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MI Pre-Insurance Lic

A-B = Vocabulary Words

Absolute Assignment A type of policy assignment under which the assignee (person to whom the policy is assigned) receives full control over the policy and also full rights to its benefitsd. AKA - Permanent Assignment
Accelerated Benefits Rider A life insurance rider that allows for early payment of some portion of the policy's face amount should the insured suffer from a terminal illness or injury.
Acceptance One party's agreement to the offer of another party. With an insurance contract, acceptance usually takes place when the policy is issued.
Accident An unforeseen, unexpected and unintended event that results in bodily injury.
Accident & Health Insurance An insurance policy under which benefits are payable in case of illness or accident. AKA - Health Insurance
Accidental Death and Dismemberment (AD&D) A policy that provides payment if the insured dies from an accident, accidentally severs a limb or accidentally and permanently loses eyesight.
Accidental Death Benefit Rider A life insurance policy rider that provides for an additional death benefit if the insured dies by reason of accident. Sometimes called a "double indemnity" rider.
Accumulation of Interest A dividend option that leaves the policy dividends with the insurance company to invest and earn interest.
Accumulation Period With an annuity, it is the period of time, usually before retirement and withdrawals, that the annuitant is paying premium that accumulates interest tax-deferred.
Activities of Daily Living (ADLs) A long term care policy will use these activities (bathing, dressing, eating, mobility, etc) as a assess dependency. guide to
Actuary Mathematician hired by an insurance company to apply probabilities and statistical analysis to risks and premiums.
Acute Illness A serious and life threatening condition which requires immediate and proper medical attention.
Adjustable Life Insurance a policy that allows changes or adjustments to the policy face amount, the amount of premium, the period of protection and the type of coverage (term or whole life).
Adjuster An insurance company representative who seeks to determine the extent of the company's liability when a claim is submitted.
Adverse Selection The tendency of insureds who present a higher probability of loss to purchase or renew insurance more often than those who present a lower probability of loss. Insurer views as "anti-selection", i.e. not in the best interests of the company.
Agent A person licensed by the state insurance authority to sell insurance products. Represents the insurance company in all transactions
Agreement One party's offer is accepted by another party. Both parties agree to the terms of the contract.
Aleatory A contract condition where one party may obtain greater value under the agreement than the other party. An insurance contract has this "chance" or possibly unequal element.
Alien Insurer An insurance company organized and incorporated outside the US; organized under laws of a foreign nation.
Ambulatory Surgery Performed on an outpatient basis.
Annually Renewable Term (ART) A type of term insurance that provides coverage for one year, then automatically renews at the end of the policy year for another year without evidence of insurability.
Annuitant A person whose life is measured for the annuity contract. Typically they will receive monthly income payments for life
Annuity A contract offered by the life insurance industry that provides stipulated payments at regular intervals (monthly, ect) for lifetime of annuitant or spec. length of time.
Any Occupation The insured is unable to perform any job they would reasonably be suited to do (education, training or work experience) - to receive disability income benefits.
Applicant the person applying for the insurance policy who could also be the insured and/or policy owner.
Application A form supplied by the insurance co., completed by the agent, answers given by applicant. Signed by agent & Applicant. Submitted to insurance co.
Assignment The legal transfer of a policy owner's rights in an insurance policy to another party.
Attained Age The current or present age of the insured.
Automatic Premium Loan Provision A stipulation that authorizes the insurance company to pay any defaulted premium from the cash value of a life policy. Treated as a policy loan.
Aviation Clause A limitation or exclusion of coverage for private aircraft. Fare-paying passengers and commercial crewmembers do not have this exclusion in their life policies.
Basic Hospital Expense A health insurance policy that only covers room & board if there's an overnight stay & misc. expenses (labs, xrays), that occur because of the stay. 1st dollar benefits by the insurer, low coverage limits.
Basic Medical Expense A health insurance policy that only covers outpatient physician services & procedures. 1st dollar benefits by the insurer, low coverage limits.
Beneficiary The recipient of a life or accident policy payable upon the death of the insured.
Blackout Period A period of time when SS survivor benefits are not available to the surviving spouse and/or children.
Blue Cross Service organization that geographically provides protection against the cost of hospitalization. Benefits paid directly to participating hospitals
Basic Surgical Expense A health insurance policy that only covers surgeries, surgeons & anesthesiologists. Provides 1st dollar benefits by the insurer, low coverage limits.
Blanket Policy A policy that covers a number of insureds, exposed to the same hazards or risks, such as members of an athletic team or campers.
Blue Shield Service organization that geographically provides protection against the cost of surgeries and other medical care. Pays benefits directly to the participating medical providers.
Broker Person licensed by the state insurance authority to sell insurance products. Represents the client & places business among various insurance companies.
Business Continuation Plan An arrangement among business partners or owners that provides for the continuation of the business in the event of death or disability of one of the owners.
Business Health Insurance A policy purchased and owned by a business to indemnify the business in case of disability or sickness of a key employee.
Business Overhead Expense Insurance Specialized use of disability income insurance that pays routine, necessary overhead expenses of business if the business owner becomes disabled.
Buy-Sell Agreement A business continuation plan - gives a remaining business owner -predetermined legal right to purchase a deceased owner's interest at a predetermined price. Proceeds to purchase the deceased owner's interest come from a life insurance policy.
Created by: Rosemj42
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