Alabama life insurance Study guides, Class notes & Summaries

Alabama Life Insurance Exam Questions and Answers

Final Exam Alabama life Insurance Questions With Complete Solutions Graded A+

ALABAMA LIFE INSURANCE EXAM 2024 WITH 100% CORRECT ANSWERS 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 assig...

Final exam Alabama life insurance

Dividend options are defined as ways in which the policy owner can: receives 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? All of the above Which policy will have immediate cash? single premium The process of underwriting primarily involves what two key steps? risk selection and pricing Sherwood has no valid will but has named his estate as the bene...

Which of the following is a true characteristic of a variable universal life policy? correct answers As long as there is sufficient cash value to cover policy expenses when due, the insured is not required to pay the planned premium Fred purchased a $100,000 policy naming his wife, Wilma, as primary beneficiary, and his only child, Pebbles, to receive any proceeds if Wilma dies before Fred, or if she dies after Fred, but before receiving all the policy proceeds. Fred elected the interest sett...

Final Exam Alabama life Insurance Questions With Complete Solutions Graded A+ 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 l...

The minimum grace period for a life insurance policy sold in Alabama is: correct answers30 days Alabama's annuity disclosure regulation: correct answersRequires 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 answersAleatory contract Which of the following is NOT guaranteed by a whole life policy? correct answerspolicy...

The minimum grace period for a life insurance policy sold in Alabama is: - Answer- 30 days Alabama's annuity disclosure regulation: - 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: - Answer- Aleatory contract Which of the following is NOT guaranteed by a whole life policy? - Answer- policy dividends Any in...