Mississippi Life and Health Insurance Exam Questions with 100% Correct Answers | Latest Update 2024 Verified

Mississippi Life and Health Insurance Exam Questions with 100% Correct Answers | Latest Update 2024 Verified Accidental death benefit rider A life insurance policy rider providing for payment of an additional benefit when death occurs by accidental means. Accidental dismemberment Often defined as "the severance of limbs at or above the wrists or ankle joints, or the entire irrevocable loss of sight." Loss of use in itself may or not be considered dismemberment. Accidental means provision Unforeseen, unexpected, unintended cause of an accident. Requirement of an accident-based policy that the cause of the mishap must be accidental for any claim to be payable. Absolute assignment Policy assignment under which the assignee (person to whom the policy is assigned) receives full control over the policy and also full rights to its benefits. Generally, when a policy is assigned to secure a debt, the owner retains all rights in the policy in excess of the debt, even though the assignment is absolute in form. (See assignment) Accelerated benefits rider A life insurance rider that allows for the early payment of some portion of the policies face amount should the insured suffers from a terminal i l l n e s s or injury. Acceptance (See offer and acceptance) Accidental bodily injury provision Disability income or accident policy provision that requires that the injury be accidental in order for benefits to be payable. Accidental death and dismemberment (AD&D) Insurance providing payment if the insured's death results from an accident, if the insured accidentally severs a limb above the wrist or ankle joints, or totally and irreversibly Accident and health insurance Under which benefits are payable in case of disease, accidental injury, or accidental death. Also called health insurance, personal health insurance, and sickness and accident insurance. Accumulation unit Premiums an annuitant pays into annuities are credited as accumulation units. At the end of the accumulation period, accumulation units are converted to annuity units. Acquired immune deficiency syndrome (AIDS) A life-threatening condition brought on by the human immunodeficiency virus; insurers must adhere to strict underwriting and claims guidelines in regard to AIDS risks and AIDS-related conditions. Acute illness A serious condition, such as pneumonia, from which the body can fully recover with proper medical attention. Adhesion A life insurance policy is a contract of adhesion because buyers must adhere to the terms of the contract already in existence. They have no opportunity to negotiate terms, rates, values, and so on. Adjustable life insu