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MD INSURANCE EXAM – LIFE
QUESTIONS AND ANSWERS
Accelrated Benefits - correct answer- Riders attached to life
insurance policies which allow death benefits to be used to
cover nursing or convalescent home expenses
Accidental Death Benefits - correct answer- A policy rider that
states that the cause of death will be analyzed to determine if it
complies witht he policy description of accidental death
Accumulation Period - correct answer- The time before an
annuitant's retirement during which the annuitant is making
Accidental Death Insurance - correct answer- An insurance
policy that provides payment if the insured's death is the result
of an accident
Aquired Immunodeficiency Syndrome (AIDS) - correct answer-
An infections and incurable disease caused by the human
immunodeficiency virus (HIV)
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Acutal Cash Value (ACV) - correct answer- The required
amount to pay damages or for property loss. This amount is
calculated based on theproperty's current replacement value
minus depreciation
Actuary - correct answer- A person trained in the technical
aspects of insurance and related fields, particularly in the
mathematics of insurnance; a person who, on behalf of the
company, determines the mathematical probability of loss
Adhesion - correct 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 - correct answer- Life insurance which permits
changes in teh face amount, premium period of protection, and
the duration of the premium payment period
Adjuster - correct answer- A representative of an insurance
company who investigates and acts on the behalf of the
company to obtain agreements for the amount of the insurance
claim
MD INSURANCE EXAM – LIFE
QUESTIONS AND ANSWERS
Accelrated Benefits - correct answer- Riders attached to life
insurance policies which allow death benefits to be used to
cover nursing or convalescent home expenses
Accidental Death Benefits - correct answer- A policy rider that
states that the cause of death will be analyzed to determine if it
complies witht he policy description of accidental death
Accumulation Period - correct answer- The time before an
annuitant's retirement during which the annuitant is making
Accidental Death Insurance - correct answer- An insurance
policy that provides payment if the insured's death is the result
of an accident
Aquired Immunodeficiency Syndrome (AIDS) - correct answer-
An infections and incurable disease caused by the human
immunodeficiency virus (HIV)
, 2 | Page
Acutal Cash Value (ACV) - correct answer- The required
amount to pay damages or for property loss. This amount is
calculated based on theproperty's current replacement value
minus depreciation
Actuary - correct answer- A person trained in the technical
aspects of insurance and related fields, particularly in the
mathematics of insurnance; a person who, on behalf of the
company, determines the mathematical probability of loss
Adhesion - correct 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 - correct answer- Life insurance which permits
changes in teh face amount, premium period of protection, and
the duration of the premium payment period
Adjuster - correct answer- A representative of an insurance
company who investigates and acts on the behalf of the
company to obtain agreements for the amount of the insurance
claim
