Alabama state life insurance exam Complete Questions & Answers COMPLETE EXAM BUNDLE

Agent/Producer - ANSWERSA person who acts for another person or entity with regard to contractual arrangements with third parties; a legal representative of an insurance company. Agent/Agency Contract - ANSWERSa contract that is held between an insurer and an agent/producer, containing the expres...

Term Insurance - ANSWERSTemporary protection because it only provides coverage for a specific period of time. Also known as pure life insurance Term insurance provides what is known as _________________ - ANSWERSpure death protection Term insurance provides the greatest amount of coverage for ...

In reference to the standard Medicare Supplement benefits plans, what does the term standard mean? a) All plans must include basic benefits A-N. b) Coverage options and conditions are developed for average individuals. c) All providers will have the same coverage options and conditions for each p...

industrial life insurance is also referred to as - ANSWERSdebt policy Based upon Optional Uniform Provisions, an insurer would have the right to deny claim payment in all of the following circumstances, except: - ANSWERSmisstatement of age on the application Insurable interest for life insuran...

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? - ANSWERSPrivilege of change clause The extended term nonforfeiture option provides: - ANSWERSPaid-up term coverage equal...

Pure - ANSWERSInsurance is defined as the transfer of ______________ risk to the insurance company in consideration for a premium. Pure Risk - ANSWERSThe chance of loss without any chance of gain is called ___________ Speculative Risk - ANSWERShas the possibility for gain or loss and is not in...

Which welfare program provides assistance to the needy? - ANSWERSMedicaid Barbara has the right to change the beneficiary designation on her life insurance policy. Barbara's beneficiary is a(n): - ANSWERSrevocable beneficiary Within how many calendar days must all clean electronic health insu...

a predetermined limit. - ANSWERSInsurance is a method risk is transferred to an insurer for consideration up to 1. spouses in each other 2. parents in their children 3. creditors in their debtors - ANSWERSWhich of the following would be considered proper establishment of insurable interest in t...

John has recently died and it was discovered that he was actually ten years older than what was listed on his life insurance policy. What will the insurer pay his beneficiary? - ANSWERSThe amount of insurance that his premiums would have purchased at his correct age Which of the following is cons...

if lousie allows her whole life policy to lapse which nonforfeiture option shoild she elect to obtain the most life insurance protection? - ANSWERSExtended term option If administrative action is taken against you, or you are criminally prosecuted in another jurisdiction, you have how long to sub...

Risk - ANSWERSRisk is the uncertainty of loss Capitation - ANSWERSCapitation payments are payments agreed upon in a capitated contract by a health insurance company and a medical provider. They are fixed, pre-arranged monthly payments received by a physician, clinic or hospital per patient enroll...

Basic Medical Expense policies - ANSWERSProvide coverage for Hospital, Surgical and Physicians Medical Expense. -Purchased as a individual or group policy. -provide first dollar coverage (no deductibles). -limited benefit periods and low coverage limits. Major Medical Expense Policy - ANSWERS...