Arkansas Life Insurance Exam Term Definitions (100% Expert Verified)

Arkansas Life Insurance Exam Term Definitions (100% Expert Verified) Arkansas Life Insurance Exam Term Definitions (100% Expert Verified) Accelerated Benefits - ANSWER - Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. 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 Acquired Immunodeficiency Syndrome (AIDS) - ANSWER - An infectious and incurable disease caused by the human immunodeficiency virus (HIV). Actual Cash Value (ACV) - ANSWER - The required amount to pay damages or for property loss. This amount is calculated based on the property's current replacement value minus depreciation. Actuary - ANSWER - A person trained in the technical aspects of insurance and related fields, particularly in the mathematics of insurance; a person who, on behalf of the company, determines the mathematical probability of loss. 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 and estate of a deceased person. Admitted (Authorized) Insurer - ANSWER - An insurance company authorized and licensed to transact business in a particular state.