Ohio Life and Health Insurance - Ohio Licensing Exam Graded A+

Absolute Assignment - 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 - ANSWER-A fortuitous event; unforeseen and unintended Accidental Death Insurance - 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 - 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 - 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 - 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 interest option - ANSWER-A dividend option under which the policy owner allows dividends to accumulate at interest with the company. Only the interest on the dividends is taxable as income (participating policies only). Actuary - ANSWER-Once concerned with the application of probability and statistical theory to insurance. This person sets expenses, and interest assumptions. ADB - ANSWER-Accidental death benefit, also known as double indemnity. There is another variation called triple indemnity. AD&D - ANSWER-Accidental death and dismemberment insurance. Administrator - ANSWER-The person appointed by a court to settle a deceased's estate, sometimes called and executor. Adverse selection - ANSWER-Selection against the insurance company. The tendency of poorer risks to want insurance more often than standard risks.