State Farm 2024 with Verified Solutions

State Farm 2024 with Verified Solutions Absolute Assignment - Answer -Policy assignment when assignee receives full control over the policy and full rights to its benefits. Accelerated benefits rider - Answer -Life insurance rider that allow for early payment of some portion of policy's face amount, should the insured suffer from terminal illness/injury. adhesion - Answer -Contract must be accepted by the insured exactly as it is written by the insurer. Terms of contract cannot be negotiated. Contract is offered on a take it or leave it basis. admitted insurer - Answer -An insurance company that has been approved to operate within a given jurisdiction. accidental death benefit rider - Answer -Life insurance policy rider providing for payment of an additional benefit when death occurs by accidental means. adjustable life - Answer -Policy allows the policymaker to adjust the policy's face amount, premium, and type of protection without having to complete a new application or any additional underwriting. agents (producer) report - Answer -Section of an insurance application where the agent, details personal observations about the applicant. annually renewable term (ART) - Answer -A form of renewable term insurance that provides coverage for one year and allows policyowner to renew coverage each year, without evidence of insurability. apparent authority - Answer -The insured believes the agent has authority to act based on actions, words or deeds of the agent. Even though the agent may not have been granted such authority by the insurer, they will be held liable for the actions of the agent. automatic premium loan provision - Answer -Authorizes the insurer to automatically pay any premium in default at the end of the grace period. The premium owed plus interest charged is deducted from the policy's cash value. beneficiary - Answer -Person to whom the proceeds of a life or accident policy are payable when the insured dies. annuitant - Answer -One to whom an annuity is payable, or a person upon the continuance of whose life further payment depends. attained age - Answer -With reference to an insured, the current insurance age.