Alabama Life and Health Insurance Exam Questions with Complete Solutions
2023/2024
what law protects consumers from the circulation of inaccurate or obsolete information?
- Correct Answer The Fair Credit Reporting Act
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Insurers are classified according to their domicile. What are the 3 types of insurers? - Correct Answer domestic, foreign, and alien what type of insurer is a voluntarily formed organization that provides religious organizations with a representative form of government? - Correct Answer Fraternal insurer the type of insurance company organized to return any surplus money to its policyholders is known as what? - Correct Answer mutual company when agents act within the scope of their contract, their actions will be assumed to be the actions of whom? - Correct Answer Insurer what is the name of the process that insurance companies use to determine if an applicant is insurable? - Correct Answer underwriting if an insurer needs to obtain information about the applicant from investigators, what is the insurer required to do? - Correct Answer provide the aplicant with a Disclosure Authorization Notice what type of insurer is formed under the laws of another country? - Correct Answer Alien when risks with higher probability of loss are seeking insurance more often than other risks, is known as what? - Correct Answer adverse selection when does an insurance policy go into effect? - Correct Answer when to policy is delivered and the premium is paid.according to the Law of Agency, a principal is represented by whom? - Correct Answer an agent or producer what type of risk is insurable? - Correct Answer pure who owns stock companies? - Correct Answer stockholders what entities make up the Medical Information Bureau? - Correct Answer Insurers