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43 Cards in this Set
- Front
- Back
Accelerated Benefits |
Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses |
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Accident Insurance |
A type of insurance that protects the insured against loss due to accidental bodily injury |
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accidental bodily injury |
Unplanned, unforeseen traumatic injury to the body. |
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Accidental Death and & Dismemberment (AD&D) |
An insurance policy which pays a specific amount or a specified multiple of the insured's benefits if the insured dies, or loses his/her sight, or loses teo limbs in an accident
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Accidental Death Insurance |
An insurance rider that states that the cause of death will be analyzed to determine if ir complies with the policy with policy description of accidental death. |
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Accidental Death Insurance |
an insurance policy that provides payment is the insured's death is the result of an accident. |
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accumulation period |
The time over which the annuitant makes payments or investment in an annuity and whebn those payments earn interest tax differed. |
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Acquired Immunodeficiency Syndrome (AIDS) |
An infectious and incurable disease caused by the human immunodeficiency virus |
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Activities of Daily Living (ADLs) |
Activities individuals must do every day such as moving about, getting dressed, eating, bathing, ETC |
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Actual Cash Value (ACV) |
The required amount to pay damages or for property loss, which is calculated based on the property's current replacement value minus depreciation.
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Actual Charge |
The amount a physician or supplier actually bills for a particular service or supply. |
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Actuary |
A person trained in the technical aspect of insurance and the related fields, particularly in the mathematics of insurance; a person who, on behalf of the company of the company, determines the mathematical probability of loss |
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Adhesion |
A contract offered on a "take-it or leave-it" basis by the insurer, in which the insured's only option is to accept or reject the contract. An ambiguities in the contract will be settled in favor of the insured. |
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Adjustable life |
Life insurance which permits changes in the face value, premium amount, period of protection, and the duration of the premium payment period |
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Adjuster |
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 |
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Administrator |
An individual appointed by a court as a fiduciary to settle the financial affairs and estate of the deceased person |
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Admitted insurer authorized |
An insurance company authorized and licensed to transact business in a particular state |
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Adult Day Care |
A program for impaired adults that account to meet their Health social and functional needs in a setting away from their homes |
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Adverse selection |
The tendency the risks with higher probability of loss to purchase and maintain Insurance more often than their risks who presents lower probability |
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Agency |
Insurance sales office or company |
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Agent |
An individual who is licensed to sell, negotiate or affect insurance contracts on the behalf of the insurer |
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Agents Authority |
Special powers granted to an agent by his or her agency contract |
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Aleatory |
A contract in which participating parties exchange unequal amounts, insurance contracts are aleatory in the amount the insured will pay in premiums in an equal to the amount the insurer will pay in the event of a loss |
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Alien insurer |
An insurance company that is incorporated outside the United States |
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Alzheimers disease |
A disease that causes the victim to become dysfunctional due to the degeneration of brain cells causing severe memory loss |
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Ancillary |
Additional, miscellaneous Services provided by a hospital, such as X-rays, and it's Gigi, and lab work, but not for hospital room and board expenses |
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Annual statement |
A detailed Financial reports an insurance company must submit every year to the insurance Department of State or states in which it conducts business |
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Annuity |
A contract that provides income for a specified period of years or for life |
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Apparent Authority |
The insurance or the Assumption of authority based on the actions, words, or deeds of the principal or because of the circumstances the principal created |
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Applicant |
A person making application for, we're offering him or herself or another to be insured under the insurance contract |
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Application |
A document that provides information for underwriting purposes. After the policy is issued, any unanswered questions are considered waived by the insured. |
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Approved amount |
The amount Medicare determines to be reasonable for a service that is covered under Part B of Medicare |
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Assignment life |
The transfer of ownership rights of a life insurance policy from one person to another |
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Assignment health |
A claim to a provider or medical supplier to receive payments directly from Medicare |
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Attained age |
The age of the insured at a determined date |
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Attending Physician's statement or APS |
A statement usually a change from the applicants Dr |
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Authorized or admitted insurer |
An insurance company authorized and licensed to transact business in a particular state |
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Avoidance |
A message of dealing with Risk by deliberately keeping away from it |
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Back end load |
A fee charged at the time of sale, transfer ware withdrawal from an annuity or life insurance policy |
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Basic Hospital expense insurance |
Coverage that provides benefits for room, bored and miscellaneous Hospital expenses for a certain number of days during Hospital stay |
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Basic illustration |
A letter word proposal used in the sale of life insurance policy that shows both guaranteed and not guaranteed elements |
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Basic medical expense insurance |
Coverage for doctor's visits, x-rays, lab tests and emergency room visits benefits however are limited to specify dollar |
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Beneficiary |
The person who receives the proceeds from the policy when the insured dies |