Virginia Health Insurance Test Questions And Answers All Verified.
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Course
WV State Life Insurance
Institution
WV State Life Insurance
Absolute - Answer An assignment that occurs when the policy owner assigns all rights including cash values to another person or entity. Synonymous with voluntary assignment.
Absolute Value - Answer A medical expense plan that pays a fixed maximum dollar amount for a procedure.
Accelerat...
Virginia Health Insurance Test Questions
And Answers All Verified.
Absolute - Answer An assignment that occurs when the policy owner assigns all rights including cash
values to another person or entity. Synonymous with voluntary assignment.
Absolute Value - Answer A medical expense plan that pays a fixed maximum dollar amount for a
procedure.
Accelerated Benefit Rider - Answer Life insurance rider which allows the insured to receive a portion of
the death benefit prior to death if the insured has a terminal illness.
Accidental Bodily Injury - Answer Definition of accident in which the injury is unintentional and
unexpected. Policies using this definition cover all injuries except self-inflicted injuries.
Accidental Death and Dismemberment (AD&D) - Answer Standalone accident-only policy which only
pays benefits if an insured dies or has a dismembered body part as a result of an accident.
Accidental Death and Dismemberment (AD&D) Rider - Answer Pays a lump-sum benefit for death, loss
of limbs, or blindness. Identical to the standalone AD&D policy.
Accidental Death and Dismemberment Rider - Answer Life insurance rider which pays an additional
amount for dismemberment or death caused by an accident.
Accidental Death Benefit - Answer Life insurance rider which pays an additional sum, termed the
principal sum, to the beneficiary if the insured dies due to an accident. Also applies to accidental death
and dismemberment policies in which the policy will pay double or triple the benefit based on
dismemberment or death. Synonymous with multiple indemnity rider.
Accidental Injury - Answer An unforeseen and unintentional bodily injury resulting from an accident.
, Accidental Means - Answer Restrictive definition of accident in which the cause of the accident must be
unintentional and unexpected.
Accumulation at Interest - Answer Dividend option in which the insurer retains the dividend to be
invested.
Accumulation Period - Answer The pay-in period of an annuity during which the contract owner pays
premiums. Synonymous with accumulation phase.
Accumulation Phase - Answer The pay-in period of an annuity during which the contract owner pays
premiums. Synonymous with accumulation period.
Accumulation Units - Answer A variable annuity contract owner's interest in the separate account prior
to annuitization.
Activities of Daily Living (ADLs) - Answer Functions of everyday life allowing an individual to maintain
independence. ADLs include bathing, dressing, eating, mobility, transferring, personal hygiene, toileting,
and continence.
Actual Charge - Answer A physician's or medical provider's actual bill for services rendered (Medicare).
Actuaries - Answer Mathematicians employed by insurers to collect and analyze risk data.
Additional Monthly Benefit (AMB) - Answer Disability income policy rider that pays disability income
benefits during the Social Security waiting period.
Adjustable Life - Answer Mix of whole and term insurance. The policyowner can modify the premium,
face amount, coverage period, and premium-paying period.
Adjusters - Answer investigate losses and determine payment of claims
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