MD Life and Health Insurance Latest Update Graded A+

MD Life and Health Insurance Latest Update Graded A+ 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 death is 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 the contract offered on "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 settle in favor of the insured. Adjustable life life insurance that permits changes in face amount, premium amount, period of protection, and the duration of the premium payment period adjuster a representative of an insurance company who investigates and acts on 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 diseased 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 agents 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 paid in event of a loss alien insurer an insurance company from outside of the US annual statement a detailed financial report that an insurance company must submit every year to the insurance department of states in which it conducts business annuity a contract that provides income for a specified period of time or years apparent authority the appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created applicant a person making an application for insurance application a document that provides information for underwriting purposes. after the policy is issued, any unanswered questions are considered waived by the insurer assignment the transfer of ownership rights of a life insurance policy from one person to another attained age the age of the insured at a determined date attending physician statement (APS) a statement usually obtained from the applicant's doctor authorized (admitted) insurer an insurance company authorized and licensed to transact business in a particular state avoidance a method of dealing with risk by deliberately keeping it away from it basic illustration a ledger or proposal used in the sale of a life insurance policy that shows both guaranteed and nonguaranteed elements beneficiary the person who receives the proceeds from the policy when the insured dies birthday rule the method of determining primary coverage for a dependent child, under which the plan of the parent whole birthday occurs first in the calendar year is designated as primary broker an individual who represents an insured in the process of purchasing and negotiating a contract of insurance buy-sell agreement a legal contract that determines what will be done with a business in the event that an owner dies of become disabled