Arkansas Life Insurance Exam Questions and Answers 100% Pass

Arkansas Life Insurance Exam Questions and Answers 100% Pass Accelerated 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 with the policy description of accidental death. Accidental Death Insurance - Correct Answer ️️ -An insurance policy that provides payment if the insured's death is the result of an accident. Accumulation Period - Correct Answer ️️ -The time before an annuitant's retirement during which the annuitant is making payments or investments in an annuity Acquired Immunodeficiency Syndrome (AIDS) - Correct Answer ️️ -An infectious and incurable disease caused by the human immunodeficiency virus (HIV). Actual Cash Value (ACV) - Correct Answer ️️ -The required amount to pay damages or for property loss. This amount is calculated based on the property'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 insurance; 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 the face amount, premium amount, 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. Administrator - Correct Answer ️️ -An individual appointed by a court as a fiduciary to settle the financial affairs and estate of a deceased person. Admitted (Authorized) Insurer - Correct Answer ️️ -An insurance company authorized and licensed to transact business in a particular state. Adult Day Care - Correct Answer ️️ -A program for impaired adults that attempts to meet their health, social, and functional needs in a setting away from their homes. Adverse Selection - Correct Answer ️️ -The tendency of risks with higher probability of loss to purchase and maintain insurance more often than the risks who present lower probability. Agency - Correct Answer ️️ -An insurance sales office or company. Agent - Correct Answer ️️ -An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the insurer. Agent's Authority - Correct Answer ️️ -Special powers granted to an agent by his or her agency contract. Aleatory - Correct Answer ️️ -A contract in which participating parties exchange unequal amounts. 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. Alien Insurer - Correct Answer ️️ -An insurance company that i