Alabama Health Insurance Exam 2024 Expected Questions and Answers (Verified by Expert)
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Alabama Life & Health Insurance
Institution
Alabama Life & Health Insurance
Alabama Health Insurance Exam 2024 Expected Questions and Answers (Verified by Expert)
Alabama Health Insurance Exam 2024 Expected Questions and Answers (Verified by Expert)
Alabama Health Insurance Exam 2024 Expected Questions and Answers (Verified by Expert)
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Alabama Life & Health Ins...
Alabama Life & Health Insurance Exam
Questions and Answers
1. Insurance is defined as the transfer of risk to the insurance
company in consideration for a premium. ANS Pure
2. The chance of loss without any chance of gain is called ANS
PureRisk
3. has the possibility for gain or loss and is not insurable. ANS Speculative Risk
4. is defined as the chance of loss. ANS Risk
5. A condition that could result in a loss is known as ANS Exposure
6. is something that increases the chance of loss. ANS Hazard
7. The presence of a increases the chance of a loss occurring.-
ANS Physical Hazard
8. defined as a cause of loss, such as fire. ANS Peril
,9. To be insurable, losses must be . ANS Calculable
10. allows insurers to predict claims more accurately. ANS Law of Large Numbers
11. The law of large numbers applies to . ANS Groups of people,
notindividuals
12. The law of large numbers applies to groups of people, not to individuals. The more
people in the group . ANS the more accurate the
predic-tions are
13. Most insurers buy to protect themselves in the event ofa . ANS reinsurance ,
catastrophic loss
14. are not required to be uniform from one state to another. ANS Insurance laws
15. dividends to its shareholders (stockholders), but they may not be guaran-teed. ANS
Stock insurer may pay
16. Stock insurers pay the dividends to its shareholders (stockholders), arethey
guaranteed. ANS No
17. A reciprocal insurance company is managed by an ANS attorney-in-fact
,18. An unincorporated association of individuals who insure each other isknown as a
ANS Reciprocal Insurers
19. The government offers insurance primarily based upon ANS social needs, such as flood
insurance and workers compensation
20. The government offers insurance primarily based upon social needs andnot ANS
preventing fraud
21. company has their home office in another state ANS Foreign
22. company has their home office in another country ANS Alien
23. Key Person disability income policy, premium payments ANS Are made by thebusiness
and are not tax-deductible
24. Claims other than death benefits are to be paid to the ,
unless otherwise assigned by the insured. ANS insured or the insured's estate
, 25. An insurance contract is in that only one of the parties to the
contract is legally bound to do anything. ANS unilateral
26. insurer ANS If forms are not furnished, written proof of the occurrence, nature of theloss,
and extent of loss must be submitted to the
27. If a distribution is made for a reason other than to pay for qualified medicalexpenses,
the amount withdrawn will be subject to an income tax and an additional ANS 20% tax
28. Medicare supplement policies (Medigap) do not cover the cost of ANS extendednursing
home care
29. to fill the gap in coverage attributable to Medicare's deductibles, copay-ment
requirements, and benefit periods. These plans are issued by privateinsurance
companies. ANS Medigap plans are designed
30. to either continue group coverage and defer Medicare until retirement, orswitch to
Medicare. ANS If a person is still employed at the age of 65, he or she maychoose
31. non-controlled business ANS The purpose of a license is to primarily write
32. When producer was reviewing a potential customers coverage written byanother
company the producer made several remarks that were maliciously critical of that other
insurer. The producer count be found guilty of (oral or written remarks) ANS Defamation
33. What policy characteristics of a Major Medical Expense don't EXCEPT ANS Lowmaximum
limits
34. Characteristics of a Major Medical Expense ANS High Maximum Limits
35. Characteristics of a Major Medical Expense ANS Blanket Coverage
36. Characteristics of a Major Medical Expense ANS Coinsurance
37. Characteristics of a Major Medical Expense ANS Deductible
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