Xcel Texas Pre-licensing Education - Life and Health Insurance Glossary Question and answers 100% correct 2023

Xcel Texas Pre-licensing Education - Life and Health Insurance Glossary Question and answers 100% correct 2023 Absolute assignment - correct answer Policy assignment under which the assignee (person to whom the policy is assigned) receives full control over the policy and also full rights to its benefits. Generally, when a policy is assigned to secure a debt, the owner retains all rights in the policy in excess of the debt, even though the assignment is absolute in form. (See assignment) Accelerated benefits rider - correct answer A life insurance rider that allows for the early payment of some portion of the policies face amount should the insured suffers from a terminal illness or injury. Acceptance (See offer and acceptance) - correct answer Accidental bodily injury provision - correct answer Disability income or accident policy provision that requires that the injury be accidental in order for benefits to be payable. Accidental death and dismemberment (AD&D) - correct answer Insurance providing payment if the insured's death results from an accident, if the insured accidentally severs a limb above the wrist or ankle joints, or totally and irreversibly loses eyesight. Accidental death benefit rider - correct answer A life insurance policy rider providing for payment of an additional benefit when death occurs by accidental means. Accidental dismemberment - correct answer Often defined as "the severance of limbs at or above the wrists or ankle joints, or the entire irrevocable loss of sight." Loss of use in itself may or not be considered dismemberment. Accidental means provision - correct answer Unforeseen, unexpected, unintended cause of an accident. Requirement of an accident-based policy that the cause of the mishap must be accidental for any claim to be payable. Accident and health insurance - correct answer Under which benefits are payable in case of disease, accidental injury, or accidental death. Also called health insurance, personal health insurance, and sickness and accident insurance. Accumulation unit - correct answer Premiums an annuitant pays into annuities are credited as accumulation units. At the end