Exam (elaborations)
LIFE INSURANCE TERMS STUDY GUIDE REVIEW 2024
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LIFE INSURANCE TERMS STUDY GUIDE REVIEW 2024 LIFE INSURANCE TERMS STUDY GUIDE REVIEW 2024 LIFE INSURANCE TERMS STUDY GUIDE REVIEW 2024
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LIFE INSURANCE TERMS STUDY GUIDE REVIEW 2024 guaranteed insurability rider: If a life policy owner to make periodic additions to the face
amount at standard rates, without proving insurability, the policy includes a
The insured age at death: The insured had his wife named as the
accelerated benefits: riders attached to life insurance policies that allow death benefits to be
used to cover nursing or convalescent home expenses
accidental death 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
accidental death insurance: an insurance policy that provides payment if the insured's
death is the result of an accident
accumulation period: the time before an annuitant's retirement during which the annuitant is
making payments or investments in an annuity
actual cash valve (ACV): the required amount to pay damages or for property loss. This
amount is calculated based on the property's current replacement value minus depreciation
adhesion: 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: life insurance that permits changes in the face amount, premium amount,
period of protection, and the duration of the premium payment period
adjuster: A representative of an insurance company who investigates and acts in the behalf
,of the company to obtain agreements fir the amount of the insurance claim
administrator: an individual appointed by a court as a fiduciary to settle the financial
affairs and estate of a deceased person
admitted (authorized) insurer: an insurance company authorized and licensed to transact
business in a particular state
adverse selection: the tendency of risks with higher probability of loss to purchase and
maintain insurance more often than the risks who present lower probability
agency: an insurance sales office or company
agent: an individual who is licensed to sell, negotiate, or effect insurance con- tracts on
behalf of the insurer
agent appointment: the authorization of an agent to act for or represent an insurer
agents authority: special powers granted to an agent by his or her agency contract
aleatory: a contract in which participating parties exchange unequal amounts. Insurance
contracts are aleatory in that the amount the insured will pay in premiums to the amount the
insurer will pay in the event of of loss
, alien insurer: an insurance company that is incorporated outside the United States
annual statements: a detailed financial report that an insurance company must submit
every year to the insurance department of state(S) in which it conducts business
annuity: a contract that provides income for a specified period of years, or for life
apparent authority: the appearance or the assumptions of authority based on the
actions, words, or deeds of the principal or because of circumstances the principal created
applicant: a person making application for, or offering himself, herself or another to be
insured under an insurance contracted
application: a document that provides information for underwriting purposes. After the
policy is issued, any unanswered questions are considered waived by the insurer
assignment: the transfer of ownership rights of a life insurance policy from one person to
another
attained age: the age if the insurer at a determined date
attending physician's statement (APS): a statement usually obtained from the applicant's
doctor
authorized (Admitted) insurer: an insurance company authorized and license to transact
business in a particular state
avoidance: a method of dealing with risky by deliberately keeping away from it (e.g. if a
person wanted to avoid the risk of being killed in an airplane crash, he or she might choose to
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