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Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses
Accidental Death Benefits
A policy rider that states that the cause of death will be analyzed to determine if it complies witht he policy description of accidental death
Accidental Death Insurance
An insurance policy that provides payment if the insured's death is the result of an accident
Aquired Immunodeficiency Syndrome (AIDS)
An infections and incurable disease caused by the human immunodeficiency virus (HIV)
Acutal Cash Value (ACV)
The required amount to pay damages or for property loss. This amount is calculated based on theproperty's current replacement value minus depreciation
A person trained in the technical aspects of insurance and related fields, particularly in the mathematics of insurnance; a person who, on behalf of the company, determines the mathematical probability of loss
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
Life insurance which permits changes in teh face amount, premium period of protection, and the duration of the premium payment period
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
An individual appointed by a court as a fiduciary to settle the financial affairs and state of a deceased person
Admitted (Authorized) Insurer
An insurance company authorized and licensed to transact business in a particular state
Adult Day Care
A program for impaired adults that attempts to meet their health, social, and functional needs to a setting away from their homes
The tendency of risks with highter probablility of loss topurchase and maintain insurance more often than the risks who present lower probability
A contract in which particpating parties exchange unequal amounts. Insurance contracts are aleatory in that the amout the insured will pay in permiums is unequal to the amount the insurer will pay in the event of a loss.
A disease that causes the victim to become dysfunctional due to degeneration of brain cells and severe memory loss
Additional, miscellaneous services provided by a hospital, such as x-rays, anesthesia, and lab work, but not hospital room and board expenses
A detailed financial report that an insurance company must submit every year to the isnurance department of state(s) in which it conducts business
The appearance or the assumption of authoirty based ont eh actions, words, or deeds of the pricipal or because of circumstances the princiapl created
A person amking application for, or offering him/herself or another to be insured under an insurance contract
A docuemtn that provides information for underwriting purposes. After the policy is issued, any unanswered questions are considered waived by the insurer
Authorized (Admitted) Insurer
An insurance company authorized and licensed to transact business ina particular state
A method of dealing with risk by deliberately keeping away from it (i.e. if a person wanted to avoide the risk of being killed in an airplan crash, he/she might choose never to fly in a plane
a fee charged at the time of a sale, transfer or withdrawal from an annuity or a life insurance policy
A ledger or proposal used in the sale of a life insurance policy that shows both guaranteed and nonguaranteed elements
Binder (Binding Receipt)
A temporarycontract aht puts an insurance policy into force before the premium has been paid
The method of determining primary coverage for a dependent child under which the plan of the parent whose birthday occurs first in the caledar year is designated as primary
An individual who represents an insured in the process of purchasing and negotiating a contract of insurance
A legal contract that determines what will be done with a business in the event that an owner dies or becomes disabled
A booklet that describes insurance policies and concepts, and provides general information to help an applicant make an informed decision
The amount to which a policy owners is entitled if the policy is surrendered before maturity
A statement or booklet that confirms that a policy has been written and that describes the coverage in general
Certificate of Authority
A document that authorized a company to start conducting business and specifies the kind(s) of insurance a company can transact. it is illegal for an insurance company to transact insurance without this certificate
Certificate of Insurance
A legal docuemtn that indicates that an insurance policy has been issued, and that state both the amounts and types of insurance provided
An unfair trade preactice in which an agent uses physcial or mental force with the intent of inducing an applicant to purchase insurance
A provision that states that the insurer and the insured will share the losses covereed by the policy in a proportion agreed upon in advance
A practice in which a person in a fiduciary capacity illegally mixes his/her personal funds with funds he/she is holding in trust
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