Alabama producer exam - Study guides, Class notes & Summaries

Rebating occurs when a producer: correct answersGives a prospect a discount or kickback in order to induce a sale The Life and Disability Insurance Guaranty Association provides a maximum liability benefit in the event an insurer becomes insolvent. The benefit amount is limited to: correct answers$100,000 for cash value on one life and $300,000 for all benefits Which of the following applies to an HMO operating in Alabama? correct answersHMOs must issue evidence of coverage to every enroll...

Term insurance differs from permanent insurance in that term: correct answersBuilds no cash value, pays a death benefit only Which of the following permanent policies could actually end up acting like term life insurance? correct answersAdjustable Life A participating life insurance policy has a long-term care rider. The insured qualifies for the benefit. Where does the initial benefit money come from? correct answersIt is an advance of the face amount of the policy In a viatical settle...

George has a policy that may not be cancelled by the insurer. The insurer also may never raise George's premiums. George's policy is: correct answersNoncancellable Precertification, Mandatory Second Surgical Opinion, and Concurrent Review are provisions in health insurance policies known as: correct answersCase Management Provisions Camille changes jobs, from file clerk to firefighter. Shortly thereafter, she is injured. Under the change of occupation provision, what will the insurer pay...

Ch. 15 Alabama Producer Exam Life & Health

ALABAMA INSURANCE TEST EXAM 2024 WITH 100% CORRECT ANSWERS A Cross Purchase Buy-Sell Agreement is in place for ABC Company's four founding partners. What would this agreement require if the agreement is funded with individual life insurance? - correct answer Each partner must own a policy on the other partners A disability policy in Alabama that is paid on a monthly basis is required to have a grace period of: - correct answer 10 A disability policy that must be renewed, cannot be can...

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...

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...

Xcel Life and Health Insurance Exam Alabama (2023/2024) Rated A + The State Government Regulates the Insurance Industry for the most part The Commissioner of Insurance enforces the insurance laws in Alabama and may: organize, supervise, and administer the Insurance. enforce all provisions in the Insurance Code. Issue Insurance licenses to qualified. Conduct investigations and examinations of insurance matters. Invoke any legal actions necessary to enforce Insurance laws. The Insurance Commissi...

ALABAMA LIFE AND HEALTH INSURANCE EXAM TEST BANK WITH 400 EXAM PRACTICE QUESTIONS AND CORRECT ANSWERS (100% CORRECT VERIFIED ANSWERS) Jill, whose policy contains a waiver of premium rider, becomes disabled for two years during which time the company pays over $400 in premiums. Jill recovers and now must: - ANSWER-Begin paying the premiums as they become due A is the insured under a $100,000 10 year term life insurance policy with her spouse named as her beneficiary. If she dies in y...

Final exam Alabama life insurance (2023/2024) 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 life policy? policy dividends ...