Illinois Life & Health Insurance Exam
Accelerated Benefits correct answersRiders attached to life insurance
policies
death benefits
that allowto be used to cover nursing or convalescent home
expenses
Accidental death benefits correct answersa policy rider that states that
the cause
death of analyzed to determine if it complies with the policy
will be
description of
accidental
death
accidental death insurance correct answersan insurance policy that provides
payment
the if death is the result of an
insureds
accident
accumulation period correct answersthe time before an annuitants
which the annuitant
retirement during is making payments or investments in
the annuity
actual cash value (acv) correct answersthe required amount to pay
damagesloss.
property or forThis amount is calculated based on the properties current
value minus
replacement
depreciation
adhesion correct answersa contract offered on a take it or leave it basis by
an insurer,
which in
the insureds only option is to either accept or reject the contract. Any
in the contract will be settled in favor of the
ambiguities
insured
adjustable life correct answerslife insurance that permits changes in the
face amount,
premium amount, period of protection, and the duration of the premium
payment period
adjuster correct answersa representative of an insurance company who
and acts not he behalf of the company to obtain agreements for the
investigates
amount of the
insurance
claim
administrator correct answersan individual appointed by a court as a
fiduciary
the financial
to settle
affairs and estate of a deceased
person
admitted (authorized) insurer correct answersan insurance company
authorized
licensed to and
transact business in a
particular state
adverse selection correct answersthe tendency of risks with higher
probabilityand
purchase of loss to
maintain insurance more often than the risks who
present lower
probabilit
y
agency correct answersan insurance sales office or
company
, agent correct answersan individual who is licensed to sell, negotiate, or
effect insurance
contracts on behalf of the
insurer
agent appointment correct answersthe authorization of an agent to act for
or represent
and
insurer
agents authority correct answersspecial powers granted to an agent by
his or her
agency
contract
aleatory correct answersa contract in which participating parties
exchange insurance
amounts. unequal contracts are aleatory in that the amount the
insured willispay
premiums in
unequal to the amount the insurer will pay in the
event of a loss
alien insurer correct answersan insurance company that is incorporated
outside the
united
states
annual statement correct answersa detailed financial report that an
must submit
insurance every year to the insurance department of states in which
company
it conducts
busines
s
annuity correct answersa contract that provides income for a specified
period of years
or
life
apparent authority correct answersthe appearance or the assumption of
authority
on basedwords, or deeds of the principal or because of
the actions,
circumstances the
principal
created
applicant correct answersa person making application for, or offering
himself, to
another herself or
be insured under an insurance
contract
application correct answersa document that provides information for
purposes. after the policy is issued, any unanswered questions are
underwriting
considered
by the waived
insurer
assignment correct answersthe transfer of ownership rights of a life
insurance
from one person
policy to
another
attained age correct answersthe age of the insured at a
determined date
attending physicians statement (aps) correct answersa statement usually
obtained
the from
applicants
doctor
authorized (admitted) insurer correct answersan insurance company
licensed
authorized to and
transact business in a
particular state
Accelerated Benefits correct answersRiders attached to life insurance
policies
death benefits
that allowto be used to cover nursing or convalescent home
expenses
Accidental death benefits correct answersa policy rider that states that
the cause
death of analyzed to determine if it complies with the policy
will be
description of
accidental
death
accidental death insurance correct answersan insurance policy that provides
payment
the if death is the result of an
insureds
accident
accumulation period correct answersthe time before an annuitants
which the annuitant
retirement during is making payments or investments in
the annuity
actual cash value (acv) correct answersthe required amount to pay
damagesloss.
property or forThis amount is calculated based on the properties current
value minus
replacement
depreciation
adhesion correct answersa contract offered on a take it or leave it basis by
an insurer,
which in
the insureds only option is to either accept or reject the contract. Any
in the contract will be settled in favor of the
ambiguities
insured
adjustable life correct answerslife insurance that permits changes in the
face amount,
premium amount, period of protection, and the duration of the premium
payment period
adjuster correct answersa representative of an insurance company who
and acts not he behalf of the company to obtain agreements for the
investigates
amount of the
insurance
claim
administrator correct answersan individual appointed by a court as a
fiduciary
the financial
to settle
affairs and estate of a deceased
person
admitted (authorized) insurer correct answersan insurance company
authorized
licensed to and
transact business in a
particular state
adverse selection correct answersthe tendency of risks with higher
probabilityand
purchase of loss to
maintain insurance more often than the risks who
present lower
probabilit
y
agency correct answersan insurance sales office or
company
, agent correct answersan individual who is licensed to sell, negotiate, or
effect insurance
contracts on behalf of the
insurer
agent appointment correct answersthe authorization of an agent to act for
or represent
and
insurer
agents authority correct answersspecial powers granted to an agent by
his or her
agency
contract
aleatory correct answersa contract in which participating parties
exchange insurance
amounts. unequal contracts are aleatory in that the amount the
insured willispay
premiums in
unequal to the amount the insurer will pay in the
event of a loss
alien insurer correct answersan insurance company that is incorporated
outside the
united
states
annual statement correct answersa detailed financial report that an
must submit
insurance every year to the insurance department of states in which
company
it conducts
busines
s
annuity correct answersa contract that provides income for a specified
period of years
or
life
apparent authority correct answersthe appearance or the assumption of
authority
on basedwords, or deeds of the principal or because of
the actions,
circumstances the
principal
created
applicant correct answersa person making application for, or offering
himself, to
another herself or
be insured under an insurance
contract
application correct answersa document that provides information for
purposes. after the policy is issued, any unanswered questions are
underwriting
considered
by the waived
insurer
assignment correct answersthe transfer of ownership rights of a life
insurance
from one person
policy to
another
attained age correct answersthe age of the insured at a
determined date
attending physicians statement (aps) correct answersa statement usually
obtained
the from
applicants
doctor
authorized (admitted) insurer correct answersan insurance company
licensed
authorized to and
transact business in a
particular state
