Illinois Life & Health Insurance Exam Questions Answered Correctly .
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Course
Illinois Life Insurance
Institution
Illinois Life Insurance
Accelerated Benefits - Answer Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses
Accidental death benefits - Answer a policy rider that states that the cause of death will be analyzed to determine if it complies wi...
Illinois Life & Health Insurance Exam
Questions Answered Correctly .
Accelerated Benefits - Answer Riders attached to life insurance policies that allow death benefits to be
used to cover nursing or convalescent home expenses
Accidental death benefits - 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 - Answer an insurance policy that provides payment if the insureds death is
the result of an accident
accumulation period - Answer the time before an annuitants retirement during which the annuitant is
making payments or investments in the annuity
actual cash value (acv) - Answer the required amount to pay damages or for property loss. This amount
is calculated based on the properties current replacement value minus depreciation
adhesion - Answer a contract offered on a take it or leave it basis by an insurer, in which the insureds
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 - Answer life insurance that permits changes in the face amount, premium amount,
period of protection, and the duration of the premium payment period
adjuster - Answer a representative of an insurance company who investigates and acts not he behalf of
the company to obtain agreements for the amount of the insurance claim
administrator - Answer an individual appointed by a court as a fiduciary to settle the financial affairs
and estate of a deceased person
,admitted (authorized) insurer - Answer an insurance company authorized and licensed to transact
business in a particular state
adverse selection - Answer the tendency of risks with higher probability of loss to purchase and
maintain insurance more often than the risks who present lower probability
agency - Answer an insurance sales office or company
agent - Answer an individual who is licensed to sell, negotiate, or effect insurance contracts on behalf
of the insurer
agent appointment - Answer the authorization of an agent to act for or represent and insurer
agents authority - Answer special powers granted to an agent by his or her agency contract
aleatory - Answer 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
alien insurer - Answer an insurance company that is incorporated outside the united states
annual statement - Answer a detailed financial report that an insurance company must submit every
year to the insurance department of states in which it conducts business
annuity - Answer a contract that provides income for a specified period of years or life
apparent authority - Answer the appearance or the assumption of authority based on the actions,
words, or deeds of the principal or because of circumstances the principal created
applicant - Answer a person making application for, or offering himself, herself or another to be insured
under an insurance contract
, application - Answer a document that provides information for underwriting purposes. after the policy
is issued, any unanswered questions are considered waived by the insurer
assignment - Answer the transfer of ownership rights of a life insurance policy from one person to
another
attained age - Answer the age of the insured at a determined date
attending physicians statement (aps) - Answer a statement usually obtained from the applicants doctor
authorized (admitted) insurer - Answer an insurance company authorized and licensed to transact
business in a particular state
avoidance - Answer a method of dealing with risk by deliberately keeping away form it (ex. if a person
wanted to avoid the risk of being killed in an airplane crash, he or she might choose to never fly in a
plane)
basic illustration - Answer a ledger or proposal used in the sale of a life insurance policy that shows
both guaranteed and nonguarenteed elements
beneficiary - Answer the person who receives the proceeds from the policy when the insured dies
birthday rule - Answer 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 - Answer an individual who represents an insured in the process of purchasing and negotiating a
contract of insurance
buy sell agreement - Answer a legal contract that determines what will be done with a business in the
event that an owner dies or becomes disabled
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