Final exam- Alabama life and health

Bert purchased an immediate annuity with quarterly payments. When will this annuity start making payments?

3 months after the annuity is bought

Which of the following events would allow a policy owner with guaranteed insurability rider purchase additional life insurance Having a child Getting married Reaching a specified age states in the policy

All of the above

Which of these statements is true regarding the medical information Bureau (MIB) Reports given to me member companies information regarding the insurability or insurance applicants The proposed insured must give authorization before information can be given to member companies The MIB is a nonprofit agency which aids in underwriting insurance policies

All of the above

The exclusion and conditions in an insurance contract are required to be conspicuous, plain , and clearly stated. There should be no surprise when an insurance company denies a claim for a hidden clause. This is called the:

Doctrine of reasonable expectations

Which of the following is NOT a factor typically used by insurers to classify risk?

Education level

Katherine is a retiree and was recently hospitalized for 10 days. Which type of insurance policy would best cover her for excess hospital expenses?

Medicare supplement

What does renewable term guarantee?

The insurers insurability