LOMA 281 Module 1 Questions with Correct Answers

LOMA 281 Module 1 Questions with Correct Answers Risk - Answer-the possibility of an unexpected result. Premium - Answer-A specified amount of money an insurer charges in exchange for its agreement to pay a policy benefit when a specific loss occurs. Insurance company - Answer-A company that provides protection against the risk of financial loss caused by specific events. Life insurance - Answer-A type of insurance under which the insurer promises to pay a death benefit upon the death of a named person. Annuity - Answer-A financial product by which an insurer, in return for receiving a premium, promises to make periodic payments to a named person or entity. Applicant - Answer-The person or entity that applies for an insurance policy. Policyowner - Answer-The person or entity that owns the issued policy. Insured - Answer-The person whose life or health the policy insures.