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 for life.
Apparent Authority - answer✔The appearance or the assumption of authority based on the
actions, words, 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 Physician's Statement - answer✔A statement usually obtained from the applicant's
doctor.
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