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Alabama Life and Health Insurance Exam FX Simulation Questions and Answers [] (Verified by Expert) $11.49
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Alabama Life and Health Insurance Exam FX Simulation Questions and Answers [] (Verified by Expert)

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Alabama Life and Health Insurance Exam FX Simulation Questions and Answers [] (Verified by Expert) Alabama Life and Health Insurance Exam FX Simulation Questions and Answers [] (Verified by Expert)

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Alabama Life and Health Insurance Exam FX Simulation
2023 - 2024 (Verified)
1.Which of the following is NOT an allowable 1035 exchange ANS A whole life insurance policy is exchanged for a term insurance policy.
2.Which of the following is NOT a type of information that needs to be gathered in order to determine the value of someone's life when using the needs approach? ANS Estimated longevity
3.Which of the following would be the basic source of information used by the company in the risk selection process? ANS Application
4.underwriting is a major consideration when an insured wishes to replace
her current policy for all of the following reasons EXCEPT ANS Premiums
always stay the same
5.What is the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident? ANS Common Disaster Clause .The insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. It was determined that
the accident was his fault. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. In this case what will the policy beneficiary receive? ANS $100,000
7.How often must the Commissioner or an examiner designated by the Com- missioner examine domestic insurance companies? ANS As often as the commis- sioner deems necessary, but not less frequently than once every 5 years
8.Which of the following provisions is mandatory for health insurance poli- cies? ANS Physical examination and autopsy
9.At what point must an outline of coverage be delivered ANS At the time of the application or upon delivery of the policy
10.Attempting to determine how much insurance an individual would
require based upon their financial objectives is known as ANS Needs
Approach
11.On its advertisement, a company claims that it has funds in its
possession that are, in fact, not available for the payment of losses or claims. What is the company guilty of? ANS Misrepresentation
12.An insured has medical insurance coverage through 2 different providers, both covering the same expenses on an expense-incurred basis. Neither company knows in advance that the insured has coverage through any other insurers. The insured submits a claim to both insurers. How should the claim be handled? ANS Each insurer should pay a proportionate share of the claim
13.Which is the appropriate action by the insurer if a prospective insured submitted an incomplete application? ANS Return the application to the applicant for completion

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