Insurance Exam FX Questions and Answers(A+ Solution guide)
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Course
Insurance FX
Institution
Insurance FX
Accelerated benefits - riders attached to life insurance policies which allow death benefits to be
used to cover nursing or convalescent home expenses
accident - an unplanned, unforeseen event which occurs suddenly at an unspecified place
Accidental Death and Dismemberment - an insurance policy ...
Insurance Exam FX Accelerated benefits - ✔✔ riders attached to lif e insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses accident - ✔✔ an unplanned, unforeseen event which occurs suddenly at an unspecified place Accidental Death and Dismemberment - ✔✔ an insurance policy which pays a specified amount or a specified multiple of the insured's benefits if the insured dies, loses sight, or loses two limbs accidental death benefits - ✔✔ a policy rider that states that the cause of death will be analyzed to determine if it comp lies with the policy description of accidental death accumulation period - ✔✔ the time over which the annuitant makes payments or investments in an annuity, and when those payments earn interest tax deferred actual cash value - ✔✔ the required amount to pa y damages or for property loss actual charge - ✔✔ 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 o f insurance; a person who determines the mathematical probability of loss adhesion - ✔✔ a contract offered on a "take it or leave it" basis by an insurer, in which insured's options are to accept or reject adjustable life - ✔✔ life insurance which permits changes 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 the behalf of the company to obtain agreements for the amou nt 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 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 agent - ✔✔ an individual who is licensed to sell, negotiate, or effet insurance contracts on behalf of an insurer aleatory - ✔✔ a contract in which participating parties exchange unequal amounts alien insurer - ✔✔ am insurance company that is incorporated outside of the united states ancillary - ✔✔ additional services provided by a hospital su ch as x -rays but not hospital room and board expenses annuity - ✔✔ a contract that provides income for a specified period of years, or for life apparent authority - ✔✔ the appearance or the assumption of authority based on the actions, words, or deeds of t he principal or because of circumstances the principal created application - ✔✔ a document that provides information for underwriting purposes approved amount - ✔✔ the amount Medicare determines to be reasonable for a service that is covered under part B o f Medicare assignment (life) - ✔✔ the transfer of ownership rights of a life insurance policy from one person to another
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