Insurance Exam FX Questions and Answers(A+ Solution guide)

Accelerated benefits - Answer-riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses accident - Answer-an unplanned, unforeseen event which occurs suddenly at an unspecified place Accidental Death and Dismemberment - Answer-an insurance policy which pays a specified amount or a specified multiple of the insured's benefits if the insured dies, loses sight, or loses two limbs 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 accumulation period - Answer-the time over which the annuitant makes payments or investments in an annuity, and when those payments earn interest tax deferred actual cash value - Answer-the required amount to pay damages or for property loss actual charge - Answer-the amount a physician or supplier actually bills for a particular service or supply actuary - Answer-a person trained in the technical aspects of insurance and related fields, particularly in the mathematics of insurance; a person who determines the mathematical probability of loss adhesion - Answer-a contract offered on a "take it or leave it" basis by an insurer, in which insured's options are to accept or reject 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 claimadministrator - Answer-an individual appointed by a court as a fiduciary to settle the financial affairs and estate of a deceased person 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 agent - Answer-an individual who is licensed to sell, negotiate, or effet insurance contracts on behalf of an insurer aleatory - Answer-a contract in which participating parties exchange unequal amounts alien insurer - Answer-am insurance company that is incorporated outside of the united states ancillary - Answer-additional services provided by a hospital such as x-rays but not hospital room and board expenses annuity - Answer-a contract that provides income for a specified period of years, or for life apparent authority - Answer-the appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created application - Answer-a document that provides information for underwriting purposes approved amount - Answer-the amount Medicare determines to be reasonable for a service that is covered under part B of Medicare assignment (life) - Answer-the transfer of ownership rights of a life insurance policy from one person to another assignment (health) - Answer-a claim to a provider or medical supplier to receive payments directly from medicare avoidance - Answer-a method of dealing with risk by deliberately keeping away from itback end load - Answer-a fee charges at the time of a sale, transfer or withdrawal from an annuity or a life insurance policy basic illustration - Answer-a ledger or proposal used in the sale if a life insurance policy that shows both guaranteed and nonguaranteed elements