Michigan life and health insurance
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Accelerated Benefits - ✔✔Riders attached to life insurance policies which allow death
benefits to be used to cover nursing or convalescent home expenses.
accident - ✔✔An unplanned unforeseen event, which occurs suddenly and an
unspecific place
accident insurance - ✔✔A type of insurance that protects the insured against loss due to
accidental bodily injury.
Accidental Bodily Injury - ✔✔Unplanned, unforeseen traumatic injury to the body.
Katelyn Whitman, All Rights Reserved © 2025 1
,Accidental death and dismemberment AD&D - ✔✔An insurance policy which pays a
specified amount or a specified multiple of the insured's benefit if the insured dies, loses
his/her sight, or loses two limbs due to an accident.
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's death is the result of an accident.
Accumulation Period - ✔✔The time over which the annuitant makes payments or
investments in an annuity And when those payments earn interest tax deferred
Acquired immunodeficiency system (AIDS) - ✔✔Infectious an incurable disease caused
by the human immunodeficiency virus HIV
activities of daily living (ADLs) - ✔✔Activities individuals must do every day such as
moving about, getting dressed, eating, bathing, etc.
Katelyn Whitman, All Rights Reserved © 2025 2
,Actual Cash Value (ACV) - ✔✔The required amount to pay damages or for property
loss, which is calculated based on the property's current replacement value minus
depreciation.
Actual Charge - ✔✔The amount a physician or supplier actually bills for a particular
service or supply.
Actuary - ✔✔Person trained in the technical aspects of insurance and related feels
particularly in the mathematics of insurance person who on behalf of the company
determines the mathematical probability of loss
Adhesion - ✔✔A contract offered on a take it, or leave it basis by an insurer in which
the insured only option is to accept or reject contract. Any ambiguities in the contract
will be settled in favor of the insured.
Katelyn Whitman, All Rights Reserved © 2025 3
, Adjustable Life - ✔✔Life insurance which permits changes in the 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
the behalf of the company to obtain agreements for the amount of the insurance claim.
administrator - ✔✔An individual appointed by court as a fiduciary to settle the
financial affairs and estate of a deceased person
Admitted (Authorized) Insurer - ✔✔An insurance company authorized and licensed to
transact business in a particular state.
Adult daycare - ✔✔A program for impaired adults, that attempts to meet their health
social, and Functional needs and setting away from their homes
Adverse Selection - ✔✔The tendencies of risk, with higher probability of lost purchase,
and maintain insurance more often than the rest to present lower probability
Katelyn Whitman, All Rights Reserved © 2025 4
exam Questions and Answers 100%
Pass
Accelerated Benefits - ✔✔Riders attached to life insurance policies which allow death
benefits to be used to cover nursing or convalescent home expenses.
accident - ✔✔An unplanned unforeseen event, which occurs suddenly and an
unspecific place
accident insurance - ✔✔A type of insurance that protects the insured against loss due to
accidental bodily injury.
Accidental Bodily Injury - ✔✔Unplanned, unforeseen traumatic injury to the body.
Katelyn Whitman, All Rights Reserved © 2025 1
,Accidental death and dismemberment AD&D - ✔✔An insurance policy which pays a
specified amount or a specified multiple of the insured's benefit if the insured dies, loses
his/her sight, or loses two limbs due to an accident.
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's death is the result of an accident.
Accumulation Period - ✔✔The time over which the annuitant makes payments or
investments in an annuity And when those payments earn interest tax deferred
Acquired immunodeficiency system (AIDS) - ✔✔Infectious an incurable disease caused
by the human immunodeficiency virus HIV
activities of daily living (ADLs) - ✔✔Activities individuals must do every day such as
moving about, getting dressed, eating, bathing, etc.
Katelyn Whitman, All Rights Reserved © 2025 2
,Actual Cash Value (ACV) - ✔✔The required amount to pay damages or for property
loss, which is calculated based on the property's current replacement value minus
depreciation.
Actual Charge - ✔✔The amount a physician or supplier actually bills for a particular
service or supply.
Actuary - ✔✔Person trained in the technical aspects of insurance and related feels
particularly in the mathematics of insurance person who on behalf of the company
determines the mathematical probability of loss
Adhesion - ✔✔A contract offered on a take it, or leave it basis by an insurer in which
the insured only option is to accept or reject contract. Any ambiguities in the contract
will be settled in favor of the insured.
Katelyn Whitman, All Rights Reserved © 2025 3
, Adjustable Life - ✔✔Life insurance which permits changes in the 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
the behalf of the company to obtain agreements for the amount of the insurance claim.
administrator - ✔✔An individual appointed by court as a fiduciary to settle the
financial affairs and estate of a deceased person
Admitted (Authorized) Insurer - ✔✔An insurance company authorized and licensed to
transact business in a particular state.
Adult daycare - ✔✔A program for impaired adults, that attempts to meet their health
social, and Functional needs and setting away from their homes
Adverse Selection - ✔✔The tendencies of risk, with higher probability of lost purchase,
and maintain insurance more often than the rest to present lower probability
Katelyn Whitman, All Rights Reserved © 2025 4
