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L&H STATE EXAM - ALABAMA 130 QUESTIONS WITH ACTUAL ANSWERS!!
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L&H STATE EXAM - ALABAMA 130 QUESTIONS WITH ACTUAL ANSWERS!!
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L&H STATE EXAM - ALABAMA 130QUESTIONS WITH ACTUAL ANSWERS!!
Which of the following statements about key employee life insurance is true?
Answer - The business is always the owner and beneficiary of key employee
insurance.
COBRA and HIPPA both address portability. What is the difference between
them? Answer - COBRA provides a coverage bridge, HIPPA addresses coverages
under plans for new entrants.
The settlement option under which the principal never decreases unless the
beneficiary makes withdrawals is the Answer - interest only options, fixed
period, life income option
Mr. and Mrs. Carter receive annuity payments. Mr. Carter dies, but Mrs. Carter
continues to receive payments for the rest of her life. The Carters have a
Answer - joint and survivor life annuity
The primary components in premium calculations include each of the following
EXCEPT: Answer - profit margins
Which of the following characteristics apply to Medicare Supplements Policies
(MSPs)? Answer - All of the above
What is the definition of Risk? Answer - uncertainty or chance of loss
,The Suicide Clause has what effect? Answer - It excludes suicide during the first
two years
For weekly premium disability policies in Alabama, there must be a grace
period of Answer - 7 days
An individual insurance producer who allows his or her license to lapse may,
within a period of __ months from the due date of the renewal fee, reinstate
the same license without having to complete the prelicensing course of pass a
written exam. Answer - 12
To sell a variable life insurance policy, an insurance producer must Answer - all
of the above
If you qualify for COBRA, coverage under the group health plan Answer - ...
Each of the following statements is true about disclosures EXCEPT: Answer -
The company must keep a copy of the Buyer's Guide and Policy Summary for at
least 5 years
Which policy will have immediate cash? Answer - Single premium
Renewable Term guarantees Answer - the insured's insurability
For life insurance purposes, all persons are considered to be statistically "dead"
at age Answer - 100
Which policy accumulates cash value at the fastest rate? Answer - 10-pay life
policy
, A beneficiary is always which of the following Answer - The person named to
receive the sum specified in a life insurance contract when the insured dies
Under a collateral assignment, the policyowner Answer - ...
The "entire contract" law in Alabama says Answer - The policy and the
application (or a summary of the application) constitute the entire contract
If you surrender your policy early or simply stop paying premiums, you still own
the equity you have built. You can choose to: Answer - Get a check for the
remaining cash values.
In noncontributory group insurance plans, what percentage of eligible
employees must be covered by the plan? Answer - 100%
According to Required Health Policy Provisions, the insured is prevented from
filing suit against the insurer for at least Answer - 60 days and not longer than
three years from the date of proof of loss
The type of health insurance policy most likely used to cover all students
attending a large university is Answer - a blanket policy
If administrative action is taken against you, or you are criminally prosecuted in
another jurisdiction, you have how long to submit notice to the Alabama
Commissioner? Answer - 30 days
An applicant for insurance may pay the initial premium and receive a document
from the agent including that if the policy is insured as requested, coverage
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