Alabama life stuvia - Study guides, Class notes & Summaries

Alabama Life and Health Exam 2023-2024 Questions & Answers(GRADED A+) Alabama Life and Health Exam 2023-2024 Questions & Answers(GRADED A+) Alabama Life and Health Exam 2023-2024 Questions & Answers(GRADED A+) Alabama Life and Health Exam 2023-2024 Questions & Answers(GRADED A+) Alabama Life and Health Exam 2023-2024 Questions & Answers(GRADED A+)

Agent/Producer - ANSWERSA 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 - ANSWERSa 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 persona...

industrial life insurance is also referred to as - ANSWERSdebt policy Based upon Optional Uniform Provisions, an insurer would have the right to deny claim payment in all of the following circumstances, except: - ANSWERSmisstatement of age on the application Insurable interest for life insurance is necessary only at the time of: - ANSWERSapplication Which of the following types of policies would a sports team purchase to obtain coverage for a season? - ANSWERSblanket If the insurer c...

John has recently died and it was discovered that he was actually ten years older than what was listed on his life insurance policy. What will the insurer pay his beneficiary? - ANSWERSThe amount of insurance that his premiums would have purchased at his correct age Which of the following is considered the "automatic" Nonforfeiture Option that most insurers will use? - ANSWERSExtended term Susan owns a life insurance policy that has accumulated $10,000 in cash value in which she can no l...

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

In a typical boating fatality, life jackets are _____________ but are not ______________. - ANSWERon the boat; worn Name three boating stressors that make your tire faster than on land: - ANSWERglare, motion, vibration/noise of engine How often should you drink water to prevent dehydration? - ANSWERevery 15-20 minutes One-________ the alcohol that makes a person legally intoxicated on land can be enough to make someone illegally intoxicated on water. - ANSWERthird What is a major con...

Term Insurance - ANSWERSTemporary 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 _________________ - ANSWERSpure death protection Term insurance provides the greatest amount of coverage for the _______________ - ANSWERSlowest premium Term insurance has no ____________ - ANSWERScash value Three basic types of term coverage available, based on how the face amount (death benefit) chan...

In reference to the standard Medicare Supplement benefits plans, what does the term standard mean? a) All plans must include basic benefits A-N. b) Coverage options and conditions are developed for average individuals. c) All providers will have the same coverage options and conditions for each plan. d) Coverage options and conditions comply with the law, but will vary from provider to provider. - ANSWERSC Which of the following is true regarding a single life settlement option? a) Payme...

Agent/Producer - ANSWERSA 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 - ANSWERSa 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 persona...

Agent/Producer - ANSWERSA 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 - ANSWERSa 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 persona...