Illinois Life & Health Insurance
Exam questions and answers.
Accelerated Benefits - n
Ans ✔✔
Riders attached to life insurance policies that allow death benefits
to be used to cover nursing or convalescent home expenses
Qs
Accidental death benefits - n
Ans ✔✔
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
Qs
accidental death insurance - n
Ans ✔✔
an insurance policy that provides payment if the insureds death is
the result of an accident
Qs
accumulation period - n
Ans ✔✔
the time before an annuitants retirement during which the
annuitant is making payments or investments in the annuity
,Qs
actual cash value (acv) - n
Ans ✔✔
the required amount to pay damages or for property loss. This
amount is calculated based on the properties current replacement
value minus depreciation
Qs
adhesion - n
Ans ✔✔
a contract offered on a take it or leave it basis by an insurer, in
which the insureds only option is to either accept or reject the
contract. Any ambiguities in the contract will be settled in favor of
the insured
Qs
adjustable life - n
Ans ✔✔
life insurance that permits changes in the face amount, premium
amount, period of protection, and the duration of the premium
payment period
Qs
adjuster - n
Ans ✔✔
,a representative of an insurance company who investigates and
acts not he behalf of the company to obtain agreements for the
amount of the insurance claim
Qs
administrator - n
Ans ✔✔
an individual appointed by a court as a fiduciary to settle the
financial affairs and estate of a deceased person
Qs
admitted (authorized) insurer - n
Ans ✔✔
an insurance company authorized and licensed to transact
business in a particular state
Qs
adverse selection - n
Ans ✔✔
the tendency of risks with higher probability of loss to purchase
and maintain insurance more often than the risks who present
lower probability
Qs
agency - n
Ans ✔✔
an insurance sales office or company
, Qs
agent - n
Ans ✔✔
an individual who is licensed to sell, negotiate, or effect insurance
contracts on behalf of the insurer
Qs
agent appointment - n
Ans ✔✔
the authorization of an agent to act for or represent and insurer
Qs
agents authority - n
Ans ✔✔
special powers granted to an agent by his or her agency contract
Qs
aleatory - n
Ans ✔✔
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
Qs
Exam questions and answers.
Accelerated Benefits - n
Ans ✔✔
Riders attached to life insurance policies that allow death benefits
to be used to cover nursing or convalescent home expenses
Qs
Accidental death benefits - n
Ans ✔✔
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
Qs
accidental death insurance - n
Ans ✔✔
an insurance policy that provides payment if the insureds death is
the result of an accident
Qs
accumulation period - n
Ans ✔✔
the time before an annuitants retirement during which the
annuitant is making payments or investments in the annuity
,Qs
actual cash value (acv) - n
Ans ✔✔
the required amount to pay damages or for property loss. This
amount is calculated based on the properties current replacement
value minus depreciation
Qs
adhesion - n
Ans ✔✔
a contract offered on a take it or leave it basis by an insurer, in
which the insureds only option is to either accept or reject the
contract. Any ambiguities in the contract will be settled in favor of
the insured
Qs
adjustable life - n
Ans ✔✔
life insurance that permits changes in the face amount, premium
amount, period of protection, and the duration of the premium
payment period
Qs
adjuster - n
Ans ✔✔
,a representative of an insurance company who investigates and
acts not he behalf of the company to obtain agreements for the
amount of the insurance claim
Qs
administrator - n
Ans ✔✔
an individual appointed by a court as a fiduciary to settle the
financial affairs and estate of a deceased person
Qs
admitted (authorized) insurer - n
Ans ✔✔
an insurance company authorized and licensed to transact
business in a particular state
Qs
adverse selection - n
Ans ✔✔
the tendency of risks with higher probability of loss to purchase
and maintain insurance more often than the risks who present
lower probability
Qs
agency - n
Ans ✔✔
an insurance sales office or company
, Qs
agent - n
Ans ✔✔
an individual who is licensed to sell, negotiate, or effect insurance
contracts on behalf of the insurer
Qs
agent appointment - n
Ans ✔✔
the authorization of an agent to act for or represent and insurer
Qs
agents authority - n
Ans ✔✔
special powers granted to an agent by his or her agency contract
Qs
aleatory - n
Ans ✔✔
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
Qs
