Tennessee Life Insurance Exam Questions and Answers Graded A+
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Course
Tennessee Life Insurance
Institution
Tennessee Life Insurance
Tennessee Life Insurance Exam Questions and Answers Graded A+
Accelerated Benefits -Answer Riders attached to life insurance policies that allow deaths benefits to be used to cover nursing or convalescent home expenses
Accidental Death Benefits -Answer A policy rider that states that the cause ...
Tennessee Life Insurance Exa m Questions and Answers Graded A+ Accelerated Benefits -Answer✅ Riders attached to life insurance policies that allow deaths benefits to be used to cover nursing or convalescent home expenses Accidental Death Benefits -Answer✅ A policy rider tha t states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Accidental Death Insurance -Answer✅ An insurance policy that provides payment if the insured' death is the result of an accident Accumulation period -Answer✅ The time before an annuitant's retirement during which the annuitant is making payments or investments in an annuity Actual Cash Value ACV -Answer✅ The required amount to pay damages or the property loss. This amount is calc ulated based on the property's current replacement value minus depreciation. Adhesion -Answer✅ A contract offered on a "take it or leave it" basis by an insurer, in which the insured's only option is to either accept or reject the contract. Any ambiguities in the contract will be settled in favor of the insured. Adjustable Life -Answer✅ Life insurance that permits changes in the face amount, premium amount, period of protection, and the duration of the premium payment period. Adjuster -Answer✅ A representative of an insurance company who investigates and acts on the behalf of the company to obtain agreements for the amount of the insurance claim. Administrator -Answer✅ An individual appointed by a court as a fiduciary to settle the financial affairs and estate of a deceased person. Admitted (Authorized) Insurer -Answer✅ An insura nce company authorized and licensed to transact business in a particular state. Adverse Selection -Answer✅ The tendency of risks with higher probability of loss to purchase and maintain insurance more often than the risks who present lower probability. Agency -Answer✅ An insurance sales office or company Agent -Answer✅ An agent who is licensed to sell, negotiate, or effect insurance contracts on behalf of the insurer. Agent Appointment -Answer✅ The authorization of an agent to act for or represent an in surer. Agent's Authority -Answer✅ Special powers granted to an agent by his or her agency contract. Aleatory -Answer✅ A contract in which participating parties exchange unequal amount. Insurance contracts are aleatory in that the amount the insured will pay in premiums in unequal to the amount the insurer will pay in the event of a loss. Alien Insurer -Answer✅ An insurance company that is incorporated outside the United States. Annual Statement -Answer✅ A detailed financial report that an insurance comp any must submit every year to the insurance department of state (s) in which it conducts business. Annuity -Answer✅ A contrast that provides income for a specified period of years or for life. Apparent Authority -Answer✅ The appearance of the assumption of authority based on the actions, words,or deeds of the principal or because of circumstances the principal created. Applicant -Answer✅ A person making application for or offering himself, hers elf or another to be insured under an insurance contract. Application -Answer✅ A document that provides information for underwriting purposes. After the policy is issued, any unanswered questions are considered waived by the insurer. Assignment -Answer✅ The transfer of ownership rights of a life insurance policy from one person to another. Attained Age -Answer✅ The age of the insured at a determined date. Authorized (Admitted) Insurer -Answer✅ An insurance company authorized and licensed to transact bus iness in a particular state. Avoidance -Answer✅ A method of dealing with risk by deliberately keeping away from it. Ex: a person who fears a plane crash, does not fly. Basic Illustration -Answer✅ A ledger or proposal used in the sale of a life insurance policy that shows both guaranteed and nonguaranteed elements. Beneficiary -Answer✅ The person who receives the proceeds from the policy when the insured dies. Birthday Rule -Answer✅ The method of determining primary coverage for a dependent child, under which the plan of the parent whose birthday occurs first in the calendar year is designated as primary. Broker -Answer✅ An individual who represents an insured in the process of purchasing and negotiating a contract of insurance. Buy-Sell Agreement -Answ er✅ A legal contract that determines what will be done with a business in the event that an owner dies or becomes disabled.
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