Arkansas Life and Health Insurance Exam Questions and Answers 100% Solved
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Course
Arkansas Life and Health Insurance
Institution
Arkansas Life And Health Insurance
Accident and Sickness - ANSWER-insurance against bodily injury, death or disability by accident or against disability or expense resulting from sickness
Accident Insurance - ANSWER-a form of health insurance against loss by accidental bodily injury
Accidental Bodily Injury - ANSWER-generally,...
Arkansas Life and Health Insurance
Exam Questions and Answers 100%
Solved
Absolute Assignment - ANSWER-assignment by the policyholder of all the policy
control and rights to a third party
Accident and Sickness - ANSWER-insurance against bodily injury, death or disability
by accident or against disability or expense resulting from sickness
Accident Insurance - ANSWER-a form of health insurance against loss by accidental
bodily injury
Accidental Bodily Injury - ANSWER-generally, traumatic damage to the body, of
external origin, unexpected and undersigned by the injured person
Accidental Death Insurance - ANSWER-a form of health insurance that provides
pymt if death of the insured results from accident. Accidental death insurance is
often combined with dismemberment insurance in a form called Accidental Death &
Dismemberment
Accidental Means - ANSWER-the unexpected or undersigned cause of an accidental
bodily injury. Under an accidental means definition, the mishap itself must be
accidental
Accumulations - ANSWER-percentage additions to policy benefits made upon
continuous renewal
Acquisition Cost - ANSWER-immediate cost to an insurer of putting a policy on the
books-- clerical work, medical examiner's fee, inspection cost, commission etc
Actuary - ANSWER-a specialist in the mathematics of insurance who calculates
rates, reserves, etc
Adhesion - ANSWER-refers to a contract that was prepared solely by one party (the
ins co) with little or no involvement on the part of the other party (the insured) ex)
take what you get
Adjustable Life - ANSWER-a form of life insurance which allows changes in the
policy face amount, the amount of premium, period of protection, and the length of
the premium paying period
Admitted Company - ANSWER-the insurance company authorized and licensed to
do business in a given state
,Adverse Selection - ANSWER-selection against the insurance company; the
tendency of more poor risks to buy and maintain insurance than good risks
Age Limits - ANSWER-the age below or above which the insurance company will not
issue a given policy or renew a policy in force
Agent - ANSWER-the individual appointed by an insurance company to solicit,
negotiate, effect or countersign insurance contracts on its behalf
Aggregate Indemnity - ANSWER-a maximum dollar amount that may be collected for
any disability, period of disability, or under the policy
Aleatory - ANSWER-term that means both parties to a contract don't exchange equal
value (premium vs. benefits)
Alien Insurance Company - ANSWER-insurance company formed under laws of a
country other than the United States (ex. Sun Life of Canada)
Allocated Benefits - ANSWER-pymts for specific purposes up to a maximum
specified for each. for example, in some hospital policies the scheduled benefits for
x-rays; drugs; dressings; etc
Ancillary Benefits - ANSWER-benefits for miscellaneous hospital charges
Annuity - ANSWER-an agreement by an insurer to make periodic payments that
continue during the survival of the annuitant(s) or for a specified period
Annuity Certain - ANSWER-an annuity that pays for a fixed number of years. if it
pays for life after the certain period, it is called an "annuity certain and life thereafter"
Apparent Agency - ANSWER-the power of agency it is logical for the public to
assume the agent has whether he actually has been granted that power by his
contract or not
Application - ANSWER-a form on which the prospective insureds states facts
requested by the ins co and on the basis of which (together w/ any info from other
sources) the ins co decides whether or not to accept the risk, modify the coverages
offered, or decline the risk
Apportionment - ANSWER-the division of loss among insurance companies when 2
or more companies cover the same loss
Assessment Company - ANSWER-the insurance company that retains the right to
assess add'l amounts the policyholders must pay if premiums are insufficient for
operations. in some cases, they may not charge a fixed or stipulated premium at all
but merely assess participants in the plan a pro rata share of expenses and each
claim filed
Assignee - ANSWER-the person to whom the policy rights are assigned in whole or
in part by the original policyowner
, Assignment - ANSWER-transfer of rights in a policy to other than the policyowner
Attained Age - ANSWER-the age the insured has reached on a given date
Attorney-In-Fact - ANSWER-a person to whom authority is given by an individual to
exchange insurance with other persons, as in reciprocal insurance
Automatic Premium Loan - ANSWER-a provision in a life policy authorizing the
insurance company to use the loan value to pay any premium not paid by the end of
the grace period
Beneficiary - ANSWER-a person who may become eligible to receive or is receiving,
benefits under an insurance policy
Blanket A&H Policy - ANSWER-an accident and health insurance policy that covers
all of a class of persons not individually identified
Blue Plan - ANSWER-generic term for those insurers (usually on a service rather
than reimbursement basis) who are authorized to use the designation "Blue Cross"
or "Blue Shield" and the insignia of either
Broker - ANSWER-one who represents an insured in the solicitation, negotiation or
procurement of contracts of insurance, and who may render service incidental to
those functions. By law the broker may also be an agent of the insurer for certain
purposes such as delivery of the policy or collection of premiums
Business Insurance - ANSWER-life or health insurance written to cover business
situations such as key man, sole proprietor, partnership, corporations, etc
Cancellable - ANSWER-a contract of insurance that may be terminated by the
insurance company or insured at any time
Cancellation - ANSWER-termination of a contract of insurance by voluntary act of
the insurance company or insured, effected in accordance with provisions in the
contract or by mutual agreement
Capital Stock Insurance Co - ANSWER-insurance company having, in addition to
surplus and reserve funds, a capital fund paid in by stockholders
Capital Sum - ANSWER-the maximum amount payable in one sum in event of
accidental dismemberment
Cash Surrender Value - ANSWER-amount of cash that is due the insured who
surrenders cash value life insurance. Such surrender with termination of all
insurance benefits is often called "cashing out"
Certificate - ANSWER-a statement evidencing that a policy has been written and
stating the coverage in general
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