from the renewal date. - Answer- 12 months Janet is retired and looking to invest a lump-sum of money through an insurance company. Which product would be best suited for this? - Answer- annuity Tina has an insurance policy with a 10-day free look provision. Which of these statements is correct? - Answer- Her policy can be returned for 100% refund of the premium within 10 days from the date the policy is delivered A collateral assignment allows a policy owner to assign: - Answer- A portion of the policy proceeds to the assignee A licensed Alabama insurance producer would NOT be disciplined by the Commissioner of Insurance for: - Answer- Being convicted of a misdemeanor What is a defined benefit plan? - Answer- a retirement plan that promises a specified benefit to the employee at retirement Which o