ARKANSAS LIFE INSURANCE FINAL PAPER
UPDATED SCRIPT PREMIUM QUESTIONS
AND PREMIUM SOLUTIONS FULLY
REVIEWED
⩥ 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.
⩥ Adult Day Care.
Answer: A program for impaired adults that attempts to meet their
health, social, and functional needs in a setting away from their homes.
⩥ Adverse Selection.
Answer: The tendency of risks with higher probability of loss to
purchase and maintain insurance more often than the risks who present
lower probability.
⩥ Agency.
Answer: An insurance sales office or company.
⩥ Agent.
Answer: An individual who is licensed to sell, negotiate, or effect
insurance contracts on behalf of the insurer.
UPDATED SCRIPT PREMIUM QUESTIONS
AND PREMIUM SOLUTIONS FULLY
REVIEWED
⩥ 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.
⩥ Adult Day Care.
Answer: A program for impaired adults that attempts to meet their
health, social, and functional needs in a setting away from their homes.
⩥ Adverse Selection.
Answer: The tendency of risks with higher probability of loss to
purchase and maintain insurance more often than the risks who present
lower probability.
⩥ Agency.
Answer: An insurance sales office or company.
⩥ Agent.
Answer: An individual who is licensed to sell, negotiate, or effect
insurance contracts on behalf of the insurer.
