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Life Insurance License Exam Practice Questions and Answers (100% Pass)
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Life Insurance License Exam Practice Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMLife Insurance License Exam Practice
Questions and Answers (100% Pass)
Accelerated Benefits - ✔️✔️Riders attached to life insurance policies that allow death
benefits to be used to cover nursing or convalescent home expenses.
Accidental Death Benefits - ✔️✔️A policy rider that states that the cause of death will be
analyzed to determine if it complies with the policy description of accidental death.
Accidental Death Insurance - ✔️✔️An insurance policy that provides payment if the
insured's death is the result of an accident.
Accumulation Period - ✔️✔️The time before an annuitant's retirement during which the
annuitant is making payments or investments in an annuity.
Actual Cash Value (ACV) - ✔️✔️The required amount to pay damages or for property
loss. This amount is calculated based on the property's current replacement value
minus depreciation.
Adhesion - ✔️✔️A contract offered on a "take-it-or leave-it" basis by an insurer, in which
the insured's only option is to either accept or reject the contract. Any ambiguities in the
contract will be settled in favor of the insured.
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, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
Adjustable Life - ✔️✔️Life insurance that permits changes in the face amount, premium
amount, period of protection, and the duration of the premium payment period.
Adjuster - ✔️✔️A representative of an insurance company who investigated and acts on
the behalf of the company to obtain agreements for the amount of the insurance claim.
Administrator - ✔️✔️An individual appointed by a court as a fiduciary to settle the financial
affairs and estate of a deceased person.
Admitted (Authorized) Insurer - ✔️✔️An insurance company authorized and licensed to
transact business in a particular state.
Adverse Selection - ✔️✔️The tendency of risks with higher probability of loss to purchase
and maintain insurance more often than the risks who present lower probability.
Agency - ✔️✔️An insurance sales office or company.
Agent - ✔️✔️An individual who is licensed to sell, negotiate, or effect insurance contracts
on behalf of the insurer.
Agent Appointment - ✔️✔️The authorization of an agent to act for or represent an insurer.
Agent's Authority - ✔️✔️Special powers granted to an agent by his or her agency
contract.
Aleatory - ✔️✔️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.
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