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

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download