Free Types of Life Insurance Policies Practice Questions
Alabama Life, Accident & Health exam — 64 practice questions.
Subtopics: Industrial life, Industrial life grace, Industrial life reinstatement, Industrial life incontestability, Burial insurance, Group life grace, Group life conversion, Death during conversion period, Group life incontestability, Term life, Whole life, Universal life, Indexed life, Variable life, Variable universal life, Group life, Specialized policies, Annual renewable term, Return of premium term, Increasing term, Modified whole life, Limited-pay life, Joint life, Universal life Option A, Universal life target premium, Universal life interest crediting, Variable life prospectus, Variable products licensing, Interest-sensitive whole life, Endowment policy, Family income policy, Adjustable life, Credit life, Multiple protection, Fraternal and other
Read the Types of Life Insurance Policies study guide
Sample questions & answers
1. In Alabama, industrial life insurance is written with a face amount of $2,500 or less, bears the words 'industrial policy' on its face, and has premiums payable:
Monthly or more often
Industrial life insurance is defined as policies of $2,500 or less, marked 'industrial policy,' with premiums payable monthly or more often.
2. An Alabama industrial life policy with weekly premiums must provide a grace period of:
Four weeks
Industrial policies must provide a grace period of four weeks, except that monthly-premium policies receive one month of not less than 30 days.
3. A lapsed Alabama industrial life policy that was not surrendered may be reinstated within:
Two years after the date of premium default
Industrial policies must allow reinstatement within two years after default, compared with three years for ordinary life policies.
4. An Alabama industrial life policy becomes incontestable, except for nonpayment of premium, after it has been in force during the insured's lifetime for:
Two years
Like ordinary policies, industrial life policies must be incontestable after two years in force during the insured's lifetime, apart from disability or accidental death provisions.
All Life, Accident & Health topics
Practice: Types of Life Insurance Policies
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
