Alabama life 2024 - Study guides, Class notes & Summaries

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

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...

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 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+)

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+

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

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...