ALABAMA INSURANCE TEST QUESTIONS & ANSWERS (100% CORRECT)
ALABAMA INSURANCE TEST QUESTIONS & ANSWERS (100% CORRECT)
Which welfare program provides assistance to the needy? - ANSWER - Medicaid
Barbara has the right to change the beneficiary designation on her life insurance policy. Barbara's ...
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ALABAMA INSURANCE TEST
QUESTIONS & ANSWERS (100%
CORRECT)
Which welfare program provides assistance to the needy? - ANSWER - Medicaid
Barbara has the right to change the beneficiary designation on her life insurance policy. Barbara's beneficiary is a(n): - ANSWER - revocable beneficiary
Within how many calendar days must all clean electronic health insurance claims be paid in Alabama? - ANSWER - 30
Which type of term policy allows the policyowner to switch to permanent insurance? - ANSWER - Convertible term
What does renewable term guarantee? - ANSWER - The insured's insurability
If an insured commits suicide, a life insurance policy's face amount will be paid only after the policy has been in force for at least: - ANSWER - two years
Which of the following statements concerning a life insurance policy is TRUE? - ANSWER - An issued policy can never be changed by a producer
The proceeds of a life insurance policy can be paid in a form other than a lump-sum payment. These forms of payment are called: - ANSWER - settlement options
The withholding of facts in an insurance application is called: - ANSWER - concealment
A licensed Alabama insurance producer would NOT be disciplined by the Commissioner
of Insurance for: - ANSWER - being convicted of a misdemeanor
The option to convert term life insurance to a permanent form of coverage can normally be executed: - ANSWER - without proof of insurability
Which type of life insurance rider allows a policyowner to increase the level of coverage to keep up with inflation? - ANSWER - cost of living rider
What is the minimum age requirement for a minor in Alabama to purchase a life insurance policy? - ANSWER - 15
Which of the following best describes a Health Maintenance Organization (HMO)? - ANSWER - Provides full medical services that stress preventative medicine Medicare Advantage (Medicare Part C) allows the utilization of benefits through a(n): - ANSWER - HMO, PPO, or traditional insurer
Pat the producer just sold an insurance policy to a client, explaining that he has authority to issue the policy. Pat was not specifically granted this power from the insurance company. Pat is exercising: - ANSWER - implied authority
A disability policy that must be renewed, cannot be cancelled until age 65, and may not have an increase in premium for any reason is called a(n): - ANSWER - noncancellable policy
Benefits under a health insurance policy may (with the insured's written request) be payable to: - ANSWER - a hospital, physician, or surgeon
Bart is injured and provides notice of a health claim to his insurer. He later receives the required claims forms. Within how many days of the loss must Bart file proof of loss with
the insurance company? - ANSWER - 90
Which of these statements regarding an insurance application is true? - ANSWER - A representation is valid as long as it is true
An insurance company licensed to solicit insurance in a specific state is called: - ANSWER - an admitted company
John purchases insurance because he expects to experience a loss. This is known as: -
ANSWER - adverse selection
Who would most likely own a Medicare Supplement policy? - ANSWER - 69-year old female covered by Medicare
Amy owns a disability income policy with a noncancellable renewal provision. Which of the following is guaranteed in her policy? - ANSWER - The coverage and premium rate are guaranteed
According to Required Provision 4, when an insured applies for reinstatement of a health policy and receives a conditional receipt, how long does the insurer have to approve or deny? - ANSWER - within 45 days of the date of application
Policy dividends for life insurance are: - ANSWER - not guaranteed
What is a certificate of insurance? - ANSWER - A certificate issued to each individual covered by the group life insurance
Which is NOT true regarding Medicare Supplement policies? - ANSWER - Must include a minimum 20-day Free-Look provision
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