Alabama insurance law common to all lines
The license of forgetful Frank has lapsed. How long from the due date of the renewal fee may Frank be reinstated without having to re take a course or exam
12 months
I'm alabama before any home upgrades homeowners receive a current condition report CCR that identifies all of the following except
A recommendation of a bonded home security company to install a security system
A business entity acting as an insurance producer is required to do all of the following except
Be a publicly owned company
Which of the following authorities is authorized to issue a temporary insurance producer license
Commissioner
Which of the following is a requirement that must be satisfied before an applicant can receive an insurance producer license in AL
Complete pre licensing classroom instruction unless otherwise exempt by the commissioner
All of the following are lines of insurance that may be transacted under a life and accident/health producer license except
Consequential loss insurance
All of the following applicants for an insurance producer license are exempt from pre licensing education requirements except
Dealers license
All of the following could be considered rebates if offered to an insured in the sale of insurance except
Dividends from a mutual insurer.
An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following best describes this act?
Illegal under any circumstances
Which of the following is not true regarding a certificate of authority
It is issued to group insurance participants Before insurers may transact business in a specific state, they must apply for a license or Certificate of Authority
In Alabama binders may be issued for any of the following except
Life insurance
What type of license is needed to transact non-major lines of Insurace like baggage and accident only Insurace
Limited
On its advertisement, a company claims that it has funds in its possession that are, in fact, not available for the payment of losses or claims. What is the company guilty of?
Misrepresentation
A producer has become disabled. In order to keep his business going, what may his designee do?
Obtain a temporary license
In Alabama reduced premiums for property policies are available only for
Single family, detached structures built on permanent foundations
A certificate of authority is not required for an insurance company that writes only
Surplus lines insurance
Producers will be deemed to be using their license primarily to write controlled business if, during any 12-month period
The total premiums on controlled business exceeds the total premiums on all other business written
Which of the following is the term used when a person in a fiduciary position has used funds in manner for which they were not intended such as the wrongful taking or use of money belonging to another
misappropriation of funds
