Final Exam - Alabama Life and Health 100% Verified!!

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 considered the "automatic" Nonforfeiture Option that most insurers will use? - ANSWERSExtended term Susan owns a life insurance policy that has accumulated $10,000 in cash value in which she can no longer pay its premiums. If she elects to take the extended term option, which of these actions would she take? - ANSWERSUses the $10,000 to buy term insurance of the same face amount as her original policy What kind of risk are amateur pilots normally classified as? - ANSWERSSpecial class risks The monthly benefit of an Annuity Certain is determined by: - ANSWERSThe annuitant's payout period selection Shawn has a waiver of premium rider on his life insurance policy. He becomes disabled for 3 years, during which the insurance company waives $3,000 in premiums. When Shawn recovers, he must: - ANSWERSResume paying premiums again Alabama's annuity disclosure regulation: - ANSWERSRequires the delivery of a buyer's guide and a disclosure document to an annuity's applicant A policyowner can collect the face amount on what type of policy? - ANSWERSEndowment policy On November 10, Ozzie's Major Medical policy is reinstated. He is later injured in an automobile accident on November 13 and immediately hospitalized. Ozzie is eligible for: - ANSWERSFull benefits In Alabama, when are newborns covered under a health policy? - ANSWERSThe moment of birth Alabama's continuing education law states that an insurance producer must report how many classroom hours every two years? - ANSWERS24 Mortgage protection is typically covered with: - ANSWERSDecreasing term A departing employee has decided to continue his group coverage through COBRA. Who pays the premium in this situation? - ANSWERSEmployee Kim has purchased a straight life annuity. What will this type of annuity provide her with? - ANSWERSA periodic income to the annuitant for life According to Required Provision 4, when an insured applies for reinstatement of a health policy and receives a conditional receipt, h