100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Mississippi Life and Health Insurance Accurate 100%(RATED A+) $15.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Mississippi Life And Health
  4.  
  5. Mississippi Life and Health

Exam (elaborations)

Mississippi Life and Health Insurance Accurate 100%(RATED A+)
 8 views  0 purchase
  • Course
  • Mississippi Life and Health
  • Institution
  • Mississippi Life And Health

Absolute assignment - ANSWER Policy assignment under which the assignee (person to whom the policy is assigned) receives full control over the policy and also full rights to its benefits. Generally, when a policy is assigned to secure a debt, the owner retains all rights in the policy in excess o...

[Show more]

Preview 3 out of 28  pages

Document information

  • April 19, 2024
  • 28
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • mississippi life and health insurance accurate 100
  • mississippi life and health insurance stuvia

Written for

  • Mississippi Life and Health
  • Mississippi Life and Health

Seller

avatar-seller
papersmaster01

Reviews received

Content preview

Mississippi Life and Health Insurance Accurate 100%(RATED A+)
Absolute assignment - ANSWER Policy assignment under which the assignee (person to whom the policy is assigned)
receives full control over the policy and also full rights to its benefits. Generally, when a policy is assigned to secure
a debt, the owner retains all rights in the policy in excess of the debt, even though the assignment is absolute in
form. (See assignment)
Accelerated benefits rider - ANSWER A life insurance rider that allows for the early payment of some portion of the
policies face amount should the insured suffers from a terminal i l l n e s s or injury.
Acceptance - ANSWER (See offer and acceptance)
Accidental bodily injury provision - ANSWER Disability income or accident policy provision that requires that the injury
be accidental in order for benefits to be payable.
Accidental death and dismemberment (AD&D) - ANSWER Insurance providing payment
if the insured's death results
from an accident, if the insured accidentally severs a limb above the wrist or ankle joints, or totally and irreversibly
Accidental death benefit rider - ANSWER A life insurance policy rider providing for payment of an additional benefit
when death occurs by accidental means.
Accidental dismemberment - ANSWER Often defined as "the severance of limbs at or above the wrists or ankle
joints, or the entire irrevocable loss of sight." Loss of use in itself may or not be considered dismemberment.
Accidental means provision - ANSWER Unforeseen, unexpected, unintended cause of an accident. Requirement of an
accident-based policy that the cause of the mishap must be accidental for any claim to be payable.
Accident and health insurance - ANSWER Under which benefits are payable in case of disease, accidental injury, or accidental death. Also called health insurance, personal health insurance, and sickness and accident insurance.
Accumulation unit - ANSWER Premiums an annuitant pays into annuities are credited as accumulation units. At the end of
the accumulation period, accumulation units are converted to annuity units.
Acquired immune deficiency syndrome (AIDS) - ANSWER A life-threatening condition brought on by the human
immunodeficiency virus; insurers must adhere to strict underwriting and claims guidelines in regard to AIDS risks
and AIDS-related conditions.
Acute illness - ANSWER A serious condition, such as pneumonia, from which the body can fully recover with proper
medical attention.
Adhesion - ANSWER A life insurance policy is a contract of adhesion because buyers must adhere to the terms of the
contract already in existence. They have no opportunity to negotiate terms, rates, values, and so on.
Adjustable life insurance - ANSWER Combines features of both term and whole life coverage with the length of coverage
and amount of accumulated cash value as the adjustable factors. Premiums may be increased or decreased to fit the
specific needs. Such adjustments are not retroactive and apply only to the future.
Administrative-services-only (ASO) Plan - ANSWER Arrangement under which an insurance company or an
independent organization, for a fee, handles the administration of claims, benefits, and other administrative
functionsfor a self-insured group.
Admitted insurer - ANSWER An insurance company that has met the legal and financial
requirements for operation within
a given state.
Adult day care - ANSWER Type of care (usually custodial) designed for individuals who require assistance with various
activities of daily living, while their primary caregivers are absent. Offered in care centers.
Adverse selection - ANSWER Selection "against the company." Tendency of less favorable insurance risks to seek or continue insurance to a greater extent than others. Also, tendency of policy owners to take advantage of favorable
options in insurance contracts.
Advertising Code - ANSWER Rules established by the National Association of Insurance Commissioners (NAIC) to
regulate insurance advertising.
Agency - ANSWER Situation wherein one party (an agent) has the power to act for another (the principal) i n dealing
with third parties.
Agent - ANSWER Anyone not a duly licensed broker who solicits insurance or aids in placing risks, delivering policies, or
collecting premiums on behalf of an insurance company.
Agent's report - ANSWER The section of an insurance application where the agent reports personal observations about the
applicant.
Aleatory - ANSWER Feature of insurance contracts in that there is an element of chance for both parties and that the dollar
given by the policyholder (premiums) and the insurer (benefits) may not be equal.
Alien Insurer - ANSWER Company incorporated or organized under the laws of any foreign nation, providence, or territory.
Ambulatory surgery - ANSWER Surgery performed on an outpatient basis
Amount at risk - ANSWER Difference between the face amount of the policy and the reserve or policy value at a given
time. In other words, the dollar amount over what the policy owner has contributed of cash value toward payment of
the policyowner's own claim. Because the cash value increases every year, the net amount at risk naturally
decreases until it finally reaches zero when the cash value or reserve become the face amount.
Annually renewable term (ART - ANSWER A form of renewable term insurance that provides coverage for one year and
allows the policy owner to renew coverage each year without evidence of insurability. Also called yearly renewable
term (YRT)
Annuitant - ANSWER One to whom an annuity is payable, or a person upon the continuance of whose life further

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller papersmaster01. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $15.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

82871 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$15.99
  • (0)
  Add to cart