Alabama Life & Health Insurance Study guides, Class notes & Summaries

Alabama Life & Health Insurance Test 2024 Expected Questions and Answers (Verified by Expert) 1. Which welfare program provides assistance to the needy? ANS Medicaid 2. Barbara has the right to change the beneficiary designation on her life insurance policy. Barbara's beneficiary is a(n) ANS revocable beneficiary 3. Within how many calendar days must all clean electronic health insurance claims be paid in Alabama? ANS 30 4. Which...

Alabama Life & Health Insurance Exam2024 Expected Questions and Answers (Verified by Expert) 1. Insurance is defined as the transfer of risk to the insurance company in consideration for a premium. ANS Pure 2. The chance of loss without any chance of gain is called ANS Pure Risk 3. has the possibility for gain or loss and is not insurable. ANS Speculative Risk 4. is defined as the chance of loss. ANS Risk 5. A condition that could res...

Alabama Life & Health Insurance Exam Questions with Correct Answers Updated [2024]

The Fair Credit Reporting Act - Answer what law protects consumers from the circulation of inaccurate or obsolete information? domestic, foreign, and alien - Answer Insurers are classified according to their domicile. What are the 3 types of insurers? Fraternal insurer - Answer what type of insurer is a voluntarily formed organization that provides religious organizations with a representative form of government? mutual company - Answer the type of insurance company organized to...

What is an annuitant, in regard to an annuity policy? - Answer The party whose life the policy's benefits are based on Susan, age 65, inherits a substantial sum of money and wants to have the money distributed to her over the rest of her life starting next month. Which product offered by the life insurance industry will allow her to accomplish her objective? - Answer Single Premium Immediate Annuity K owns a variable annuity with an assumed interest rate of 4%. If the actual performan...

Which of the following would be considered a speculative risk? - 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 company owned by its policy owners? - Answer A mutual insurance company A prod...

Risk - Answer Risk is the uncertainty of loss Capitation - Answer Capitation payments are payments agreed upon in a capitated contract by a health insurance company and a medical provider. They are fixed, pre-arranged monthly payments received by a physician, clinic or hospital per patient enrolled in a health plan, or per capita. Under a health maintenance organization HMO service providers are paid a fixed monthly fee for each member. This concept is called - Answer Capitation W...

A life insurance producer's agency agreement normally authorizes the licensee to do all of the following EXCEPT: A. solicit insurance B. sell insurance C. issue policies D. collect premiums - Answer C. issue policies at what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act? A. before the appt is scheduled B. upon completion of the application C. at the policy's delivery D. when the insurer receives the MIB report - A...

ALABAMA INSURANCE TEST QUESTIONS AND ANSWERS(GRADED A+)

Which of the following would be considered a speculative risk? correct answers 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? correct answers A mutual insurance company ...