COLORADO LIFE INSURANCE FINAL EXAM
ACTUAL EXAM 250 PLUS EXPERT
CERTIFIED QUESTIONS AND ANSWERS
ALREADY GRADED A+
⩥ accidental death benefits.
Answer: 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.
Answer: An insurance policy that provides payment if the
insured's death is the result of an accident.
⩥ Accumulation Period.
Answer: The time before an annuitant's retirement during which
the annuitant is making payments or investments in an annuity.
⩥ actual cash value ACV.
,Answer: The required amount to pay damages or for property
loss, which is calculated based on the property's current
replacement value minus depreciation.
⩥ Adhesion.
Answer: 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.
⩥ Adjustable Life.
Answer: Life insurance which permits changes in the face
amount, premium amount, period of protection, and the duration
of the premium payment period.
⩥ Adjuster.
Answer: A representative of an insurance company who
investigates and acts on the behalf of the company to obtain
agreements for the amount of the insurance claim.
⩥ administrator.
Answer: an individual appointed by a court as a fiduciary to
settle the financial affairs an estate of a deceased person
,⩥ Admitted (authorized) insurer.
Answer: An insurance company authorized and licensed to
transact business in a particular state.
⩥ adverse selection.
Answer: the tendency of risks with higher probability of loss to
purchase and maintain Insurance more often than the risk Who
present lower probability
⩥ agency.
Answer: an insurance sales office or company
⩥ Agent.
Answer: an individual who is licensed to sell, negotiate, or affect
insurance contracts on behalf of the insurer
⩥ agent appointment.
Answer: the authorization of an agent to act for or represent an
insurer
, ⩥ Agent's Authority.
Answer: Special powers granted to an agent by his or her agency
contract.
⩥ Aleatory Contract.
Answer: 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.
⩥ Alien Insurer.
Answer: An insurance company that is incorporated outside the
United States.
⩥ annual statement.
Answer: A detailed financial report that an insurance company
must submit every year to the insurance department of state(s) in
which it conducts business.
⩥ annuity.
Answer: a contract that provides income for a specified period
of years, or for life.
ACTUAL EXAM 250 PLUS EXPERT
CERTIFIED QUESTIONS AND ANSWERS
ALREADY GRADED A+
⩥ accidental death benefits.
Answer: 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.
Answer: An insurance policy that provides payment if the
insured's death is the result of an accident.
⩥ Accumulation Period.
Answer: The time before an annuitant's retirement during which
the annuitant is making payments or investments in an annuity.
⩥ actual cash value ACV.
,Answer: The required amount to pay damages or for property
loss, which is calculated based on the property's current
replacement value minus depreciation.
⩥ Adhesion.
Answer: 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.
⩥ Adjustable Life.
Answer: Life insurance which permits changes in the face
amount, premium amount, period of protection, and the duration
of the premium payment period.
⩥ Adjuster.
Answer: A representative of an insurance company who
investigates and acts on the behalf of the company to obtain
agreements for the amount of the insurance claim.
⩥ administrator.
Answer: an individual appointed by a court as a fiduciary to
settle the financial affairs an estate of a deceased person
,⩥ Admitted (authorized) insurer.
Answer: An insurance company authorized and licensed to
transact business in a particular state.
⩥ adverse selection.
Answer: the tendency of risks with higher probability of loss to
purchase and maintain Insurance more often than the risk Who
present lower probability
⩥ agency.
Answer: an insurance sales office or company
⩥ Agent.
Answer: an individual who is licensed to sell, negotiate, or affect
insurance contracts on behalf of the insurer
⩥ agent appointment.
Answer: the authorization of an agent to act for or represent an
insurer
, ⩥ Agent's Authority.
Answer: Special powers granted to an agent by his or her agency
contract.
⩥ Aleatory Contract.
Answer: 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.
⩥ Alien Insurer.
Answer: An insurance company that is incorporated outside the
United States.
⩥ annual statement.
Answer: A detailed financial report that an insurance company
must submit every year to the insurance department of state(s) in
which it conducts business.
⩥ annuity.
Answer: a contract that provides income for a specified period
of years, or for life.
