Life insurancestuvia - Study guides, Class notes & Summaries

Mississippi Health and Life Insurance| 200 Questions With Correct AnswersMississippi Health and Life Insurance| 200 Questions With Correct AnswersMississippi Health and Life Insurance| 200 Questions With Correct AnswersMississippi Health and Life Insurance| 200 Questions With Correct Answers Accident - ANSWER An unplanned, unforeseen event which occurs suddenly and at an unspecified place. Accident Insurance - ANSWER A type of insurance that protects the insured against loss due to acciden...

Accelerated Benefits - ANSWERSRiders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. Accident - ANSWERSAn unplanned, unforeseen event which occurs suddenly and at an unspecified place. Accident Insurance - A type of insurance that protects the insured against loss due to accidental bodily injury. Accidental Bodily Injury - ANSWERSUnplanned, unforeseen traumatic injury to the body. Accidental Death and Dismember...

To determine financial strength of an insurance company - ANSWERSPrimary purpose for a rating service company such as A.M best? Provide death benefits - ANSWERSPrimary reason for buying life insurance? Liquidity - ANSWERSWhat is described as an insurers ability to make unpredictable payouts to its policy owners? Self-Funded Plan - ANSWERSWhat is described as a plan in which an employer pays insurance benefits from a fund derived from the employers current revenue? Nonparticipating po...

term insurance - ANSWER-temporary protection because it only provides coverage for a specific period of time face amount - ANSWER-death benefit 3 basic types of term coverage - ANSWER-level, increasing, decreasing - based on how the face amount changes during the policy term What is the premium in term insurance? - ANSWER-regardless of type of term insurance purchased, premium is level throughout the term of policy level term insurance - ANSWER-death benefit does not change throug...

Insurable Receipt - ANSWERSThe reciept given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) Representations - ANSWERSStatements in the application for insurance that are believed to be true to the best of the applicants knowledge are Provide the annuitant with an interest rate that is lesser of the guaranteed or current rate - ANSWERSAn annuity is considered fixed when it does all of the following EXCEPT Continuous Prem...