Exercise 7-12
Exercise 7-12
Business-Related Terminology
Directions: I. Match the business-related terms learned in Exercise 133 with the definitions at the right. On the blank line preceding each term, use the Insert key to input the letter of the definition from the second column.
actuary a. a person professionally trained to determine risks, rates, premiums, etc., for insurance companies
annuity b. a clause preventing an insurer from denying liability after the policy has been in force for a stated period of time
beneficiary c. items that are expressly eliminated from the coverage of a policy
cash surrender value d. the process by which an insurance company determines whether or not and on what basis it will accept an application for insurance
endorsement e. a written form modifying a policy to meet certain stated conditions
exclusion f. insurance that allows the holder to recover loss from automobile accidents (up to a fixed amount) without regard to who is at fault
incontestability clause g. the amount of cash payable to the insured if he or she terminates a life policy before maturity or death
mortality table h. a contract that provides an income for a specified time
no-fault insurance i. person named in the policy to receive the proceeds of the policy when the insured dies
policyholder j. a written attachment to a life or health policy that changes the original policy to meet special conditions, such as changing the beneficiary
rider k. person who owns a contract in which the insurance company agrees to pay when certain conditions are met
underwriting l. a statistical table showing probable rate of death per thousand at each age
II. Opposite each word, write a sentence using this word in an insurance setting.
1. actuary
2. annuity
3. beneficiary
4. cash surrender value
5. endorsement
6. exclusion
7. incontestability
8. mortality table
9. no-fault insurance
10. policyholder
11. rider
12. underwriting
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