HS 311 Fundamentals of Insurance Planning
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Alzheimer's facility ✔✔a facility with a high level of staffing and other capabilities to
provide the personal assistance individuals with Alzheimer's disease need.
annual exclusion ✔✔an indexed gift tax exclusion that a donor is allowed each year for
each donee, provided the gift is one of a present interest
Annual Statement ✔✔a document that insurance companies are required to file with state
insurance commissioners to report the company's current financial conditions and changes
that have occurred during the year
annual transit policy ✔✔a type of inland marine insurance policy that covers all
shipments during an annual period
annuitant ✔✔the person whose life is the measuring life for an annuity
,annuity ✔✔the annual payment of an allowance or income for a lifetime or a specified number
of years
annuity certain ✔✔a contract that provides an income for a specified number of years,
regardless of life, or death. The payments are not linked to the duration of a specified human
life.
annuity principle ✔✔the concept of many persons pooling their funds to provide annuities to
all while they live or for some period certain. Each person receives annuity payments consisting
of the annuitants' principal, the unliquidated principal of other annuitants who die early, and
investment income on these funds.
annuity unit ✔✔a measure for valuing a variable annuity during its liquidation stage. The
dollar value of each unit fluctuates with the investment performance of the separate account
underlying the annuity.
antigag clause rules ✔✔legislation that prevents managed care organizations from including
provisions in contracts with doctors that prevent them from discussing with patients treatment
options that may not be covered under their plans or from referring extremely ill patients for
specialized care outside of their plans
any-occupation ✔✔a strict definition of disability that requires a person to be so
severely disabled that he or she cannot engage in any occupation
, apparent authority ✔✔authority that, in the absence of contrary action by the principal,
appears to a reasonable person to be possessed by the principal's agent applicant the person
or organization that applies for insurance
Archer MSA ✔✔a type of personal savings account from which unreimbursed medical
expenses can be paid, It can be used fr employees of small employers or the self-employed and
is established in conjunction with a high-deductible health plan. New Archer MSAs can no
longer be established.
assessment mutual ✔✔a mutual insurance company that reserves the right to levy
assessments on its policyowners to cover adverse underwriting experience
assignment provision ✔✔a life insurance policy provision that specifies the conditions under
which a policyowner can transfer some or all of his or her rights in the policy to another
assisted-living care ✔✔care provided in facilities that provide care for the frail elderly who
are no longer able to care for themselves but who do not need the level of care provided in a
nursing home
assumption-of-risk doctrine ✔✔a common-law defense formerly available to employers
under which a worker could not recover damages for an injury if he or she knowingly assumed
the risks inherent in the job
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