Life and Health Insurance - Ohio Licensing Exam Study Guide with Complete Solutions

Life and Health Insurance - Ohio Licensing Exam Study Guide with Complete Solutions Absolute Assignment - Correct Answer The assignment by the policy owner of all control and rights to a third party. This differs from collateral assignment, which allows all the rights and control to revert to the owner once a loan is paid off Accident - Correct Answer A fortuitous event; unforeseen and unintended Accidental Death Insurance - Correct Answer A form of health insurance that provides payment if death of the insured results from accident. Accidental death insurance is often combined with dismemberment insurance in a form called accidental death and dismemberment (AD&D) Accident and Sickness - Correct Answer Insurance against bodily injury, disability, or death by accident or accidental means, or expense thereof, or against disability or expense resulting from sickness and the insurance relating thereto Accident means - Correct Answer The unexpected cause of an accidental bodily injury. Under an accidental means definition, the mishap itself must be accidental. If a person does something to contribute to the accident, the claim would not be paid under this restrictive definition Accelerated benefit - Correct Answer Available only if the benefits are available during the insured's lifetime, benefit amounts are fixed when accelerated, and the benefits, when paid, reduces the death benefit Accumulation at