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Alabama Life Insurance Exam Questions With Complete Solutions (Updated) 2024
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Alabama Life Insurance Exam Questions With Complete Solutions (Updated) 2024 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? Privilege of change clause The extended t...

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  • October 25, 2023
  • 3
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • alabama life insurance exam questions with complet

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Alabama Life Insurance Exam Questions With Complete
Solutions (Updated) 2024
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?
Privilege of change clause
The extended term nonforfeiture option provides:
Paid-up term coverage equal to that of the original policy
With a collateral assignment of a life policy to a creditor:
You assign a partial amount of the policy values to the creditor
An accounting measure used to determine a contract owner's interest in the
separate account of a variable annuity before payments begin is called:
An accumulation unit
Group Insurance Market: A certificate of insurance is issued to whom?
Each individual covered by the group life insurance
The principal difference between an entity purchase and a cross purchase buy-
sell agreement is:
The identity of the policy owner (the main difference is who owns the policy)
How long is the probationary period for group life insurance?
The probationary period is usually 90 days.
What is the primary purpose of a section 303 redemption?
To provide liquidity to pay estate taxes and administration and funeral costs
What is it called when an insurance company sells part of their risk to another
insurance company?
Reinsurance (also, risk-sharing)
The policy conditions represent the obligation of whom?
Both the insured and the insurer
Does social insurance provide equal benefits to all citizens that contribute?
No. As income is re-distributed through the governmental system, insureds who put less
into the system such as the poor, elderly, and those with dependents get proportionately
greater benefits.
In determining whether disability is permanent, most companies call for a waiting
period of how long?
3 to 6 months
What can the cash value of a permanent life insurance policy be used for?
Cash values can be used as nonforfeiture option, policy loans, full or partial surrender's,
but not for accidental death benefits.
What are the essential elements of a contract?
Remember the acronym: CLOC: consideration, offer and acceptance, competent
parties, and legal purpose
What market is a private source of coverage of last resort for individuals or
businesses that have been rejected by voluntary market insurers?
The residual marketplace
Describe the term reserve

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