MISSISSIPPI LIFE AND HEALTH INSURANCE EXAM QUESTIONS WITH CORRECT ANSWERS ALL VERIFIED BY AN EXPERT A+ GRADED (LATEST UPDATE)
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Course
Mississippi Insurance
Institution
Mississippi Insurance
Absolute assignment - ANS Policy assignment under which the assignee (person to whom the policy is assigned)
receives full control over the policy and also full rights to its benefits. Generally, when a policy is assigned to secure
a debt, the owner retains all rights in the policy in excess ...
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MISSISSIPPI LIFE AND HEALTH
INSURANCE EXAM
D
QUESTIONS WITH CORRECT
U
ANSWERS ALL VERIFIED BY
ST
AN EXPERT A+ GRADED
(LATEST UPDATE)
,Absolute assignment - ANS Policy assignment under which the assignee (person to
whom the policy is assigned)
receives full control over the policy and also full rights to its benefits. Generally, when a
policy is assigned to secure
a debt, the owner retains all rights in the policy in excess of the debt, even though the
assignment is absolute in
form. (See assignment)
Accelerated benefits rider - ANS A life insurance rider that allows for the early
payment of some portion of the
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policies face amount should the insured suffers from a terminal i l l n e s s or injury.
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Acceptance - ANS (See offer and acceptance)
Accidental bodily injury provision - ANS Disability income or accident policy provision
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that requires that the injury
be accidental in order for benefits to be payable.
Accidental death and dismemberment (AD&D) - ANS Insurance providing payment if
the insured's death results
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from an accident, if the insured accidentally severs a limb above the wrist or ankle
joints, or totally and irreversibly
Accidental death benefit rider - ANS A life insurance policy rider providing for
payment of an additional benefit
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when death occurs by accidental means.
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Accidental dismemberment - ANS Often defined as "the severance of limbs at or
above the wrists or ankle
joints, or the entire irrevocable loss of sight." Loss of use in itself may or not be
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considered dismemberment.
Accidental means provision - ANS Unforeseen, unexpected, unintended cause of an
accident. Requirement of an
accident-based policy that the cause of the mishap must be accidental for any claim to
be payable.
Accident and health insurance - ANS Under which benefits are payable in case of
disease, accidental injury, or
,accidental death. Also called health insurance, personal health insurance, and sickness
and accident insurance.
Accumulation unit - ANS Premiums an annuitant pays into annuities are credited as
accumulation units. At the end of
the accumulation period, accumulation units are converted to annuity units.
Acquired immune deficiency syndrome (AIDS) - ANS A life-threatening condition
brought on by the human
immunodeficiency virus; insurers must adhere to strict underwriting and claims
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guidelines in regard to AIDS risks
and AIDS-related conditions.
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Acute illness - ANS A serious condition, such as pneumonia, from which the body
can fully recover with proper
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medical attention.
Adhesion - ANS A life insurance policy is a contract of adhesion because buyers
must adhere to the terms of the
contract already in existence. They have no opportunity to negotiate terms, rates,
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values, and so on.
Adjustable life insurance - ANS Combines features of both term and whole life
coverage with the length of coverage
and amount of accumulated cash value as the adjustable factors. Premiums may be
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increased or decreased to fit the
specific needs. Such adjustments are not retroactive and apply only to the future.
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Administrative-services-only (ASO) Plan - ANS Arrangement under which an
insurance company or an
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independent organization, for a fee, handles the administration of claims, benefits, and
other administrative
functionsfor a self-insured group.
Admitted insurer - ANS An insurance company that has met the legal and financial
requirements for operation within
a given state.
Adult day care - ANS Type of care (usually custodial) designed for individuals who
require assistance with various
, activities of daily living, while their primary caregivers are absent. Offered in care
centers.
Adverse selection - ANS Selection "against the company." Tendency of less favorable
insurance risks to seek or
continue insurance to a greater extent than others. Also, tendency of policy owners to
take advantage of favorable
options in insurance contracts.
Advertising Code - ANS Rules established by the National Association of Insurance
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Commissioners (NAIC) to
regulate insurance advertising.
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Agency - ANS Situation wherein one party (an agent) has the power to act for
another (the principal) i n dealing
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with third parties.
Agent - ANS Anyone not a duly licensed broker who solicits insurance or aids in
placing risks, delivering policies, or
collecting premiums on behalf of an insurance company.
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Agent's report - ANS The section of an insurance application where the agent reports
personal observations about the
applicant.
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Aleatory - ANS Feature of insurance contracts in that there is an element of chance
for both parties and that the dollar
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given by the policyholder (premiums) and the insurer (benefits) may not be equal.
Alien Insurer - ANS Company incorporated or organized under the laws of any
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foreign nation, providence, or territory.
Ambulatory surgery - ANS Surgery performed on an outpatient basis
Amount at risk - ANS Difference between the face amount of the policy and the
reserve or policy value at a given
time. In other words, the dollar amount over what the policy owner has contributed of
cash value toward payment of
the policyowner's own claim. Because the cash value increases every year, the net
amount at risk naturally
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