Policy riders, provisions, options, and exclusions Flashcards
1
Q
Activities of daily living
A
A person’s essential activities that include bathing dressing, eating, transferring toileting continents
2
Q
assignment
A
Transfer of rights of policy ownership
3
Q
Consideration
A
Something of value that each party gives to the other
4
Q
Indemnity
A
A principle of reimbursement on which insurance is based; in the event of loss and insure reimburses the insurance or beneficiaries for the loss
5
Q
lump sum
A
Payment of the entire benefit and one sum
6
Q
minor
A
A person under legal age
7
Q
NAIC
A
National Association of insurance commissioners, and organization composed of insurance commissioners from all states and jurisdiction form to resolve insurance regulatory issues.
8
Q
Principal
A
The face value of the policy; the original amount invested before the earnings
9
Q
A
