Alabama Life and Health Insurance Exam Practice Questions and Answers
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Course
Alabama Insurance
Institution
Alabama Insurance
Alabama Life and Health Insurance Exam
Practice Questions and Answers
what law protects consumers from the circulation of inaccurate or obsolete
information? - Answer️️ -The Fair Credit Reporting Act
Insurers are classified according to their domicile. What are the 3 types of
insurers? - A...
Alabama Life and Health Insurance Exam
Practice Questions and Answers
what law protects consumers from the circulation of inaccurate or obsolete
information? - Answer✔️✔️-The Fair Credit Reporting Act
Insurers are classified according to their domicile. What are the 3 types of
insurers? - Answer✔️✔️-domestic, foreign, and alien
what type of insurer is a voluntarily formed organization that provides
religious organizations with a representative form of government? -
Answer✔️✔️-Fraternal insurer
the type of insurance company organized to return any surplus money to
its policyholders is known as what? - Answer✔️✔️-mutual company
when agents act within the scope of their contract, their actions will be
assumed to be the actions of whom? - Answer✔️✔️-Insurer
what is the name of the process that insurance companies use to determine
if an applicant is insurable? - Answer✔️✔️-underwriting
if an insurer needs to obtain information about the applicant from
investigators, what is the insurer required to do? - Answer✔️✔️-provide the
aplicant with a Disclosure Authorization Notice
what type of insurer is formed under the laws of another country? -
Answer✔️✔️-Alien
when risks with higher probability of loss are seeking insurance more often
than other risks, is known as what? - Answer✔️✔️-adverse selection
when does an insurance policy go into effect? - Answer✔️✔️-when to policy
is delivered and the premium is paid.
according to the Law of Agency, a principal is represented by whom? -
Answer✔️✔️-an agent or producer
what type of risk is insurable? - Answer✔️✔️-pure
who owns stock companies? - Answer✔️✔️-stockholders
what entities make up the Medical Information Bureau? - Answer✔️✔️-
Insurers
when a change needs to be made on the application for insurance, which is
the best method for correcting the information? - Answer✔️✔️-complete a
new application of ask the applicant to initial the correction on the original
application
in order to transact insurance within a given sate, an alien insurer must
first obtain what? - Answer✔️✔️-Certificate of Authority
Insurance is a contract that protects the insured from what? - Answer✔️✔️-
Loss
in insurance, when is the offer usually made on a contract? - Answer✔️✔️-
when the application is submitted
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