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Alabama Laws and Rules Pertinent to Property and Casualty Insurance Comprehensive Question, Exams of Law

Grand Canyon University (GCU)Law

Alabama Laws and Rules Pertinent to Property and Casualty Insurance Comprehensive Questions (Frequently Tested) with Verified Answers Graded A+

Typology: Exams

2024/2025

Available from 07/10/2025

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Alabama Laws and Rules Pertinent to
Property and Casualty Insurance
Comprehensive Questions (Frequently
Tested) with Verified Answers Graded A+
all of the following conditions apply to the placement of insurance with surplus carriers in
Alabama EXCEPT: - Answer: Consumers are often able to use surplus lines carriers to get a better
price for coverage
Which of the following statements the violation of licensing requirements is true? - Answer:
violations are considered felonies.
Which of the following statements regarding uninsured motorist coverage is correct? - Answer:
The minimum amount of uninsured motorist coverage that may be sold is $25,000 per person,
and $50,000 per accident for bodily injury.
Within how many days of a written demand must the commissioner of insurance hold a
hearing? - Answer: 30
A ______ company is one that is domiciled in another state and has NOT received a license to
do business in Alabama. - Answer: foreign Non admitted.
Projects funded by the strengthen Alabama homes program (SAH) - Answer: Must comply with
fortified for existing homes program requirements.
All of the following are acceptable for providing evidence of insurance, EXCEPT: - Answer: Proof
of purchase for a newly purchased automobile
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Download Alabama Laws and Rules Pertinent to Property and Casualty Insurance Comprehensive Question and more Exams Law in PDF only on Docsity!

Alabama Laws and Rules Pertinent to

Property and Casualty Insurance

Comprehensive Questions (Frequently

Tested) with Verified Answers Graded A+

all of the following conditions apply to the placement of insurance with surplus carriers in Alabama EXCEPT: - Answer: Consumers are often able to use surplus lines carriers to get a better price for coverage Which of the following statements the violation of licensing requirements is true? - Answer: violations are considered felonies. Which of the following statements regarding uninsured motorist coverage is correct? - Answer: The minimum amount of uninsured motorist coverage that may be sold is $25,000 per person, and $50,000 per accident for bodily injury. Within how many days of a written demand must the commissioner of insurance hold a hearing? - Answer: 30 A ______ company is one that is domiciled in another state and has NOT received a license to do business in Alabama. - Answer: foreign Non admitted. Projects funded by the strengthen Alabama homes program (SAH) - Answer: Must comply with fortified for existing homes program requirements. All of the following are acceptable for providing evidence of insurance, EXCEPT: - Answer: Proof of purchase for a newly purchased automobile

Julio, the insurance producer, has allowed his license to lapse. He would like to reinstate his license without retaking a prelicense course or passing a written examination. To do this, Julio must reinstate the license within ___ months of the renewal date. - Answer: 12 When Ellen paid the initial premium her application, her agent, Bob, told her she was covered, which was: - Answer: An oral binder that needs to be in writing as soon as possible What is the difference between the terms of a binder and the terms of the actual policy that replaces it? - Answer: there are none The minimum amount of uninsured motorist coverage that may be sold is - Answer: An insurance company licensed to do business in Alabama, but incorporated in another state, is called: - Answer: A foreign company The coverage territory of a standard auto liability policy includes all of the following EXCEPT: - Answer: Mexico If an insured driver has more than one vehicle to a single uninsured motorist coverage of up to how many vehicles to a single accident? - Answer: three Which of the following vehicles are covered by Alabama's personal automobile insurance laws?

  • Answer: A pick-up truck owned by someone who works for a car dealer The purpose of Insurance Guaranty Association encompasses all of the following EXCEPT - Answer: Protection for consumers purchasing surplus lines coverage.

What is the maximum benefit payable by the Insurance Guaranty Association for a workers compensation claim? - Answer: The full amount of the loss Which of the following statements regarding independent adjusters is correct? - Answer: An independent adjuster must keep a copy of each contract, which remains available for review by the insurance commissioner. Which of the following statements about providing evidence of insurance is false? - Answer: An insurance producer who offers a potential client something of value as an incentive to purchase insurance is engaging in: - Answer: rebating The waiting period for workers compensation disability benefits is: - Answer: 3 days Any obligation of the Alabama insurance guaranty association to defend an insured on a covered commercial liability claim ends: - Answer: When the association pays a final settlement equal to the lesser of $300,000 or the applicable policy limit Which of the following occupations are considered employees as defined by workers compensation? - Answer: A minor employed contrary to laws regulating the employment of minors A surplus lines broker must maintain transaction records in a form available for inspection by the commissioner for up to: - Answer: 5 years Which of the following statements regarding motor vehicle liability insurance are correct? - Answer: A binder issued pending the issuance of an auto policy is deemed to fulfill the requirements for a policy

When Angela's motor vehicle insurance policy was cancelled after 90 days because the insurer discovered a misrepresentation on the application, she received: - Answer: 20 days advanced notice In order to terminate a policy, an insurer must do all of the following EXCEPT: - Answer: Prove there was misrepresentation or fraud If an insurance carrier is cancelling the policy of an operator to maintain a certificate of insurance with the Department of Public Safety, the carrier must notify the department: - Answer: at least 10 days in advance In regards to insurance applications, which of the following statements is true? - Answer: Changes on the application must be consented to in writing Which of the following could be considered an independent adjuster? - Answer: A person that determines the amount of a workers' compensation claim After 60 days, an insurance carrier may cancel an automobile insurance policy for all of the following reasons, EXCEPT: - Answer: The insured was convicted of a misdemeanor after having a fight in a bar. How long must a producer keep complete records pertaining to his/her insurance transactions?

  • Answer: three years Which of the vehicles are defined as "motor vehicles" under the Motor Vehicle Code? - Answer: A trolleybus If there is one surviving dependent, the benefit will equal: - Answer: 50% of the deceased workers' average weekly earnings