
Insurance Licensing and Regulations Quiz

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Other
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Professional Development
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Hard
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is required by Alabama law for drivers regarding insurance?
Have comprehensive coverage
Maintain minimum liability coverage
Have uninsured motorist coverage
Have collision coverage
Answer explanation
Alabama law requires drivers to maintain minimum liability coverage to ensure they can cover damages or injuries they may cause in an accident. This is essential for legal driving in the state.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must drivers carry as evidence of insurance?
A digital or physical insurance card
A copy of their vehicle registration
A letter from their insurer
A receipt of payment
Answer explanation
Drivers must carry a digital or physical insurance card as it serves as proof of insurance coverage, which is legally required in most jurisdictions. Other options do not fulfill this requirement.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of a surplus lines broker?
To investigate claims
To adjust premiums
To provide temporary coverage
To place coverage with nonadmitted carriers
Answer explanation
A surplus lines broker specializes in placing coverage with nonadmitted carriers, which are insurers not licensed in a particular state. This role is crucial for obtaining insurance for risks that standard markets cannot cover.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is required for a new producer to obtain a license in Alabama?
Complete prelicensing education, pass the state exam, and submit fingerprints
Only pass the state exam
Submit fingerprints and proof of citizenship
Complete a 40-hour course
Answer explanation
To obtain a license in Alabama, a new producer must complete prelicensing education, pass the state exam, and submit fingerprints. This ensures they are adequately prepared and vetted for the responsibilities of the role.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Alabama Insurance Guaranty Association do?
Regulates insurance rates
Offers discounts on insurance premiums
Protects policyholders if an admitted insurer becomes insolvent
Provides grants for home retrofitting
Answer explanation
The Alabama Insurance Guaranty Association protects policyholders by providing coverage if an admitted insurer becomes insolvent, ensuring that claims are paid even if the insurer cannot fulfill its obligations.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a binder in the context of insurance?
A document for policy cancellation
A type of insurance claim
A temporary coverage agreement
A permanent insurance policy
Answer explanation
A binder is a temporary coverage agreement that provides immediate insurance protection until a formal policy is issued. It is not a cancellation document, claim, or permanent policy.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the minimum continuing education requirement for producers in Alabama?
24 hours every two years, including 3 hours of ethics
15 hours every year
30 hours every three years
12 hours every year
Answer explanation
In Alabama, producers must complete a minimum of 24 hours of continuing education every two years, which includes 3 hours specifically focused on ethics. This ensures they stay updated on industry standards and practices.
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