Life and Health Insurance - Ohio Licensing Exam 100% Pass

Life and Health Insurance - Ohio Licensing Exam 100% Pass 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. Agent - Answer ️️ -The individual appointed by an insurance company to solicit, negotiate, effect, or countersign insurance contracts on its behalf. Aleatory - Answer ️️ -Something that depends upon chance or is random. It is derived from the Latin idea of "rolling the dice." Aleatory contract - Answer ️️ -A contract in which both parties know that one or the other may receive more than paid in. This payment is dependent upon a fortuitous event. For example. a person pays the premium for a term policy for many years and does not die, thus, a claim is never filed. Alien company - Answer ️️ -An insured organize