Illinois Life & Health Insurance Exam Test Questions with 100%
Verified Answers Graded A
Accelerated Benefits - ANSWER -Riders that permits changes in the face amount,
attached to life insurance policies that allow premium amount, period of protection, and the
death benefits to be used to cover nursing or duration of the premium payment period
convalescent home expenses
adjuster - ANSWER -a representative of an
Accidental death benefits - ANSWER -a insurance company who investigates and acts
policy rider that states that the cause of death will not he behalf of the company to obtain
be analyzed to determine if it complies with the agreements for the amount of the insurance
policy description of accidental death claim
accidental death insurance - ANSWER -an administrator - ANSWER -an individual
insurance policy that provides payment if the appointed by a court as a fiduciary to settle the
insureds death is the result of an accident financial affairs and estate of a deceased person
accumulation period - ANSWER -the time admitted (authorized) insurer - ANSWER -
before an annuitants retirement during which the an insurance company authorized and licensed
annuitant is making payments or investments in to transact business in a particular state
the annuity
adverse selection - ANSWER -the tendency
actual cash value (acv) - ANSWER -the of risks with higher probability of loss to purchase
required amount to pay damages or for property and maintain insurance more often than the risks
loss. This amount is calculated based on the who present lower probability
properties current replacement value minus
depreciation
agency - ANSWER -an insurance sales
office or company
adhesion - ANSWER -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 agent - ANSWER -an individual who is
contract will be settled in favor of the insured licensed to sell, negotiate, or effect insurance
contracts on behalf of the insurer
adjustable life - ANSWER -life insurance
, Illinois Life & Health Insurance Exam Test Questions with 100%
Verified Answers Graded A
agent appointment - ANSWER -the
authorization of an agent to act for or represent
and insurer
applicant - ANSWER -a person making
application for, or offering himself, herself or
another to be insured under an insurance
agents authority - ANSWER -special contract
powers granted to an agent by his or her agency
contract
application - ANSWER -a document that
provides information for underwriting purposes.
aleatory - ANSWER -a contract in which after the policy is issued, any unanswered
participating parties exchange unequal amounts. questions are considered waived by the insurer
insurance contracts are aleatory in that the
amount the insured will pay in premiums is
unequal to the amount the insurer will pay in the
event of a loss assignment - ANSWER -the transfer of
ownership rights of a life insurance policy from
one person to another
alien insurer - ANSWER -an insurance
company that is incorporated outside the united
states attained age - ANSWER -the age of the
insured at a determined date
annual statement - ANSWER -a detailed
financial report that an insurance company must attending physicians statement (aps) -
submit every year to the insurance department of ANSWER -a statement usually obtained
states in which it conducts business from the applicants doctor
annuity - ANSWER -a contract that authorized (admitted) insurer - ANSWER -
provides income for a specified period of years or an insurance company authorized and licensed
life to transact business in a particular state
apparent authority - ANSWER -the avoidance - ANSWER -a method of dealing
appearance or the assumption of authority based with risk by deliberately keeping away form it (ex.
on the actions, words, or deeds of the principal or if a person wanted to avoid the risk of being killed
because of circumstances the principal created in an airplane crash, he or she might choose to
Verified Answers Graded A
Accelerated Benefits - ANSWER -Riders that permits changes in the face amount,
attached to life insurance policies that allow premium amount, period of protection, and the
death benefits to be used to cover nursing or duration of the premium payment period
convalescent home expenses
adjuster - ANSWER -a representative of an
Accidental death benefits - ANSWER -a insurance company who investigates and acts
policy rider that states that the cause of death will not he behalf of the company to obtain
be analyzed to determine if it complies with the agreements for the amount of the insurance
policy description of accidental death claim
accidental death insurance - ANSWER -an administrator - ANSWER -an individual
insurance policy that provides payment if the appointed by a court as a fiduciary to settle the
insureds death is the result of an accident financial affairs and estate of a deceased person
accumulation period - ANSWER -the time admitted (authorized) insurer - ANSWER -
before an annuitants retirement during which the an insurance company authorized and licensed
annuitant is making payments or investments in to transact business in a particular state
the annuity
adverse selection - ANSWER -the tendency
actual cash value (acv) - ANSWER -the of risks with higher probability of loss to purchase
required amount to pay damages or for property and maintain insurance more often than the risks
loss. This amount is calculated based on the who present lower probability
properties current replacement value minus
depreciation
agency - ANSWER -an insurance sales
office or company
adhesion - ANSWER -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 agent - ANSWER -an individual who is
contract will be settled in favor of the insured licensed to sell, negotiate, or effect insurance
contracts on behalf of the insurer
adjustable life - ANSWER -life insurance
, Illinois Life & Health Insurance Exam Test Questions with 100%
Verified Answers Graded A
agent appointment - ANSWER -the
authorization of an agent to act for or represent
and insurer
applicant - ANSWER -a person making
application for, or offering himself, herself or
another to be insured under an insurance
agents authority - ANSWER -special contract
powers granted to an agent by his or her agency
contract
application - ANSWER -a document that
provides information for underwriting purposes.
aleatory - ANSWER -a contract in which after the policy is issued, any unanswered
participating parties exchange unequal amounts. questions are considered waived by the insurer
insurance contracts are aleatory in that the
amount the insured will pay in premiums is
unequal to the amount the insurer will pay in the
event of a loss assignment - ANSWER -the transfer of
ownership rights of a life insurance policy from
one person to another
alien insurer - ANSWER -an insurance
company that is incorporated outside the united
states attained age - ANSWER -the age of the
insured at a determined date
annual statement - ANSWER -a detailed
financial report that an insurance company must attending physicians statement (aps) -
submit every year to the insurance department of ANSWER -a statement usually obtained
states in which it conducts business from the applicants doctor
annuity - ANSWER -a contract that authorized (admitted) insurer - ANSWER -
provides income for a specified period of years or an insurance company authorized and licensed
life to transact business in a particular state
apparent authority - ANSWER -the avoidance - ANSWER -a method of dealing
appearance or the assumption of authority based with risk by deliberately keeping away form it (ex.
on the actions, words, or deeds of the principal or if a person wanted to avoid the risk of being killed
because of circumstances the principal created in an airplane crash, he or she might choose to
