Massachusetts Life Questions & Answers Already Graded A +
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Course
Massachusetts Life
Institution
Massachusetts Life
Adult Day Care - A program for impaired adults that attempts to meet their health, social, and
functional needs in a setting away from their homes.
Application - A document that provides information for underwriting purposes. After the policy is
issued, any unanswered questions are considered wa...
Massachusetts Life
Adult Day Care - A program for impaired adults that attempts to meet their health, social, and
functional needs in a setting away from their homes.
Application - A document that provides information for underwriting purposes. After the policy is
issued, any unanswered questions are considered waived by the insurer.
Accumulation Period - The time before an annuitant's retirement during which the annuitant is
making payments or investments in an annuity.
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.
AIDS - An infections and incurable disease caused by HIV
Actual Cash Value - 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 on the behalf of
the company to obtain agreements for 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 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 contracts on behalf of
the insurer.
Agent's 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 is unequal to the amount the
insurer will pay in the event of a loss.
Alien Insurer - An insurance company that is incorporated outside the United States
Annual Statement - A detailed financial report that an insurance company must submit every year
to the insurance department of states 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 assumption of authority based on the actions, words,
deeds, of the principal or because of circumstances the principal created.
Assignment - The transfer of ownership rights of a life insurance policy from one person to
another.
Attained Age - The age of the insured at a determined date.
Attending Physician's Statement - A statement usually obtained from the applicant's doctor.
Authorized Insurer - An insurance company authorized and licensed to transact business in a
particular state.
Avoidance - A method of dealing with risk by deliberately keeping away from it.
Basic Illustration - A ledger or proposal used in the sale of a life insurance policy that shows both
guaranteed and non guaranteed elements.
Beneficiary - The person who receives the proceeds from the policy an insurance policy into force
before the premium has been paid.
Binder - A temporary contract that puts an insurance policy into force before the premium has
been paid.
Birthday Rule - 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 - An individual who represents an insured in the process of purchasing and negotiating a
contract of insurance.
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