New York Life, Accident and Health Insurance Exam QUESTIONS And Answers Verified By Expert GRADED A+
3 views 0 purchase
Course
New York Life,
Institution
New York Life,
New York Life, Accident and Health Insurance Exam QUESTIONS And Answers Verified By Expert GRADED A+New York Life, Accident and Health Insurance Exam QUESTIONS And Answers Verified By Expert GRADED A+
New York Life, Accident and Health Insurance Exam QUESTIONS And Answers Verified By Expert GRADED A+
1.Accelerated Bene fits - answers>Riders attached to life insurance policies which allow death bene fits to be used to cover nursing or convalescent home expenses.
2.Accident - answers>An unplanned, unforeseen event which occurs suddenly and at an unspeci fied place. Accident Insurance - A type of insurance that protects the insured against loss due to accidental bodily injury.
3.Accidental Bodily Injury - answers>Unplanned, unforeseen traumatic injury to the body.
4.Accidental Death and Dismemberment (AD&D) - answers>An insurance policy which pays a speci fied amount or a speci fied multiple of the insured's bene fit if the insured dies, loses his/her sight, or loses two limbs due to an accident.
5.Accidental Death Bene fits - 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.
6.Accidental Death Insurance - answers>An insurance policy that provides payment if the insured's death is the result of an accident.
7.Accumulation Period - answers>The time over which the annuitant makes payments or
investments in an annuity, and when those payments earn interest tax deferred.
8.Acquired Immunode ficiency Syndrome (AIDS) - answers>An infectious and incurable disease caused by the human immunode ficiency virus (HIV).
9.Activities of Daily Living (ADLs) - answers>Activities individuals must do every day such
as moving about, getting dressed, eating, bathing, etc. pg. 1 10.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.
11.Actual Charge - answers>The amount a physician or supplier actually bills for a particular service or supply. Actuary - 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.
12.Adhesion - answers>A contract offered on a "take-it-or-leave-it" basis by an insurer, in which the insured's only option is to accept or reject the contract. Any ambiguities in the contract will be settled in favor of the insured.
13.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.
14.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.
15.Administrator - answers>An individual appointed by a court as a fiduciary to settle the financial affairs and estate of a deceased person.
16.Admitted (Authorized) Insurer - answers>An insurance company authorized and licensed to transact business in a particular state.
17.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. pg. 2 18.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.
19.Agency - answers>An insurance sales of fice or company.
20.Agent - answers>An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of an insurer.
21.Agent's Authority - answers>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.
22.Alien Insurer - answers>An insurance company that is incorporated outside the United States. Alzheimer's Disease - A disease that causes the victim to become dysfunctional due to degeneration of brain cells causing severe memory loss.
23.Ancillary - answers>Additional, miscellaneous services provided by a hospital, such as x-rays, anesthesia, and lab work, but not hospital room and board expenses.
24.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.
25.Annuity - answers>A contract that provides income for a speci fied period of years, or for life.
26.Apparent Authority - answers>The appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. pg. 3 27.Applicant - answers>A person making application for, or offering him/herself or another to be insured under an insurance contract.
28.Application - answers>A document that provides information for underwriting purposes. After the policy is issued, any unanswered questions are considered waived by the insurer.
29.Approved Amount - answers>The amount Medicare determines to be reasonable for a service that is covered under part B of Medicare.
30.Assignment (Life) - answers>The transfer of ownership rights of a life insurance policy from one person to another.
31.Assignment (Health) - answers>A claim to a provider or medical supplier to receive payments directly from Medicare.
32.Attained Age - answers>The age of the insured at a determined date.
33.Attending Physician's Statement (APS) - answers>A statement usually obtained from the applicant's doctor.
34.Authorized (Admitted) Insurer - answers>An insurance company authorized and licensed to transact business in a particular state.
35.Avoidance - answers>A method of dealing with risk by deliberately keeping away from it (e.g. if a person wanted to avoid the risk of being killed in an airplane crash, he/she might choose never to fly in a plane).
36.Back End Load - answers>a fee charged at the time of a sale, transfer or withdrawal from an annuity or a life insurance policy. pg. 4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller newsolutions. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
