Alabama life 2024 Study guides, Class notes & Summaries

Alabama Life and Health Insurance Exam 2023-2024 Questions & Answers 100% Correct(SCORED A+)Alabama Life and Health Insurance Exam 2023-2024 Questions & Answers 100% Correct(SCORED A+)Alabama Life and Health Insurance Exam 2023-2024 Questions & Answers 100% Correct(SCORED A+)Alabama Life and Health Insurance Exam 2023-2024 Questions & Answers 100% Correct(SCORED A+)Alabama Life and Health Insurance Exam 2023-2024 Questions & Answers 100% Correct(SCORED A+)

Dividend options are defined as ways in which the policy owner can: correct answersreceives dividends paid on any stock held A life insurance company may pay a death claim for less than the face amount of a policy under which of the following conditions? correct answersAll of the above Which policy will have immediate cash? correct answerssingle premium The process of underwriting primarily involves what two key steps? correct answersrisk selection and pricing Sherwood has no valid w...

Agent/Producer - Answer-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 - Answer-a contract that is held between an insurer and an agent/producer, containing the expressed authority given to the agent/producer, outlining the duties and responsibilities to the principal. If the agent is in violation of the agency contract (or agreement), he or she may be held perso...

ALABAMA LIFE & HEALTH INSURANCE EXAM 2024 | 2 CURRENTLY TESTING EXAM VERSIONS WITH ACTUAL QUESTIONS AND ANSWERS WITH A STUDY GUIDE | EXPERT VERIFIED FOR GUARANTEED PASS | LATEST UPDATE

The minimum grace period for a life insurance policy sold in Alabama is: - 30 days Alabama's annuity disclosure regulation: - Requires the delivery of a buyer's guide and a disclosure document to annuity applicant An insurer pays a large claim for medical expenses after the insured has only made one premium payment. This is an example of an: - Aleatory contract Which of the following is NOT guaranteed by a whole life policy? - policy dividends Any individual who has failed two Alabama in...

Term Insurance - Answer-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 _________________ - Answer-pure death protection Term insurance provides the greatest amount of coverage for the _______________ - Answerlowest premium Term insurance has no ____________ - Answer-cash value Three basic types of term coverage available, based on how the face amount (death benefit) changes dur...

Final exam Alabama life insurance Latest Update Questions and 100% Verified Correct Answers Guaranteed A+

Which of the following would be considered a speculative risk? - The possibility the painting you bought might be a long-lost masterpiece A speculative risk is one in which there is a chance for either loss or gain. Example: Gambling, Casino's, Lottery, etc. All of the other choices describe pure risk, where there is no chance of gain, only a chance of loss exists. Which is the proper term for a company owned by its policy owners? - A mutual insurance company A producer who is acting as a...

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? - correct answer Privilege of change clause The extended term nonforfeiture option provides: - correct answer Paid-up term coverage equal to that of the original policy With a collateral assignment of a life policy to a creditor: - correct answer You assign a partial amount of the policy values to the creditor An ...