Alabama life 2024 Study guides, Class notes & Summaries

ALABAMA LIFE AND HEALTH INSURANCE EXAM LATEST UPDATE ACTUAL EXAM QUESTIONS AND CORRECT VERIFIED ANSWERS WITH STUDY GUIDE FROM A VERIFIED SOURCE RATED A GRADE

Agent/Producer - Correct 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 - Correct 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...

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...

a predetermined limit. - ANSWER 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 - ANSWER Which of the following would be considered proper establishment of insurable interest in the life insurance area? It is called the mortality rate - ANSWER Which of the following statements about the average number of people who die each year is true? Equal value is not necessarily gi...

ALABAMA LIFE & HEALTH INSURANCE EXAM 2024 WITH 100% CORRECT ANSWERS Which of the following would be considered a speculative risk? - correct answer 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 compan...

ALABAMA LIFE INSURANCE EXAM 2024 WITH 100% CORRECT ANSWERS The minimum grace period for a life insurance policy sold in Alabama is: - correct answer 30 days Alabama's annuity disclosure regulation: - correct answer 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: - correct answer Aleatory contract Which of the fol...

The Fair Credit Reporting Act - correct answer what law protects consumers from the circulation of inaccurate or obsolete information? domestic, foreign, and alien - correct answer Insurers are classified according to their domicile. What are the 3 types of insurers? Fraternal insurer - correct answer what type of insurer is a voluntarily formed organization that provides religious organizations with a representative form of government? mutual company - correct answer the type of insura...

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