Idaho Life Insurance Exam 2024 (A+ GRADED)

Accelerated Benefits correct answers Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits correct answers 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 correct answers An insurance policy that provides payment if the insured's death is the result of the accident. Accumulation Period correct answers The time before an annuitant's retirement during which the annuitant is making payments or investments in an annuity. Acquired Immunodeficiency Syndrome (AIDS) correct answers An infections and incurable disease caused by the human immunodeficiency virus (HIV). Actual Cash Value (ACV) correct answers The required amount to pay damages or for property loss. This amount is calculated based on the property's current replacement value minus depreciation. Adhesion correct answers 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 correct answers Life insurance that permits changed in the face amount, premium amount, period of protection, and the duration of the premium payment period. Adjuster correct answers A representative of an insurance company who investigates and acts on behalf of the company to obtain agreements for the amount of the insurance claim. Administrator correct answers An individual appointed by a court as a fiduciary to settle the financial affairs and estate of a deceased person. Admitted (Authorized) Insurer correct answers An insurance company authorized and licensed to transact business in a particular state. Adult Day Care correct answers A program for impaired adults that attempts to meet their health, social, and functional needs in a setting away from their homes. Adverse Selection correct answers The tendency of risks with higher probability of loss to purchase and maintain insurance more often than the risks who present lower probability. Agency correct answers An insurance sales office or company.