LOMA 281 Module 2 Study Exam Questions with Correct Answers 100% Solved

LOMA 281 Module 2 Study Exam Questions with Correct Answers 100% Solved Term Life insurance Insurance that provides a policy benefit if the insured dies during a specified period of time. Policy term The specified period of time for which a term life insurance policy provides coverage. Level Term life insurance A plan of term life insurance that provides a policy benefit that remains the same over the term of coverage. Decreasing term life insurance A plan of term life insurance that provides a policy benefit that decrease in amount over the term of coverage. Increasing term life insurance A plan of life insurance that provides a policy benefit that starts at one amount and increases by some specified amount or percentage at stated intervals over the term of coverage. Mortgage insurance A plan of decreasing term life insurance designed to provide a benefit amount that corresponds to the decreasing amount owed on a mortgage loan Credit life insurance A type of term life insurance designed to pay the balance due on a loan if the borrower dies before the loan is paid Family income coverage A plan of decreasing term life insurance that provides a stated monthly income benefit amount to the insured's surviving spouse if the insured dies during the term of coverage. Return of premium term insurance A type of term insurance that provides a death benefit if the insured dies during the term of coverage and that promises a return of premiums if the insured does not die during the term of coverage.