Alabama Life and Health Insurance BUNDLED Exams 2023 with 100% correct answers

Agent/Producer A 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 a contract that is held between an insurer and an agent/producer, containing the expressed authorit...

Term Insurance Temporary 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 _________________ pure death protection Term insurance provides the greatest amount of coverage for the ____...

a predetermined limit. Insurance 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 Which of the following would be considered proper establishment of insurable interest in the life insu...

Pure Insurance is defined as the transfer of ______________ risk to the insurance company in consideration for a premium. Pure Risk The chance of loss without any chance of gain is called ___________ Speculative Risk has the possibility for gain or loss and is not insurable. ...

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 debt policy Based upon Optional Uniform Provisions, an insurer would have the right to deny claim payment in all of the following circumstances, except: misstatement of age on the application Insurable interest for life insurance is ne...

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? The amount of insurance that his premiums would have purchased at his correct age Which of the following is consider...

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

According to the Alabama Insurance Regulations, all of the following are included as advertisements except: A birthday card sent to a policyowner by his or her agent According to the Alabama Insurance regulations, when using an illustration in the sale of a life insurance policy, an insuran...

Backdating is usually no more than __ months. six What are the required signatures for life insurance application? insured, producer/agent, and applicant What are the characteristics of a 'conditional' receipt? -premium paid with application -insurance effective later of: date ap...

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

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 ...

A person making application, for themselves or another, to be insured under an insurance policy is called the: Applicant Industrial insurance is also known as: Home service If a home office underwriter obtains MIB codes inconsistent with information provided on the application, what ...

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 financia...