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Alabama Life & Health Insurance Exam Set 1, Exams of Insurance law

Henderson State University (HSU)Insurance law

Alabama Life & Health Insurance Exam Set 1 1. what law protects consumers from the circulation of inaccurate or obsoleteinformation ANS The Fair Credit Reporting Act 2. Insurers are classified according to their domicile. What are the 3 types ofinsurers ANS domestic, foreign, and alien 3. what type of insurer is a voluntarily formed organization that provides religious organizations with a representative form of government ANS Fraternalinsurer 4. the type of insurance company organized to return any surplus money toits policyholders is known as what ANS mutual company 5. when agents act within the scope of their contract, their actions will beassumed to be the actions of whom ANS Insurer 6. what is the name of the process that insurance companies use to determineif an applicant is insurable ANS underwriting

Typology: Exams

2023/2024

Available from 09/10/2024

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Alabama Life & Health Insurance Exam
Set 1
1. what law protects consumers from the circulation of inaccurate or obsoleteinformation ANS
The Fair Credit Reporting Act
2. Insurers are classified according to their domicile. What are the 3 types ofinsurers ANS
domestic, foreign, and alien
3. what type of insurer is a voluntarily formed organization that provides religious
organizations with a representative form of government ANS Fraternalinsurer
4. the type of insurance company organized to return any surplus money toits
policyholders is known as what ANS mutual company
5. when agents act within the scope of their contract, their actions will beassumed to be
the actions of whom ANS Insurer
6. what is the name of the process that insurance companies use to determineif an applicant
is insurable ANS underwriting
7. if an insurer needs to obtain information about the applicant from investiga-tors, what is
Alabama Life and Health Insurance Exam.pdf file:///C:/Users/Admin/Downloads/Alabama%20Life%20and%20Heal...
1 of 6 9/10/2024, 10:13 AM
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Alabama Life & Health Insurance Exam

Set 1

  1. what law protects consumers from the circulation of inaccurate or obsoleteinformation ANS The Fair Credit Reporting Act
  2. Insurers are classified according to their domicile. What are the 3 types ofinsurers ANS domestic, foreign, and alien
  3. what type of insurer is a voluntarily formed organization that provides religious organizations with a representative form of government ANS Fraternalinsurer
  4. the type of insurance company organized to return any surplus money toits policyholders is known as what ANS mutual company
  5. when agents act within the scope of their contract, their actions will beassumed to be the actions of whom ANS Insurer
  6. what is the name of the process that insurance companies use to determineif an applicant is insurable ANS underwriting
  7. if an insurer needs to obtain information about the applicant from investiga-tors, what is

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the insurer required to do ANS provide the aplicant with a Disclosure Authorization Notice

  1. what type of insurer is formed under the laws of another country ANS Alien
  2. when risks with higher probability of loss are seeking insurance more oftenthan other risks, is known as what ANS adverse selection
  3. when does an insurance policy go into effect ANS when to policy is deliveredand the premium is paid.
  4. according to the Law of Agency, a principal is represented by whom ANS anagent or producer
  5. what type of risk is insurable ANS pure
  6. who owns stock companies ANS stockholders
  7. what entities make up the Medical Information Bureau ANS Insurers
  8. when a change needs to be made on the application for insurance, which is the best method for correcting the information ANS complete a new applicationof ask the applicant to initial the correction on the original application
  9. in order to transact insurance within a given sate, an alien insurer mustfirst obtain what ANS Certificate of Authority

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  1. an insurance company that is formed under the laws of another state isknown as what type of insurer ANS Foreign
  2. insurance is used to transfer what to the company ANS financial responsibilityfor loss
  3. what type of report provided information about the applicants hobbies,habits, and financial status ANS inspection report
  4. what document is required for an insurance company to transact insur-ance ANS Certificate of Authority
  5. a state issued document empowering an insurance company to becomean admitted insurer is called what ANS Certificate of Authority
  6. what do individuals use to transfer their risk of loss to a larger group ANS In-surance
  7. in the agent/insurer relationship, who is considered the principal ANS Insurer
  8. whom does an insurance agent represent ANS insurance company
  9. what are the three types of agent authority ANS express, implied and apparent
  10. what type of hazard does an applicant present when they conceal healthinformation ANS moral
  11. an insurance policy paid a nontaxable dividend to the insured one year, and nothing

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the next. From what type of insurer did the insured purchase thepolicy ANS mutual

  1. the reduction, decrease, or disappearance of value of the person or prop-erty insured is a policy is known as what ANS Loss
  2. what are the 3 types of hazards ANS physical moral, and morale
  3. if an agent fails to obtain the applicants signature on the application, whatmust an insurer do ANS send it back to the applicant to get the signature
  4. what two elements are necessary for a life insurance contract to have alegal purpose: insurable interest and consent
  5. when would a misrepresentation on an insurance application be consid-ered fraud ANS when it is intentional and material
  6. for the purpose of insurance, what is risk ANS uncertainty of loss
  7. whose responsibility is it to determine that all the questions on an appli-cation are answered ANS the agent's
  8. what are the strategies used by underwriters to prevent adverse selec- tion ANS restriction of coverage; refusal to accept risk; accepting a risk at a higher rate
  9. an insurance company is domiciled in California and transacts businessin Nevada. what is the insurer's classification in Nevada ANS foreign
  10. wagering on a sporting event is known as what type of risk ANS speculative
  11. what are the 5 characteristics of an ideally insurable risk ANS loss must be:due to chance,