Michigan life and health insurance exam study guide with complete solutions
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Course
Michigan Life and Health
Institution
Michigan Life And Health
Michigan life and health insurance exam
study guide with complete solutions
Accelerated Benefits - Answer️️ -Riders attached to life insurance policies which allow
death benefits to be used to cover nursing or convalescent home expenses.
accident - Answer️️ -An unplanned unforeseen even...
Admitted (Authorized) Insurer - Answer✔️✔️-An insurance company authorized and
licensed to transact business in a particular state.
Adult daycare - Answer✔️✔️-A program for impaired adults, that attempts to meet their
health social, and Functional needs and setting away from their homes
Adverse Selection - Answer✔️✔️-The tendencies of risk, with higher probability of lost
purchase, and maintain insurance more often than the rest to present lower probability
agency - Answer✔️✔️-An insurance sales officer company
Agent - Answer✔️✔️-An individual who is licensed to sell, negotiate or effect insurance
contracts on behalf of the insurer
Agent's Authority - Answer✔️✔️-Special powers granted to an agent by his or her agency
contract.
aleatory - Answer✔️✔️-A contract in which participating parties exchange on equal
amounts. Insurance contracts are aleatory in that the amount that the insured will pay,
the premiums is an equal to the amount of the insurer will pay in the back
Alien Insurer - Answer✔️✔️-An insurance company that is incorporated outside the
United States.
Alzheimer's disease - Answer✔️✔️-A disease that causes the victim to become
dysfunctional due to the degeneration of brain cells, causing severe memory loss
ancillary - Answer✔️✔️-Additional miscellaneous services provided by a hospital such as
x-rays anesthesia lab work, but do not hospital room and board expenses
Annual Statement - Answer✔️✔️-Detailed financial report, the insurance company must
submit every year to the insurance department of state in which it conducts business
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