2024 Life Insurance License Exam (Delaware) Actual Questions and Answers

2024 Life Insurance License Exam (Delaware) Actual Questions and Answers Accelerated Benefits - CORRECT ANSWER-Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits - CORRECT ANSWER-A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Accidental Death Insurance - CORRECT ANSWER-An insurance policy that provides payment if the insured's death is the result of an accident. Accumulation Period - CORRECT ANSWER-The time before an annuitant's retirement during which the annuitant is making payments or investments in an annuity. Actual Cash Value (ACV) - CORRECT ANSWER-The required amount to pay damages or for property loss. This amount is calculated based on the property's current replacement value minus depreciation. Adhesion - CORRECT ANSWER-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. Adjustable Life - CORRECT ANSWER-Life insurance that permits changes in the face amount, premium amount, period of protection, and the duration of the premium payment period. Adjuster - CORRECT ANSWER-A representative of an insurance company who investigated and acts on the behalf of the company to obtain agreements for the amount of the insurance claim. Administrator - CORRECT ANSWER-An individual appointed by a court as a fiduciary to settle the financial affairs and estate of a deceased person. Admitted (Authorized) Insurer - CORRECT ANSWER-An insurance company authorized and licensed to transact business in a particular state. Adverse Selection - CORRECT ANSWER-The tendency of risks with higher probability of loss to purchase and maintain insurance more often than the risks who present lower probability. Agency - CORRECT ANSWER-An insurance sales office or company. Agent - CORRECT ANSWER-An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the insurer.