Idaho Life Insurance Exam Questions With 100% Correct Answers!!

Accelerated Benefits - Answer-Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses. 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 the 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 infections 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. 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 that permits changed 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 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. Agent Appointment - Answer-The authorization of an agent to act for or represent an insurer. Agent's Authority - Answer-Special powers granted to an agent by his or her agency contract.