KANSAS INSURANCE
- ANS-
"Original Medicare" - ANS-Term used to describe the authentic Medicare program, which
includes Parts A and B.
Medicare insurance is divided into four parts (A, B, C, and D). Parts A and B, nonetheless
known as "Original Medicare," paintings in tandem to provide whole medical care insurance that
is concern to deductibles and coinsurance (similar to a repayment insurance coverage).
10-Year Certain and Life Annuity Income Option - ANS-An annuity payment choice that offers
assured income for the lifestyles of a unmarried annuitant, with bills assured for 10 years.
With a period positive and lifestyles annuity profits choice, income payments continue to the
beneficiary if the annuitant dies earlier than the end of the guarantee duration. Guaranteed
periods of 10 years, 15 years, and 20 years are the maximum commonplace.
Absolute Assignment and Collateral Assignment - ANS-The methods in which a lifestyles
insurance policyowner might also transfer coverage ownership to another birthday celebration.
A coverage may be assigned handiest if the cutting-edge beneficiary designation is revocable
(not irrevocable). The varieties of assignments are:
absolute task (efficiently full and permanent possession switch)
collateral assignment (partial transient switch, i.E., loan collateral)
Accelerated Benefit Rider - ANS-This rider permits an insured struggling a terminal illness to get
entry to a portion of the life policy's loss of life gain at the same time as alive.
Also to be had via a policy provision, the typical improved benefit rider allows up to 50
percentage of the death advantage to be available to the eligible insured, although some
guidelines permit as much as 100 percent. This money can be used for any cause.
Accidental Death and Dismemberment (AD&D) Insurance - ANS-A form of medical insurance
that provides a lump sum gain if the insured suffers an coincidence resulting in demise or
dismemberment.
,While it could be sold as a separate policy, AD&D coverage is generally provided through a
lifestyles or DI insurance coverage rider.
Accidental Death Benefit (ADB) Rider - ANS-This lifestyles coverage rider presents additional
death gain coverage if the insured dies due to an coincidence.
An ADB rider will pay its gain best if loss of life is an immediate end result of an coincidence.
Death on account of contamination, physical disability, or a self-inflicted wound does now not
qualify for the additional advantage. Also, the death ought to occur within a said duration
following the twist of fate, consisting of 60 or 90 days.
Activities of Daily Living (ADL) - ANS-Common features of daily existence. Difficulties in
performing them can trigger LTC coverage blessings.
Six commonplace sports of each day living:•dressing
•ingesting
•shifting (shifting from a bed to a chair, for example)
•bathing
•toileting
•continence
AD&D Insurance - ANS-A sort of restricted danger medical health insurance that can pay
benefits inside the event of unintentional demise or dismemberment.
Accidental death and dismemberment (AD&D) coverage, which is to be had as an person policy,
a collection coverage policy, or as a rider to some different shape of insurance, presents two
forms of gain:•primary sum, payable in the event of an unintended loss of life
•capital sum, a percentage of the principal sum payable in the event of accidental
dismemberment
Adjustable Life Insurance - ANS-This first of the brand new generation of bendy permanent
lifestyles coverage merchandise we could the policyowner alter the coverage by means of
changing the top rate, face quantity, or coverage time period.
Change requests ought to be officially supplied to the insurer, which then amends the coverage.
Whichever policy component the policyowner adjusts (premium, face amount, or coverage time
,period), the effect is generally felt throughout different factors. For example, adjusting the top
class will likely result in a trade inside the face amount and/or insurance term.
Admitted Insurer - ANS-An insurer that has a certificates of authority in a given kingdom is said
to be an___________ insurer in that state.
A non-admitted insurer is a legitimate company that does not keep a certificates of authority in a
selected country.
Agents vs. Brokers - ANS-Two simple varieties of coverage manufacturer: an ______
represents a single insurer and a _____ sells guidelines from more than one insurers.
Insurance companies may use either of two sorts of representatives to promote their coverage
products: sellers (who promote only that agency's merchandise) and brokers (independent
producers who sell insurance products for a number of one-of-a-kind corporations). The term
producer refers to each types.
Annuitant - ANS-The person upon whose life an annuity's payout is primarily based, in terms of
both the charge quantity and length.
The annuitant may also be the recipient of the annuity bills, but that is a decision for the annuity
owner to make. While the owner can pick out any natural person as the annuitant, in maximum
instances, the annuitant and the owner are the identical individual.
Annuitization - ANS-The process via which a amount of cash is converted into periodic
payments through an annuity contract.
Different for each age and annuity income alternative, annuity buy prices are described in terms
of earnings greenbacks in step with $1,000 of accumulation. For instance, a fee of
$four.Seventy five and a lump sum of $100,000 produces $475 of month-to-month earnings.
Annuity - ANS-An coverage settlement between someone and an insurer to distribute an
accrued amount of cash over a sure length, inclusive of the individual's lifetime.
Annuities come in many forms, but all of them have two common purposes:
to accumulate cash on a tax-deferred foundation
to distribute the accrued cash as earnings in a assured amount for a assured length (which
include the annuitant's life)
Annuity Beneficiary - ANS-The man or woman the annuity proprietor chooses to acquire the
annuity contract's values if both the owner or the annuitant dies before annuitization.
, The beneficiary may be the annuitant (assuming the annuitant and owner are two exclusive
human beings). When it comes to beneficiaries, there are two sorts of annuity contracts:
annuitant-pushed and proprietor-driven.
Annuity sure payout alternatives - ANS-fixed period, constant quantity
Any Occ Total Disability - ANS-Definition of general disability that requires the disabled insured
to be unable to carry out any process for which he or she is qualified that allows you to qualify
for blessings.
The any career (or any occ) definition of overall disability is extra restrictive for the insured (and
for this reason much less appealing than the very own occ definition). Disability products
marketed to blue-collar people generally use an any profession definition of total incapacity.
Attending Physician's Statement (APS) - ANS-A health practitioner's record, requested by using
an underwriter, that gives particular statistics on a specific circumstance for which the health
practitioner handled the applicant.
An APS is requested if the applicant has been dealt with for a clinical circumstance for which the
underwriter wishes extra facts earlier than approving an software for coverage.
Automatic Premium Loan (APL) Provision - ANS-This non-obligatory policy provision prevents a
whole lifestyles policy from lapsing by way of directing the insurer to pay overdue rates via a
coverage loan.
The APL provision authorizes the insurer to pay a coverage's late premium thru a coverage loan
at the cease of the grace period. The top rate mortgage is then dealt with like every other policy
loan.
Backdating - ANS-This term refers to setting a date on a life insurance utility that is earlier than
its actual date finishing touch as a way to acquire a decrease premium.
Also called saving age, backdating an software to before the insured's remaining birthday is
supposed to bring about a lower top rate. The maximum backdate length allowed is generally
six months, and beyond premiums need to be paid with the utility.
Backdating Applications - ANS-Dating an software with a beyond date so that the insured's age
is lower, thus qualifying for a lower premium.
- ANS-
"Original Medicare" - ANS-Term used to describe the authentic Medicare program, which
includes Parts A and B.
Medicare insurance is divided into four parts (A, B, C, and D). Parts A and B, nonetheless
known as "Original Medicare," paintings in tandem to provide whole medical care insurance that
is concern to deductibles and coinsurance (similar to a repayment insurance coverage).
10-Year Certain and Life Annuity Income Option - ANS-An annuity payment choice that offers
assured income for the lifestyles of a unmarried annuitant, with bills assured for 10 years.
With a period positive and lifestyles annuity profits choice, income payments continue to the
beneficiary if the annuitant dies earlier than the end of the guarantee duration. Guaranteed
periods of 10 years, 15 years, and 20 years are the maximum commonplace.
Absolute Assignment and Collateral Assignment - ANS-The methods in which a lifestyles
insurance policyowner might also transfer coverage ownership to another birthday celebration.
A coverage may be assigned handiest if the cutting-edge beneficiary designation is revocable
(not irrevocable). The varieties of assignments are:
absolute task (efficiently full and permanent possession switch)
collateral assignment (partial transient switch, i.E., loan collateral)
Accelerated Benefit Rider - ANS-This rider permits an insured struggling a terminal illness to get
entry to a portion of the life policy's loss of life gain at the same time as alive.
Also to be had via a policy provision, the typical improved benefit rider allows up to 50
percentage of the death advantage to be available to the eligible insured, although some
guidelines permit as much as 100 percent. This money can be used for any cause.
Accidental Death and Dismemberment (AD&D) Insurance - ANS-A form of medical insurance
that provides a lump sum gain if the insured suffers an coincidence resulting in demise or
dismemberment.
,While it could be sold as a separate policy, AD&D coverage is generally provided through a
lifestyles or DI insurance coverage rider.
Accidental Death Benefit (ADB) Rider - ANS-This lifestyles coverage rider presents additional
death gain coverage if the insured dies due to an coincidence.
An ADB rider will pay its gain best if loss of life is an immediate end result of an coincidence.
Death on account of contamination, physical disability, or a self-inflicted wound does now not
qualify for the additional advantage. Also, the death ought to occur within a said duration
following the twist of fate, consisting of 60 or 90 days.
Activities of Daily Living (ADL) - ANS-Common features of daily existence. Difficulties in
performing them can trigger LTC coverage blessings.
Six commonplace sports of each day living:•dressing
•ingesting
•shifting (shifting from a bed to a chair, for example)
•bathing
•toileting
•continence
AD&D Insurance - ANS-A sort of restricted danger medical health insurance that can pay
benefits inside the event of unintentional demise or dismemberment.
Accidental death and dismemberment (AD&D) coverage, which is to be had as an person policy,
a collection coverage policy, or as a rider to some different shape of insurance, presents two
forms of gain:•primary sum, payable in the event of an unintended loss of life
•capital sum, a percentage of the principal sum payable in the event of accidental
dismemberment
Adjustable Life Insurance - ANS-This first of the brand new generation of bendy permanent
lifestyles coverage merchandise we could the policyowner alter the coverage by means of
changing the top rate, face quantity, or coverage time period.
Change requests ought to be officially supplied to the insurer, which then amends the coverage.
Whichever policy component the policyowner adjusts (premium, face amount, or coverage time
,period), the effect is generally felt throughout different factors. For example, adjusting the top
class will likely result in a trade inside the face amount and/or insurance term.
Admitted Insurer - ANS-An insurer that has a certificates of authority in a given kingdom is said
to be an___________ insurer in that state.
A non-admitted insurer is a legitimate company that does not keep a certificates of authority in a
selected country.
Agents vs. Brokers - ANS-Two simple varieties of coverage manufacturer: an ______
represents a single insurer and a _____ sells guidelines from more than one insurers.
Insurance companies may use either of two sorts of representatives to promote their coverage
products: sellers (who promote only that agency's merchandise) and brokers (independent
producers who sell insurance products for a number of one-of-a-kind corporations). The term
producer refers to each types.
Annuitant - ANS-The person upon whose life an annuity's payout is primarily based, in terms of
both the charge quantity and length.
The annuitant may also be the recipient of the annuity bills, but that is a decision for the annuity
owner to make. While the owner can pick out any natural person as the annuitant, in maximum
instances, the annuitant and the owner are the identical individual.
Annuitization - ANS-The process via which a amount of cash is converted into periodic
payments through an annuity contract.
Different for each age and annuity income alternative, annuity buy prices are described in terms
of earnings greenbacks in step with $1,000 of accumulation. For instance, a fee of
$four.Seventy five and a lump sum of $100,000 produces $475 of month-to-month earnings.
Annuity - ANS-An coverage settlement between someone and an insurer to distribute an
accrued amount of cash over a sure length, inclusive of the individual's lifetime.
Annuities come in many forms, but all of them have two common purposes:
to accumulate cash on a tax-deferred foundation
to distribute the accrued cash as earnings in a assured amount for a assured length (which
include the annuitant's life)
Annuity Beneficiary - ANS-The man or woman the annuity proprietor chooses to acquire the
annuity contract's values if both the owner or the annuitant dies before annuitization.
, The beneficiary may be the annuitant (assuming the annuitant and owner are two exclusive
human beings). When it comes to beneficiaries, there are two sorts of annuity contracts:
annuitant-pushed and proprietor-driven.
Annuity sure payout alternatives - ANS-fixed period, constant quantity
Any Occ Total Disability - ANS-Definition of general disability that requires the disabled insured
to be unable to carry out any process for which he or she is qualified that allows you to qualify
for blessings.
The any career (or any occ) definition of overall disability is extra restrictive for the insured (and
for this reason much less appealing than the very own occ definition). Disability products
marketed to blue-collar people generally use an any profession definition of total incapacity.
Attending Physician's Statement (APS) - ANS-A health practitioner's record, requested by using
an underwriter, that gives particular statistics on a specific circumstance for which the health
practitioner handled the applicant.
An APS is requested if the applicant has been dealt with for a clinical circumstance for which the
underwriter wishes extra facts earlier than approving an software for coverage.
Automatic Premium Loan (APL) Provision - ANS-This non-obligatory policy provision prevents a
whole lifestyles policy from lapsing by way of directing the insurer to pay overdue rates via a
coverage loan.
The APL provision authorizes the insurer to pay a coverage's late premium thru a coverage loan
at the cease of the grace period. The top rate mortgage is then dealt with like every other policy
loan.
Backdating - ANS-This term refers to setting a date on a life insurance utility that is earlier than
its actual date finishing touch as a way to acquire a decrease premium.
Also called saving age, backdating an software to before the insured's remaining birthday is
supposed to bring about a lower top rate. The maximum backdate length allowed is generally
six months, and beyond premiums need to be paid with the utility.
Backdating Applications - ANS-Dating an software with a beyond date so that the insured's age
is lower, thus qualifying for a lower premium.
