Alabama life insurance Study guides, Class notes & Summaries

ALABAMA LIFE INSURANCE EXAM 2 2024 WITH 100% CORRECT ANSWERS UPDATED Dividend options are defined as ways in which the policy owner can: - ANSWERS 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? - ANSWERS All of the above Which policy will have immediate cash? - ANSWERS single premium The process of underwriting primarily involves what two key steps? - ANSWERS ris...

Final exam Alabama life insurance

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...

Alabama life insurance Final exam Questions and Answers 100% Correct

Dividend options are defined as ways in which the policy owner can: correct answersreceives 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? correct answersAll of the above Which policy will have immediate cash? correct answerssingle premium The process of underwriting primarily involves what two key steps? correct answersrisk selection and pricing Sherwood has no valid w...

Alabama life insurance test questions with correct answers 2024 The best definition of risk? - ANSWERS Chance of loss. Producer appointed by one company on an exclusive basis is a. - ANSWERS Captive agent Predicting the likelihood of sickness or accident occurring among groups of people according to age, occupation or some other factor. - ANSWERS Morbidity tables Specialized property or liability coverage provided by a nonadmitted insurer is called: - ANSWERS Excess and surplus lines ...

Alabama life insurance test questions with correct answers 2024 The best definition of risk? - ANSWERS Chance of loss. Producer appointed by one company on an exclusive basis is a. - ANSWERS Captive agent Predicting the likelihood of sickness or accident occurring among groups of people according to age, occupation or some other factor. - ANSWERS Morbidity tables Specialized property or liability coverage provided by a nonadmitted insurer is called: - ANSWERS Excess and surplus lines ...

A ____________ company is one that is domiciled in another state and has Not received a license to do business in Alabama. - ANSWER Foreign Nonamitted A 15-year mortgage - ANSWER 15 year decreasing term A collateral assignment allows a policy owner to assign: - ANSWER A portion of the policy provides to the assignee

ALABAMA LIFE INSURANCE EXAM 2024 WITH 100% CORRECT ANSWERS What are commercial insurers also referred to as? - ANSWERS Private Insurance Companies Commercial Insurers are in the business of selling insurance for ___ ________. - ANSWERS a profit What two groups can commercial insurance be broken into? - ANSWERS Stock Companies & Mutual Insurers What is a stock insurer? - ANSWERS incorporated to make a profit for its stockholders. nonparticipating because the policyholders do not rece...

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...