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LOMA 291 Module 1 Lesson 1 Exam Questions and Answers
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LOMA 291 Module 1 Lesson 1 Exam Questions and Answers
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LOMA 291 Module 1 Lesson 1 Exam Questions and Answersstakeholder - Answer -A party that has an interest in how a company conducts its business. Also known as a constituent.
dividend - Answer -Compensation that a company may pay to owners upon a vote by the company's board of directors.
financial professional - Answer -In insurance sales, any individual—including agents, bank-affiliated sales personnel, and brokers—who is licensed to sell insurance products, solicit sales, or negotiate insurance contracts.
reinsurance - Answer -Insurance that one insurance company, known as the direct writer, purchases from another insurance company, known as the reinsurer, to transfer all or part of the risk on insurance policies that the direct writer issued.
board of directors - Answer -A corporation's governing body, elected by the owners, that
makes broad policy decisions to ensure that stakeholder interests are safeguarded appropriately.
governance - Answer -A corporate board's accountability, responsibility, and authority to
direct an organization to properly fulfill its missions on behalf of legitimate stakeholders.
inside director - Answer -A member of the board of directors who also holds a position within the company.
outside director - Answer -A member of the board of directors who does not hold a position within the company. Also known as an independent director.
ethics - Answer -A system of accepted standards of conduct and moral judgment that combines the elements of honesty, integrity, and fair treatment.
code of conduct - Answer -A formal statement of a company's values and its expectations for the behavior of its employees. Also known as a code of business conduct or a code of ethics.
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