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Alabama Life Insurance Exam Questions With 100% Correct Answers.
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Alabama Life Insurance Exam Questions With 100% Correct Answers. At what point does coverage begin when an agent issues a conditional receipt for a life insurance policy? date of application or date of medical exam whichever is last What is the purpose of insurance guaranty associations? to p...

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  • October 31, 2023
  • 2
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • alabama life insurance exam questions with 100 co

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  • Alabama Life Insurance
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Alabama Life Insurance Exam Questions With 100%
Correct Answers.
At what point does coverage begin when an agent issues a conditional receipt for
a life insurance policy?
date of application or date of medical exam whichever is last
What is the purpose of insurance guaranty associations?
to protect policy owners, insureds, and beneficiaries from financial losses caused by
insolvent insurers
Which of the following is true about a defined benefit plan?
High-salaried employees with only a few years until retirement receive the highest
contribution.
The insured had his wife named as the beneficiary of his life insurance policy. To
ensure that his wife had income for life after the insured's death, he chose the life
income settlement option. The amount of payments will be determined by taking
into account all of the following EXCEPT
The insureds age at death
All of the following entities regulate variable life policies EXCEPT
The Guaranty Association
When the insurer stipulates the time period for payment of claims, how soon
must the insurer pay a death benefit claim after receiving the proof of death?
2 months
The two types of assignments are
Absolute and Collateral
Which of the following policies would have an IRS required corridor or gap
between the cash value and the death benefit?
Universal Life Option A
When would a 20-pay whole life policy endow?
When the insured reaches age 100
What is the advantage of reinstating a policy instead of applying for a new one?
the original age is used for premium determination
An insured has a continuous premium whole life policy. She would like to use the
policy dividends to pay off her policy sooner than would have been possible
otherwise. What dividend option could she use?
Paid Up Option
All of the following are true about variable products EXCEPT
the premiums are invested in the insurers general account
A fixed annuity contract provides for
level benfit payment
Which of the following types of policies allows the policyowner to skip premium
payments, provided that there is enough cash value in the policy to cover the
premium amount?
Universal Life
Which of the following information about the applicant is NOT included in the
General Information section of the application for insurance?

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