1/23/26, 12:48 PM Alabama Life & Health Insurance Exam Test Bank 2 Newest Actual Exam With Complete Questions And Correct Detailed Answers (Verified Answers) |Already Graded A+ Flashcards…
Alabama Life & Health Insurance Exam Test
Bank 2 Newest Actual Exam With Complete
Questions And Correct Detailed Answers
(Verified Answers) |Already Graded A+
Save
Terms in this set (194)
https://quizlet.com/1134415186/alabama-life-health-insurance-exam-test-bank-2-newest-actual-exam-with-complete-questions-and-correct-detailed-answers-verified-answers-already-graded-a-flash-ca… 1/34
,1/23/26, 12:48 PM Alabama Life & Health Insurance Exam Test Bank 2 Newest Actual Exam With Complete Questions And Correct Detailed Answers (Verified Answers) |Already Graded A+ Flashcards…
Which of the following would be The possibility the painting you bought might be
considered a speculative risk? a long-lost masterpiece
A speculative risk is one in which there is a
chance for either loss or gain. Example:
Gambling, Casino's, Lottery, etc. All of the other
choices describe pure risk, where there is no
chance of gain, only a chance of loss exists.
Which is the proper term for a A mutual insurance company
company owned by its policy
owners?
A producer who is acting as an Always the insurer
agent is representing:
https://quizlet.com/1134415186/alabama-life-health-insurance-exam-test-bank-2-newest-actual-exam-with-complete-questions-and-correct-detailed-answers-verified-answers-already-graded-a-flash-ca… 2/34
,1/23/26, 12:48 PM Alabama Life & Health Insurance Exam Test Bank 2 Newest Actual Exam With Complete Questions And Correct Detailed Answers (Verified Answers) |Already Graded A+ Flashcards…
All of the following are elements of Authority
a contract, except:
All enforceable contracts must include these
characteristics: offer and acceptance
(agreement), considerations, competent parties,
and legal purpose. Authority is not considered
one of the elements of a legal contract.
Each of the following would be an An individual warrants a fact stated on the
element in the definition of fraud, application
except:
A warranted fact is one guaranteed to be true.
Although no statement on an application is
regarded as warranty, no fraud is involved if a
statement is guaranteed to be true.
https://quizlet.com/1134415186/alabama-life-health-insurance-exam-test-bank-2-newest-actual-exam-with-complete-questions-and-correct-detailed-answers-verified-answers-already-graded-a-flash-ca… 3/34
, 1/23/26, 12:48 PM Alabama Life & Health Insurance Exam Test Bank 2 Newest Actual Exam With Complete Questions And Correct Detailed Answers (Verified Answers) |Already Graded A+ Flashcards…
Examples of Fraud Intentional material misrepresentation with the
intent of causing injury to another party
Withholding of known material facts
A false statement on the application that is
material to the acceptance of the risk
A company that is licensed to sell An authorized Company
insurance in a particular state is:
In order to be valid, a contract must Competent parties
be between individuals considered
legally able to enter into an
agreement. This principle is known
as:
https://quizlet.com/1134415186/alabama-life-health-insurance-exam-test-bank-2-newest-actual-exam-with-complete-questions-and-correct-detailed-answers-verified-answers-already-graded-a-flash-ca… 4/34
Alabama Life & Health Insurance Exam Test
Bank 2 Newest Actual Exam With Complete
Questions And Correct Detailed Answers
(Verified Answers) |Already Graded A+
Save
Terms in this set (194)
https://quizlet.com/1134415186/alabama-life-health-insurance-exam-test-bank-2-newest-actual-exam-with-complete-questions-and-correct-detailed-answers-verified-answers-already-graded-a-flash-ca… 1/34
,1/23/26, 12:48 PM Alabama Life & Health Insurance Exam Test Bank 2 Newest Actual Exam With Complete Questions And Correct Detailed Answers (Verified Answers) |Already Graded A+ Flashcards…
Which of the following would be The possibility the painting you bought might be
considered a speculative risk? a long-lost masterpiece
A speculative risk is one in which there is a
chance for either loss or gain. Example:
Gambling, Casino's, Lottery, etc. All of the other
choices describe pure risk, where there is no
chance of gain, only a chance of loss exists.
Which is the proper term for a A mutual insurance company
company owned by its policy
owners?
A producer who is acting as an Always the insurer
agent is representing:
https://quizlet.com/1134415186/alabama-life-health-insurance-exam-test-bank-2-newest-actual-exam-with-complete-questions-and-correct-detailed-answers-verified-answers-already-graded-a-flash-ca… 2/34
,1/23/26, 12:48 PM Alabama Life & Health Insurance Exam Test Bank 2 Newest Actual Exam With Complete Questions And Correct Detailed Answers (Verified Answers) |Already Graded A+ Flashcards…
All of the following are elements of Authority
a contract, except:
All enforceable contracts must include these
characteristics: offer and acceptance
(agreement), considerations, competent parties,
and legal purpose. Authority is not considered
one of the elements of a legal contract.
Each of the following would be an An individual warrants a fact stated on the
element in the definition of fraud, application
except:
A warranted fact is one guaranteed to be true.
Although no statement on an application is
regarded as warranty, no fraud is involved if a
statement is guaranteed to be true.
https://quizlet.com/1134415186/alabama-life-health-insurance-exam-test-bank-2-newest-actual-exam-with-complete-questions-and-correct-detailed-answers-verified-answers-already-graded-a-flash-ca… 3/34
, 1/23/26, 12:48 PM Alabama Life & Health Insurance Exam Test Bank 2 Newest Actual Exam With Complete Questions And Correct Detailed Answers (Verified Answers) |Already Graded A+ Flashcards…
Examples of Fraud Intentional material misrepresentation with the
intent of causing injury to another party
Withholding of known material facts
A false statement on the application that is
material to the acceptance of the risk
A company that is licensed to sell An authorized Company
insurance in a particular state is:
In order to be valid, a contract must Competent parties
be between individuals considered
legally able to enter into an
agreement. This principle is known
as:
https://quizlet.com/1134415186/alabama-life-health-insurance-exam-test-bank-2-newest-actual-exam-with-complete-questions-and-correct-detailed-answers-verified-answers-already-graded-a-flash-ca… 4/34
