Illinois Life & Health Insurance Exam

Accelerated Benefits - Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses Accidental death benefits - 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 - an insurance policy that provides payment if the insureds death is the result of an accident accumulation period - the time before an annuitants retirement during which the annuitant is making payments or investments in the annuity actual cash value (acv) - the required amount to pay damages or for property loss. This amount is calculated based on the properties current replacement value minus depreciation adhesion - a contract offered on a take it or leave it basis by an insurer, in which the insureds 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 - life insurance that permits changes in the face amount, premium amount, period of protection, and the duration of the premium payment period adjuster - a representative of an insurance company who investigates and acts not he behalf of the company to obtain agreements for the amount of the insurance claim administrator - an individual appointed by a court as a fiduciary to settle the financial affairs and estate of a deceased person admitted (authorized) insurer - an insurance company authorized and licensed to transact business in a particular state adverse selection - the tendency of risks with higher probability of loss to purchase and maintain insurance more often than the risks who present lower probability agency - an insurance sales office or company agent - an individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the insurer agent appointment - the authorization of an agent to act for or represent and insurer agents authority - special powers granted to an agent by his or her agency contrac