Delaware Life Insurance Exam Terms (DEFINED)

Accelerated Benefits - Correct Answer Riders attached to life insurance policies which allow death benefits to be used to cover nursing home expenses or convalescent home expenses Accidental Death Benefits - Correct Answer 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 - Correct Answer An insurance policy that provides payment if the insured's death is the result of an accident. Accumilation Period - Correct Answer The time before any annuitant's retirement during which the annuitant is making payment or investments in an annuity. Acquired Immunodeficiency Syndrome (AIDS) - Correct Answer An infectious and incurable disease caused by the human immunodeficiency virus (HIV). Actual Cash Value (ACV) - Correct Answer The required amount to pay damages or for property loss, which is calculated based on the property's current replacement value minus depreciation. Actuary - Correct Answer 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. Adhesion - Correct Answer A contract offered on a "take-it-or-leave-it" basis by an insurer, in which the insured's only option is either to accept or reject the contract. Any ambiguities in the contract will be settled in favor of the insured. Adjustable Life - Correct Answer Life insurance which permits changes in the face amount, premium amount, period of protection, and the duration of the premium payment period. Adjuster - Correct Answer 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.