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Idaho Life Insurance Exam (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update $7.99
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Idaho Life Insurance Exam (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update

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Idaho Life Insurance Exam (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 15, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • idaho life insurance exam 1

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  • Insurance
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Idaho Life Insurance Exam
Riders attached to life insurance policies that allow death benefits to be used to cover nursing or
convalescent home expenses. - ANS-Accelerated Benefits

A policy rider that states that the cause of death will be analyzed to determine if it complies with
the policy description of accidental death. - ANS-Accidental Death Benefits

An insurance policy that provides payment if the insured's death is the result of the accident. -
ANS-Accidental Death Insurance

The time before an annuitant's retirement during which the annuitant is making payments or
investments in an annuity. - ANS-Accumulation Period

An infections and incurable disease caused by the human immunodeficiency virus (HIV). -
ANS-Acquired Immunodeficiency Syndrome (AIDS)

The required amount to pay damages or for property loss. This amount is calculated based on
the property's current replacement value minus depreciation. - ANS-Actual Cash Value (ACV)

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. - ANS-Adhesion

Life insurance that permits changed in the face amount, premium amount, period of protection,
and the duration of the premium payment period. - ANS-Adjustable Life

A representative of an insurance company who investigates and acts on behalf of the company
to obtain agreements for the amount of the insurance claim. - ANS-Adjuster

An individual appointed by a court as a fiduciary to settle the financial affairs and estate of a
deceased person. - ANS-Administrator

An insurance company authorized and licensed to transact business in a particular state. -
ANS-Admitted (Authorized) Insurer

A program for impaired adults that attempts to meet their health, social, and functional needs in
a setting away from their homes. - ANS-Adult Day Care

The tendency of risks with higher probability of loss to purchase and maintain insurance more
often than the risks who present lower probability. - ANS-Adverse Selection

, An insurance sales office or company. - ANS-Agency

An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the
insurer. - ANS-Agent

The authorization of an agent to act for or represent an insurer. - ANS-Agent Appointment

Special powers granted to an agent by his or her agency contract. - ANS-Agent's Authority

A contract in which participating parties exchange unequal amounts. Insurance contracts are
aleatory in that the amount the insured will pay in premiums is unequal the the amount the
insurer will pay in the event of a loss. - ANS-Aleatory

An insurance company that is incorporated outside the United States. - ANS-Alien Insurer

A detailed financial report that an insurance company must submit every year to the insurance
department of state in which it conducts business. - ANS-Annual Statement

A contract that provides income for a specified period of years, or for life. - ANS-Annuity

The appearance of the assumption of authority based on the actions, words, or deeds of the
principal or because of circumstances of the principal created. - ANS-Apparent Authority

A person making applications for, or offering himself, herself or another to be insured under an
insurance contract. - ANS-Applicant

A document that provides information for underwriting purposes. After the policy is issued, any
unanswered questions are considered waived by the insurer. - ANS-Appication

The transfer of ownership rights of a life insurance policy from one person to another. -
ANS-Assignment

The age of the insured at a determined date. - ANS-Attained Age

A statement usually obtained from the applicant's doctor. - ANS-Attending Physician's
Statement (APS)

An insurance company authorized and licensed to transact business in a particular state. -
ANS-Authorized (Admitted) Insurer

A method of dealing with risk by deliberately keeping away from it (ex. if a person wanted to
avoid risk of being killed in airplane crash they may never fly) - ANS-Avoidance

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