MICHIGHAN LIFE ANDHEALTH INSURANCE EXAM COMPLETE WITH QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS)2024

activities of daily living (ADLs) - ANSWERS,Activities individuals must do every day such as moving about, getting dressed, eating, bathing, etc. Actual Cash Value (ACV) - ANSWERS,The required amount to pay damages or for property loss, which is calculated based on the property's current replacement value minus depreciation. Actual Charge - ANSWERS,The amount a physician or supplier actually bills for a particular service or supply. Actuary - ANSWERS,Person trained in the technical aspects of insurance and related feels particularly in the mathematics of insurance person who on behalf of the company determines the mathematical probability of loss Adhesion - ANSWERS,A contract offered on a take it, or leave it basis by an insurer in which the insured only option is to accept or reject contract. Any ambiguities in the contract will be settled in favor of the insured. Adjustable Life - ANSWERS,Life insurance which permits changes in the face amount, premium amount, period of protection, and the duration of the premium payment period. Adjuster - ANSWERS,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. administrator - ANSWERS,An individual appointed by court as a fiduciary to settle the financial affairs and estate of a deceased person Admitted (Authorized) Insurer - ANSWERS,An insurance company authorized and licensed to transact business in a particular state. Adult daycare - ANSWERS,A program for impaired adults, that attempts to meet their health social, and Functional needs and setting away from their homes Adverse Selection - ANSWERS,The tendencies of risk, with higher probability of lost purchase, and maintain insurance more often than the rest to present lower probability agency - ANSWERS,An insurance sales officer company Agent - ANSWERS,An individual who is licensed to sell, negotiate or effect insurance contracts on behalf of the insurer Agent's Authority - ANSWERS,Special powers granted to an agent by his or her agency contract. aleatory - ANSWERS,A contract in which participating parties exchange on equal amounts. Insurance contracts are aleatory in that the amount that the insured will pay, the premiums is an equal to the amount of the insurer will pay in the back Alien Insurer - ANSWERS,An insurance company that is incorporated outside the United States. Alzheimer's disease - ANSWERS,A disease that causes the victim to become dysfunctional due to the degeneration of brain cells, causing severe memory loss ancillary - ANSWERS,Additional miscellaneous services provided by a hospital such as x-rays anesthesia lab work, but do not hospital room and board expenses Annual Statement - ANSWERS,Detailed financial report, the insurance company must submit every year to the insurance department of state in which it conducts business annuity - ANSWERS,A contract that provides income for a specified Period of years or for life Apparent Authority - ANSWERS,The appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. applicant - ANSWERS,A person making application for, or offering him/herself or another to be insured under an insurance contract application - ANSWERS,A document that provides information for underwriting purposes. After the policy is issued, any unanswered questions are considered waived by