ALABAMA INSURANCE TEST QUESTIONS & ANSWERS (Complete And Verified Study material) (12pages) LEARNEXAMS

Which welfare program provides assistance to the needy? - Ans - Medicaid Barbara has the right to change the beneficiary designation on her life insurance policy. Barbara's beneficiary is a(n): - Ans - revocable beneficiary Within how many calendar days must all clean electronic health insurance claims be paid in Alabama? - Ans - 30 Which type of term policy allows the policyowner to switch to permanent insurance? - Ans - Convertible term What does renewable term guarantee? - Ans - The insured's insurability If an insured commits suicide, a life insurance policy's face amount will be paid only after the policy has been in force for at least: - Ans - two years Which of the following statements concerning a life insurance policy is TRUE? - Ans - An issued policy can never be changed by a producer The proceeds of a life insurance policy can be paid in a form other than a lump-sum payment. These forms of payment are called: - Ans - settlement options The withholding of facts in an insurance application is called: - Ans - concealment A licensed Alabama insurance producer would NOT be disciplined by the Commissioner of Insurance for: - Ans - being convicted of a misdemeanor The option to convert term life insurance to a permanent form of coverage can normally be executed: - Ans - without proof of insurability Which type of life insurance rider allows a policyowner to increase the level of coverage to keep up with inflation? - Ans - cost of living rider What is the minimum age requirement for a minor in Alabama to purchase a life insurance policy? - Ans - 15