Glossary Flashcards
Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses
Accelerated Benefits
A policy rider that states that the cause of death willbe analyzed to determine if it complies with the policy description of accidental death
Accidental Death Benefits
An insurance policy that provides payment if the insured’s death is the result of an accident
Accidental Death Insurance
The time before an annuitant’s retirement during which the annuitant is making payments or investments in an annuity
Accumulation Period
The required amount to pay damages or for property loss. This amount is calculated based on the property’s current replacement value minus depreciation.
Actual Cash Value (ACV)
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
Adhesion
Life insurance that permits changes in the face amount, premium amount, period of protection, and the duration of the premium payment period.
Adjustable Life
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.
Adjuster
An individual appointed by a court as a fiduciary to settle the financial affairs and estate of a deceased person
Administrator
An insurance company authorized and licensed to transact business in a particular state.
Admitted (Authorized) Insurer
The tendency of risks with higher probability of loss to purchase and maintain insurance more often than the risks who present lower probability.
Adverse Selection
An insurance sales office or company
Agency
An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the insurer
Agent
The authorization of an agent to act for or represent aninsurer
Agent Appointment
