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DELAWARE LIFE INSURANCE EXAM TERMS!!! QUESTIONS AND ANSWERS 2024
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DELAWARE LIFE INSURANCE EXAM TERMS!!! QUESTIONS AND ANSWERS 2024
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DELAWARE LIFE INSURANCE EXAMTERMS!!!
Accelerated Benefits - ANSWERS-Riders attached to life insurance policies which
allow death benefits to be used to cover nursing home expenses or convalescent
home expenses
Accidental Death Benefits - ANSWERS-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
Accidental Death Insurance - ANSWERS-An insurance policy that provides
payment if the insured's death is the result of an accident.
Accumilation Period - ANSWERS-The time before any annuitant's retirement
during which the annuitant is making payment or investments in an annuity.
Acquired Immunodeficiency Syndrome (AIDS) - ANSWERS-An infectious and
incurable disease caused by the human immunodeficiency virus (HIV).
Actual Cash Value (ACV) - ANSWERS-The required amount to pay damages or for
property loss, which is calculated based on the property's current replacement
value minus depreciation.
,Actuary - ANSWERS-A person trained in the technical aspects of insurance and
related fields, particularly in the mathematics of insurance; a person who, on
behalf of the company, determines the mathematical probability of loss.
Adhesion - ANSWERS-A contract offered on a "take-it-or-leave-it" basis by an
insurer, in which the insured's only option is either to accept or reject the
contract. Any ambiguities in the contract will be settled in favor of the insured.
Adjustable Life - ANSWERS-Life insurance which permits changes in the face
amount, premium amount, period of protection, and the duration of the premium
payment period.
Adjuster - ANSWERS-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 - ANSWERS-An individual appointed by a court as a fiduciary to
settle the financial affairs and estate of a deceased person
Admitted (Authorized) Insurer - ANSWERS-An insurance company authorized and
licensed to transact business in a particular state.
Adult Day Care - ANSWERS-A program for impaired adults that attempts to meet
their health, social, and functional needs in a setting away from their homes.
, Adverse Selection - ANSWERS-The tendency of risks with higher probability of loss
to purchase and maintain insurance more often than the risks who present lower
probability.
Agency - ANSWERS-An insurance sales office or company.
Agent - ANSWERS-An individual who is licensed to sell, negotiate, or effect
insurance contracts on behalf of the insurer
Agent's Authority - ANSWERS-Special powers granted to an agent by his or her
agency contract.
Aleatory - ANSWERS-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 to the amount the insurer will pay in the event of a loss.
Alien Insurer - ANSWERS-An insurance company that is incorporated outside the
United States.
Alzheimer's Disease - ANSWERS-A disease that causes the victim to become
dysfunctional due to degeneration of brain cells and severe memory loss
Annual Statement - ANSWERS-A detailed financial report that an insurance
company must submit every year to the insurance department of state(s) in which
it conducts business.
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