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20 Cards in this Set
- Front
- Back
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The required amount to pay damages or for property loss. This amount is calculated based on the property's current replacement value minus depreciation.
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Actual Cash Value (ACV)
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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.
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Actuary
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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.
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Adhesion
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Life insurance which permits changes in the face amount, premium amount, period of protection, and the duration of the premium payment period
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Adjustable Life
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A represenatitive 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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Adjuster
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An individual appointed by a court as a fiduciary to settle the financial affairs and estate of a deceased person.
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Administrator
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An insurance company authorized and licensed to transact business in a particular state.
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Admittted (authorized) insurer
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A program for impaired adults that attempts to meet their health, social, and functional needs in a setting away from their homes
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Adult Day Care
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The tendency of risks with higher probability of loss to purchase and maintain insurance more often than the risks who present lower probability.
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Adverse Selection
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an insurance sales office or company
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Agency
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An individual who is licensed to sell, negotiate or effect insurance contracts on behalf of the insurer.
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Agent
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Special powers granted to an agent by his or her agency contract
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Agent's authority
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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.
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Aleatory
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An insurance company that is incorporated outside the United States
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Alien Insurer
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A disease that causes the victim to become dysfunctional due to degeneration of the brain cells and severe memory loss
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Alzheimer's Disease
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A detailed financial report that an insurance company must submit every year to the insurance department of state(s) in which it conducts business.
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Annual Statement
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A contract that provides income for a specified period of years, or for life.
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Annuity
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The appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal is created
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Apparent Authority
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A person making application for, or offering him/herself or another to be insured under an insurance contract.
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Applicant
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a document that provides information for underwriting purposes. after the policy is issued, any unanswered questions are considered waived by the insurer.
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Application
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