Insurance Exam FX questions with correct answers

Insurance Exam FX questions with |\ |\ |\ |\ |\




correct answers |\




Accelerated benefits - CORRECT ANSWERS ✔✔riders attached to |\ |\ |\ |\ |\ |\ |\ |\


life insurance policies which allow death benefits to be used to
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cover nursing or convalescent home expenses
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accident - CORRECT ANSWERS ✔✔an unplanned, unforeseen
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event which occurs suddenly at an unspecified place
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Accidental Death and Dismemberment - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\


✔✔an insurance policy which pays a specified amount or a
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specified multiple of the insured's benefits if the insured dies,
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loses sight, or loses two limbs
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accidental death benefits - CORRECT ANSWERS ✔✔a policy rider
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that states that the cause of death will be analyzed to determine
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if it complies with the policy description of accidental death
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accumulation period - CORRECT ANSWERS ✔✔the time over |\ |\ |\ |\ |\ |\ |\ |\


which the annuitant makes payments or investments in an
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annuity, and when those payments earn interest tax deferred
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actual cash value - CORRECT ANSWERS ✔✔the required amount
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to pay damages or for property loss
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,actual charge - CORRECT ANSWERS ✔✔the amount a physician
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or supplier actually bills for a particular service or supply
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actuary - CORRECT ANSWERS ✔✔a person trained in the
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technical aspects of insurance and related fields, particularly in
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the mathematics of insurance; a person who determines the
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mathematical probability of loss |\ |\ |\




adhesion - CORRECT ANSWERS ✔✔a contract offered on a "take it
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or leave it" basis by an insurer, in which insured's options are to
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accept or reject |\ |\




adjustable life - CORRECT ANSWERS ✔✔life insurance which |\ |\ |\ |\ |\ |\ |\ |\


permits changes in the face amount, premium amount, period of
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protection, and the duration of the premium payment period |\ |\ |\ |\ |\ |\ |\ |\




adjuster - CORRECT ANSWERS ✔✔a representative of an
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insurance company who investigates and acts on the behalf of
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the company to obtain agreements for the amount of the
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insurance claim |\




administrator - CORRECT ANSWERS ✔✔an individual appointed |\ |\ |\ |\ |\ |\ |\


by a court as a fiduciary to settle the financial affairs and estate
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of a deceased person
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adverse selection - CORRECT ANSWERS ✔✔the tendency of risks
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with higher probability of loss to purchase and maintain
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insurance more often than the risks who present lower probability
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, agent - CORRECT ANSWERS ✔✔an individual who is licensed to
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sell, negotiate, or effet insurance contracts on behalf of an
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insurer


aleatory - CORRECT ANSWERS ✔✔a contract in which
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participating parties exchange unequal amounts |\ |\ |\ |\




alien insurer - CORRECT ANSWERS ✔✔am insurance company
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that is incorporated outside of the united states
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ancillary - CORRECT ANSWERS ✔✔additional services provided by
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a hospital such as x-rays but not hospital room and board
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expenses


annuity - CORRECT ANSWERS ✔✔a contract that provides income
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for a specified period of years, or for life
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apparent authority - CORRECT ANSWERS ✔✔the appearance or
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the assumption of authority based on the actions, words, or
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deeds of the principal or because of circumstances the principal
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created


application - CORRECT ANSWERS ✔✔a document that provides |\ |\ |\ |\ |\ |\ |\ |\


information for underwriting purposes |\ |\ |\




approved amount - CORRECT ANSWERS ✔✔the amount Medicare
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determines to be reasonable for a service that is covered under |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


part B of Medicare
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