Insurance Exam Flashcards & Glossary
803 quick-reference cards covering the terms, rules and comparisons most likely to appear on the Life & Health exam. Each card links to free practice questions so you can turn a definition into a scored attempt.
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General Insurance
149 cards- Insurance
- Insurer
- Premium
- Insured
- Beneficiary
- Underwriting
- Policyowner
- Conditions
- Agent
- Rate
- Hazard
- Adverse Selection
- Insurance Contract
- Exclusions
- Law of Large Numbers
- Peril
- Consideration
- Endorsement (Rider)
- Premium Tax
- Assignment
- Loss Exposure
- Risk Classification
- Moral Hazard
- Negligence
- Insurable Risk
- Representation
- Waiver
- Warranty
- Reserve
- Risk Transfer
- Medical Information Bureau (MIB)
- Concealment
- Conditional Receipt
- Mortality Table
- Reinsurance
- Contract of Adhesion
- Physical Hazard
- Morale Hazard
- Declination
- Broker
- Material Misrepresentation
- Speculative Risk
- Unilateral Contract
- Attending Physician's Statement (APS)
- Pure Risk
- Unearned Premium
- Utmost Good Faith
- Actuary
- Conditional Contract
- Gross Premium
- Loading
- Solicitation
- Ceding Company
- Field Underwriting
- Legal Purpose
- Self-Insurance
- Stock Insurer
- Alien Insurer
- Competent Parties
- Insurance Fraud
- Mutual Insurer
- Personal Contract
- Principle of Indemnity
- Risk Retention
- Valued Contract
- Absolute Assignment
- Collateral Assignment
- Domestic Insurer
- Foreign Insurer
- Fraternal Benefit Society
- Net Premium
- Defamation
- Independent Agent
- Offer and Acceptance
- Table Rating
- Third-Party Administrator (TPA)
- Admitted (Admitted) Insurer
- Continuing Education (CE)
- Guaranty (Insolvency) Association
- Insuring Agreement
- Nonadmitted Insurer
- Risk Avoidance
- Substandard Risk
- Surplus Lines
- Aleatory Contract
- Binding Receipt
- Captive (Exclusive) Agent
- Contract of Indemnity
- Declarations
- Fair Credit Reporting Act (FCRA)
- Flat Extra Premium
- Insurable Interest in Life Insurance
- Insurable Interest Requirement
- License Renewal
- Preferred Risk
- Risk Reduction
- State Insurance Commissioner
- Subjective vs Objective Risk
- Unearned Premium Reserve
- Unfair Discrimination
- Absolute Liability
- Ambiguity Construed Against Drafter
- Assessment Mutual
- Boycott and Coercion
- Commingling
- Comparative Negligence
- Consumer Privacy Rules
- Contributory Negligence
- Controlled Business
- Definitions Section
- Doctrine of Reasonable Expectations
- Dynamic Risk
- Entire Contract Clause
- Estoppel
- Facultative Reinsurance
- False Advertising
- Fiduciary Duty
- Independent Adjuster
- Inspection Receipt
- Insurable Interest in Property
- Level Premium Concept
- License Revocation
- Limited Lines License
- Lloyd's Association
- Loss Clause
- Managing General Agent (MGA)
- Market Conduct Examination
- Materiality Test
- McCarran-Ferguson Act
- Misrepresentation in Advertising
- National Association of Insurance Commissioners (NAIC)
- Natural Premium
- Nonresident License
- Premium Financing
- Prohibited Solicitation Rules
- Public Adjuster
- Rebating
- Reciprocal Insurance
- Representation vs Warranty Distinction
- Risk-Based Capital (RBC)
- Solvency Surveillance
- Static Risk
- Subrogation
- Surplus Lines Broker
- Temporary License
- Treaty Reinsurance
- Twisting
- Unfair Trade Practices
- Vicarious Liability
Life Insurance
143 cards- Death Benefit
- Cash Value
- Group Life Insurance
- Insurability
- Beneficiary Designation
- Term Life Insurance
- Grace Period
- Master Policy
- Policy Loan
- Deferred Compensation
- Disability Income Rider
- Dividend
- Evidence of Insurability
- Group Term Life Insurance
- Modified Endowment Contract (MEC)
- Automatic Premium Loan (APL)
- Insuring Clause (Life)
- Joint Life (First-to-Die) Policy
- Whole Life Insurance
- Level Term Insurance
- Probate
- Settlement Options
- Gross Estate
- Waiver of Premium Rider
- Certificate of Insurance
- Term Rider
- Accelerated Death Benefit Rider
- Aviation Exclusion (Life)
- Illustration (Life Insurance)
- Annual Renewable Term (ART)
- Buy-Sell Agreement
- Dividend Options
- Estate Liquidity
- Jumping Juvenile Policy
- Life Income Settlement Option
- Long-Term Care Rider
- Nonforfeiture Options
- Participating Policy
- Variable Universal Life (VUL)
- Nonparticipating Policy
- Separate Account
- Seven-Pay Test
- Universal Life Insurance (UL)
- Critical Illness Rider
- Family Income Policy
- Family Policy
- Flexible Premium
- Net Cash Value
- Ordinary Life Insurance
- Paid-Up Additions Option
- Variable Life Insurance
- Contributory Group Plan
- Executive Bonus (162 Bonus) Plan
- Extended Term Insurance
- Family Maintenance Policy
- Fixed Period Settlement Option
- General Account
- Life Income with Period Certain
- Limited-Pay Whole Life
- Modified Premium Whole Life
- Noncontributory Group Plan
- Principal Sum
- Single Premium Whole Life (SPWL)
- Surrender Charge
- Accidental Death Benefit Rider (ADB)
- Adjustable Life Insurance
- Cost-of-Living Rider (COLA)
- Credit Life Insurance
- Decreasing Term Insurance
- Endowment Policy
- Fixed Amount Settlement Option
- Graded Premium Whole Life
- Guaranteed Insurability Rider
- Indexed Universal Life (IUL)
- Lump Sum Settlement
- One-Year Term Dividend Option
- Owner's Rights
- Reduced Paid-Up Insurance
- Renewability Provision
- Simplified Issue Life Insurance
- Straight Whole Life
- Suicide Clause
- Target Premium
- Accident Death Benefit Period
- Accidental Means Clause
- Accidental Means vs Accidental Result
- Accumulation at Interest Option
- Administrative Services Only (ASO)
- Blanket Insurance
- Capital Sum
- Cash Surrender Option
- Children's Term Rider
- Convertibility Provision
- Corridor Requirement
- Credit Accident and Health Insurance
- Cross Purchase Agreement
- Current Assumption Whole Life
- Debit Agent
- Entire Contract Clause (Life)
- Entity Purchase Agreement
- Experience Refund
- Final Expense Insurance
- Franchise Insurance
- Free Look Provision
- Graded Death Benefit
- Group Conversion Privilege
- Group Life Dependents Coverage
- Group Permanent Life Insurance
- Guaranteed Issue Life Insurance
- Guaranteed vs Nonguaranteed Elements
- Human Life Value Approach
- Incontestability Clause
- Increasing Term Insurance
- Industrial Life Insurance
- Interest Only Settlement Option
- Interest Settlement Provision
- Interest-Sensitive Whole Life
- Joint and Survivor Settlement Option
- Juvenile Insurance
- Key Employee Insurance
- Life Income with Refund Option
- Minimum Premium Group Plan
- Misstatement of Age Provision
- Needs Approach
- Net Amount at Risk
- Occupational Rating (Life)
- Option A Death Benefit
- Option B Death Benefit
- Other Insured Rider
- Payor Benefit Rider
- Policy Replacement
- Preneed Life Insurance
- Re-entry Term
- Reinstatement Provision
- Return of Cash Value Rider
- Return of Premium (ROP) Rider
- Split Dollar Plan
- Survivorship (Second-to-Die) Life
- Unbundling
- Universal Life Secondary Guarantees
- Viatical Settlement Provider
- War Clause
- Wholesale Insurance
Beneficiaries
18 cards- Contingent (Secondary) Beneficiary
- Primary Beneficiary
- Revocable Beneficiary
- Irrevocable Beneficiary
- Common Disaster Clause
- Uniform Simultaneous Death Act
- Estate as Beneficiary
- Facility of Payment Clause
- Spendthrift Clause
- Beneficiary as Insured's Choice
- Business Beneficiary Considerations
- Change of Beneficiary Provision
- Class Beneficiary Designation
- Minor as Beneficiary
- Per Capita Distribution
- Per Stirpes Distribution
- Tertiary Beneficiary
- Trust as Beneficiary
Annuities
46 cards- Annuity
- Annuitant
- Deferred Annuity
- Exclusion Ratio
- Nonqualified Annuity
- Annuitization
- Guaranteed Minimum Withdrawal Benefit (GMWB)
- Subaccounts
- Variable Annuity
- Immediate Annuity
- Surrender Charges
- Expected Return
- Tax-Deferred Growth
- Cash Refund Annuity
- Equity-Indexed Annuity
- Installment Refund Annuity
- Joint and Survivor Annuity
- Longevity Risk
- Qualified Annuity
- Section 1035 Exchange
- Annuity Suitability
- Contract Owner
- Guaranteed Minimum Death Benefit (GMDB)
- Market Value Adjustment
- Single Premium Deferred Annuity (SPDA)
- Accumulation Period
- Annuitization Phase
- Annuity Death Benefit
- Annuity Rates
- Annuity Replacement
- Annuity Taxation of Withdrawals
- Fixed Annuity
- Flexible Premium Deferred Annuity
- Free Withdrawal Provision
- Guaranteed Minimum Accumulation Benefit (GMAB)
- Guaranteed Minimum Income Benefit (GMIB)
- Installments for a Fixed Amount
- Installments for a Fixed Period
- Interest Rate Risk in Annuities
- Joint Life Annuity
- Market Value Adjusted Annuity (MVA)
- Period Certain Annuity
- Premature Distribution Penalty
- Pure (Straight) Life Annuity
- Senior Investor Protections
- Single Premium Immediate Annuity (SPIA)
Taxation
47 cards- Incidents of Ownership
- Premium Tax Credit
- Imputed Income (Group Life)
- Irrevocable Life Insurance Trust (ILIT)
- Life Settlement
- Cafeteria Plan (Section 125)
- Section 1035 Exchange (Taxation)
- Transfer-for-Value Rule
- Defined Benefit Plan
- Disability Benefit Taxation
- 401(k) Plan
- COBRA Premium Tax Treatment
- Cost Basis in Life Insurance
- Defined Contribution Plan
- Employer Disability Premium Taxation
- Estate Tax Consideration
- Excess Interest Taxation
- Gift Tax Implications of Life Insurance
- Group Disability Premium Taxation
- Health Savings Account Taxation
- Key Person Premium Treatment
- LTC Premium Tax Treatment
- Medical Expense Deduction Threshold
- Modified Endowment Taxation
- Policy Loans Taxation
- Retirement Plan Funding with Life Insurance
- Roth Treatment
- Savings Incentive Match Plan (SIMPLE)
- Sickness and Accident Benefits from Employer Plans
- Simplified Employee Pension (SEP)
- Tax Credit vs Tax Deduction
- Tax Treatment of Individual Health Premiums
- Tax-Deferred Cash Value Growth
- Taxation of Accelerated Death Benefits
- Taxation of Annuities in Qualified Plans
- Taxation of Annuity Death Benefits
- Taxation of Annuity Payments
- Taxation of Annuity Withdrawals
- Taxation of Corporate-Owned Life Insurance (COLI)
- Taxation of Dividends
- Taxation of Employer-Paid Premiums
- Taxation of Life Insurance Death Benefits
- Taxation of Life Settlements
- Taxation of LTC Benefits
- Taxation of Medical Expense Benefits
- Three-Year Look-Back Rule
- Viatical Settlement
Accident Health Concepts
56 cards- Waiting Period (Group Coverage)
- Evidence of Coverage (EOC)
- Experience Rating (Group)
- Mortality Risk
- Mental Health Parity
- Loss Ratio
- Wellness Programs
- Medical Loss Ratio (MLR)
- Grandfathered Plans
- Morbidity Risk
- Nondiscrimination Rules
- Assignment of Benefits
- Dependent Coverage to Age 26
- Grace Period Provision (Health)
- Accident and Health Insurance Concepts
- Alcoholism and Substance Abuse Coverage
- Claim Forms Provision (Health)
- Clinical Trial Coverage
- Composite Rate
- Continuity of Care
- Emergency Services Coverage
- Employee Assistance Program (EAP)
- Entire Contract Provision (Health)
- Explanation of Benefits (EOB)
- External Review
- First-Dollar Coverage
- Guaranteed Availability
- Immediate Notice Provision
- In Vitro Fertilization Mandates
- Independent Review Organization (IRO)
- Internal Appeal
- Loss Frequency and Severity
- Mammography and Screening Mandates
- Manual Rate
- Maternity Coverage Rules
- Medical Underwriting Restrictions
- Newborn Coverage Requirement
- Notice of Claim Provision
- Optional Uniform Provisions
- Pre-Tax Premium Payment
- Prior Coverage Credit
- Proof of Loss Provision
- Rate Guarantee
- Reconstructive Surgery Mandate
- Reinstatement Provision (Health)
- Risk Charging (A&H)
- Seasonal Risk
- Service Provider Agreement
- Special Rules for HIPAA-Eligible Individuals
- Summary of Benefits and Coverage (SBC)
- Summary Plan Description (SPD)
- Telemedicine
- Time Limit on Defenses Provision
- Uniform Policy Provisions Law
- Usual and Customary vs Negotiated Rates
- Usual Occupation vs Any Occupation Definitions
Medical Expense
215 cards- Medicare
- Deductible
- Coinsurance
- Medicare Part A
- Original Medicare
- Medicare Part B
- Essential Health Benefits
- Guaranteed Issue
- Affordable Care Act (ACA)
- Medicare Part D
- COBRA
- Medicaid
- Sickness
- Long-Term Care Insurance
- Special Enrollment Period (SEP)
- Initial Enrollment Period (IEP)
- Benefit Period
- Elimination (Probationary) Period
- Hospice Care
- Managed Care
- Fee-for-Service
- Custodial Care
- Creditable Coverage
- Primary Care Physician (PCP)
- Disability Income Insurance
- Qualified Health Plan (QHP)
- Health Reimbursement Arrangement (HRA)
- Grace Period (Health)
- Pre-existing Condition
- Referral
- Activities of Daily Living (ADLs)
- Formulary
- Preexisting Condition (LTC)
- Total Disability (Own Occ)
- Dental and Vision Coverage
- HIPAA
- Copayment (Copay)
- Part B Late Enrollment Penalty
- Waiver of Premium (Disability)
- Waiver of Premium (Health/LTC)
- Community Rating
- IRMAA
- Out-of-Pocket Maximum
- TRICARE
- Nonforfeiture (LTC)
- Point-of-Service (POS) Plan
- Network Adequacy
- Open Enrollment Period
- Skilled Care
- Medical Expense Insurance
- Accidental Injury
- Health Savings Account (HSA)
- Balance Billing
- Business Overhead Expense (BOE)
- Capitation
- Guaranteed Renewability
- Medical Savings Account (MSA)
- Medicare Supplement (Medigap)
- Accident and Health Insurance
- Conditionally Renewable
- Provider Network
- Respite Care
- Proof of Loss
- Step Therapy
- Consumer-Directed Health Plan
- Intermediate Care
- Maximum Benefit
- Medicare Assignment
- Reinstatement (Health)
- Utilization Review
- Adult Day Care
- Coordination of Benefits (COB)
- Dual Eligibles
- Earned Income
- ERISA
- Inflation Protection (LTC)
- Medical Necessity
- Morbidity Tables
- Partial (Residual) Disability
- Primary Plan
- Stop-Loss Insurance
- Utilization Management
- War or Military Service Exclusion
- Accidental Death and Dismemberment (AD&D)
- Assignee
- Assisted Living Facility
- Cost of Living Adjustment (COLA) Rider
- Flexible Spending Account (FSA)
- Maintenance Care
- Major Medical Insurance
- Medicare Benefit Period
- Medicare General Enrollment
- Noncancelable Policy
- Secondary Plan
- Birthday Rule
- Disability Buy-Sell
- Dread Disease Policy
- Gatekeeper Model
- Guaranteed Insurability (Health) Rider
- Health Insurance Underwriting
- Medicare Advantage Disenrollment Period
- Medicare Part C (Medicare Advantage)
- Medicare Savings Programs
- Part D Late Enrollment Penalty
- Preauthorization (Prior Authorization)
- Preferred Provider Organization (PPO)
- Recurrent Disability
- Recurrent Disability Clause
- Self-Inflicted Injury Exclusion
- Social Security Disability Income (SSDI)
- Specialty Drugs
- Usual, Customary, and Reasonable (UCR)
- All-Inclusive Deductible
- Aviation Hazard Exclusion
- Basic Medical Expense Coverage
- Bundled Payment
- Calendar-Year Deductible
- Case Management
- Children's Health Insurance Program (CHIP)
- Claim Forms Provision
- Clean Claim
- Closed Panel HMO
- Comprehensive Major Medical
- Concurrent Review
- Contingent Nonforfeiture (LTC)
- Continuing Care Retirement Community (CCRC)
- Corridor Deductible
- Credible Coverage (Part D)
- Diagnosis-Related Groups (DRGs)
- Domiciliary Care
- Elective (Cosmetic) Surgery Exclusion
- Episode of Care
- Estate Recovery
- Excess Coverage Provision
- Exclusive Provider Network
- Exclusive Provider Organization (EPO)
- Experimental or Investigational Treatment
- Experimental Treatment Exclusion
- Extra Help (Low-Income Subsidy)
- Formulary Tier
- Gatekeeper vs Open Access
- Guaranteed Association Plans
- Guaranteed Purchase Option (Disability)
- Hazardous Occupation Exclusion
- Health Maintenance Organization (HMO)
- High Deductible Health Plan (HDHP)
- Home Health Care Rider
- Hospital Confinement Rider
- Hospital Expense Insurance
- Hospital Indemnity Benefits
- Hospital Indemnity Policy
- Illegal Occupation Exclusion
- Impairment Rider
- Income Replacement Ratio
- Indemnity Basis
- Industrial Insurer
- Internal Limits
- Intoxication Exclusion
- Key Employee Disability
- Key Person Disability Buyout
- Legal Actions Provision
- Limited Risk Policy
- Loss-of-Time Benefits
- Medicaid Managed Care
- Medicaid Spend-Down
- Medicare Annual Enrollment Period
- Medicare Coverage Gap (Donut Hole)
- Medicare Secondary Payer (MSP)
- Medicare SELECT
- Metal Level Plans
- Misstatement of Age (Health)
- Multiple Employer Trust (MET)
- Multiple Employer Welfare Arrangement (MEWA)
- Narrow Network Plan
- No-Fault Insurance
- Occupational Disease
- Occupational Rating
- Occupational vs Nonoccupational Coverage
- Open Panel HMO
- Optional Renewable
- Out-of-Network Reimbursement
- Outpatient Care
- Payment of Claims Provision
- Per-Cause (Per-Disability) Deductible
- Personal Injury Protection (PIP)
- Physical Exam and Autopsy Provision
- Physician's Expense Insurance
- Pre-existing Condition Look-Back Period
- Presumptive Disability
- Preventive Care Coverage
- Prior Creditable Coverage Certificate
- Prompt Pay Laws
- Rate Banding
- Reasonable and Customary Charges
- Reimbursement Basis
- Relation of Earnings to Insurance
- Restoration of Benefits
- Retiree Health Coverage
- Retirement Income (Pension) Rider
- Retrospective Review
- Return of Premium (Health) Rider
- Second Surgical Opinion
- Self-Funded (Self-Insured) Group Plan
- Social Insurance Offset Rider
- Specified Disease Insurance
- Stop-Loss Limit
- Supplementary Major Medical
- Surgical Expense Insurance
- Tax-Qualified Long-Term Care Plan
- Time Limit on Certain Defenses
- Time of Payment of Claims
- Transitional (Dollar) Benefit
- Usual Attending Physician
- Value-Based Care
- Workers Compensation
Disability Income
40 cards- Benefit Period (Disability)
- Elimination Period (Disability)
- Total Disability
- Waiver of Premium (Disability Income)
- Survivor Benefit (DI)
- Long-Term Disability (LTD)
- Occupational Classes
- Own-Occupation Definition
- Any-Occupation Definition
- Cost of Living Rider (DI)
- Guaranteed Insurability Rider (DI)
- Purchase Option (Future Increase) Rider
- Residual Disability Benefit
- Benefit Coordination Across DI Policies
- Business Overhead Expense Disability
- Catastrophic Disability Rider
- Definition Change at Age 65
- DI Underwriting Factors
- Disability Buy-Sell Insurance
- Disability Claim Documentation
- Disability from Sickness vs Accident
- Disability Income Replacement Ratio
- Earnings Verification in DI
- Group DI Portability
- Group Disability Plan Design
- Individual DI vs Group LTD
- Integration with Social Security
- Key Employee Disability Coverage
- Loss of Income Definition
- Malingering Controls
- Modified Own-Occupation
- Nonoccupational Disability Coverage
- Occupational Disability Coverage
- Partial Disability Benefit
- Presumptive Disability Benefits
- Rehabilitation Provision
- Residual Disability Calculation
- Retirement Protection Rider
- Short-Term Disability (STD)
- Social Insurance Offset (SIS) Rider
Long Term Care
48 cards- Long-Term Care (LTC) Insurance
- Benefit Period (LTC)
- Elimination Period (LTC)
- Custodial (Personal) Care
- Skilled Nursing Facility Care
- Waiver of Premium (LTC)
- Hospice Benefit (LTC)
- Guaranteed Insurability (LTC)
- Substantial Supervision
- Tax-Qualified LTC (7702B)
- Homemaker Services
- LTC Underwriting
- Personal Care Services
- Activities of Daily Living (ADL) Trigger
- Adult Day Care Coverage
- Alternate Plan of Care
- Bed Reservation Benefit
- Care Coordination / Case Management
- Cognitive Impairment Assessment
- Contingent Nonforfeiture
- Continuing Care Retirement Community
- Daily Benefit Amount
- Daily Benefit vs Reimbursement vs Indemnity LTC
- Facility Care Coverage
- Hands-On Assistance
- HIPAA LTC Tax Treatment
- Home Health Agency Services
- Home Health Care Benefit
- Inflation Protection Options
- Intermediate Care Facility
- Lifetime Maximum Benefit
- LTC Combination Products
- LTC Rate Stability Rules
- Medicaid Estate Recovery
- Medicaid Look-Back Period
- Medicare Skilled Care Limits
- Nonforfeiture Benefit (LTC)
- Partnership Programs (LTC)
- Plan of Care
- Premium Deductibility Limits (LTC)
- Replacement and Suitability (LTC)
- Respite Care Benefit
- Restoration of Benefits (LTC)
- Return of Premium Rider (LTC)
- Severe Cognitive Impairment Trigger
- Shared Care Rider
- Short-Term Care Insurance
- Standby Assistance
Concept Comparisons
41 cards- Deductible vs Coinsurance
- Life Insurance vs Annuity
- Medicare vs Medicaid
- HMO vs PPO
- Skilled vs Custodial Care
- Medicare Advantage vs Medigap
- Coinsurance vs Copayment
- HSA vs FSA
- Guaranteed Renewable vs Noncancelable
- Primary vs Contingent Beneficiary
- Agent vs Broker
- Group vs Individual Health Insurance
- Whole Life vs Universal Life
- Deductible vs Elimination Period
- Open Enrollment vs Special Enrollment
- Per Capita vs Per Stirpes
- PPO vs EPO
- Rider vs Endorsement
- Stock vs Mutual Insurer
- Term vs Whole Life Insurance
- Universal Life vs Variable Universal Life
- Immediate vs Deferred Annuity
- Nursing Facility vs Assisted Living
- Own Occupation vs Any Occupation
- Participating vs Nonparticipating Policy
- Revocable vs Irrevocable Beneficiary
- Benefit Period vs Maximum Benefit
- Fixed vs Variable Annuity
- Specified Disease vs Comprehensive Medical
- Conditional vs Binding Receipt
- Policy Loan vs Withdrawal
- Buy-Sell vs Key Employee Insurance
- COBRA vs Marketplace Coverage
- Employee-Paid vs Employer-Paid Disability Premiums
- Facultative vs Treaty Reinsurance
- MEC vs Properly Structured Life Policy
- Reimbursement vs Indemnity Medical Plans
- Suicide Clause vs Incontestability
- Tax-Qualified vs Nonqualified LTC
- Term Rider vs Permanent Base
- Whole Life Paid-Up vs Reduced Paid-Up