Idaho Life Insurance ExamComplete Questions with 100% Correct Answers
0 view 0 purchase
Course
Life Insurance
Institution
Life Insurance
Idaho Life Insurance ExamComplete Questions with 100% Correct Answers
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...
idaho life insurance examcomplete questions with 1
Written for
Life Insurance
All documents for this subject (857)
Seller
Follow
LectDan
Reviews received
Content preview
Idaho Life Insurance ExamComplete Questions with 100%
Correct Answers
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 the accident.
Accumulation Period
The time before an annuitant's retirement during which the annuitant is making payments or
investments in an annuity.
Acquired Immunodeficiency Syndrome (AIDS)
An infections and incurable disease caused by the human immunodeficiency virus (HIV).
Actual Cash Value (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 changed 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 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 (Authorized) Insurer
An insurance company authorized and licensed to transact business in a particular state.
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.
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 Appointment
The authorization of an agent to act for or represent an 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 the 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 state in which it conducts business.
Annuity
A contract that provides income for a specified period of years, or for life.
Apparent Authority
The appearance of the assumption of authority based on the actions, words, or deeds of the principal or
because of circumstances of the principal created.
Applicant
, A person making applications for, or offering himself, herself or another to be insured under an
insurance contract.
Appication
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 of the insured 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 licensed to transact business in a particular state.
Avoidance
A method of dealing with risk by deliberately keeping away from it (ex. if a person wanted to avoid risk
of being killed in airplane crash they may never fly)
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 when the insured dies.
Binder (Binding Receipt)
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.
Buy-Sell Agreement
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 LectDan. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.59. You're not tied to anything after your purchase.
