LOMA 281 Module 3 QUESTIONS & ANSWERS(2024 LATEST UPDATE)
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Course
LOMA 281 Module 3
Institution
LOMA 281 Module 3
Waiver of premium for disability benefit - ANSWER A supplemental life insurance policy benefit under which the insurer promises to give up - to waive - its right to collect premiums that become due while the insured is totally disabled.
Waiver of premium for payor benefit - ANSWER A supplemental...
LOMA 281 Module 3
QUESTIONS &
ANSWERS(2024 LATEST
UPDATE)
Waiver of premium for disability benefit - ANSWER A supplemental life insurance policy benefit under
which the insurer promises to give up - to waive - its right to collect premiums that become due while
the insured is totally disabled.
Waiver of premium for payor benefit - ANSWER A supplemental life insurance policy benefit under which
the insurer agrees to waive its right to collect a policy's renewal premiums if the policyowner dies or
becomes totally disabled.
Disability income benefit - ANSWER A supplemental life insurance policy benefit that provides a monthly
income benefit to the policyowner-insured if he become totally disabled when the policy is in force.
Accidental death benefit - ANSWER A supplemental life insurance policy benefit that provides a death
benefit, in addition to the policy's basic death benefit, if the insured dies as a result of an accident.
Accidental death and dismemberment benefit - ANSWER A supplemental life insurance policy benefit
that provides an accidental death benefit and provides a dismemberment benefit payable if an accident
causes the insured to lose any two limbs or sight in both eyes.
, Accelerated death benefit - ANSWER A supplemental life insurance policy benefit that gives a
policyowner-insured the right to receive all or part of the policy's death benefit before her death, if
certain conditions are met.
Terminal illness benefit - ANSWER An accelerated death benefit under which the insurer pays a portion
of a life insurance policy's death benefit to a policyowner-insured who suffers from a terminal illness and
has a physician-certified life expectancy of 12 months or less.
Dread disease benefit - ANSWER An accidental death benefit under which the insurer agrees to pay a
portion of the life insurance policy's face amount to the policyowner if the insured suffers from one of a
number of specified diseases.
Long term care insurance benefit - ANSWER An accelerated death benefit under which the insurer agrees
to pay a monthly benefit to a life insurance policyowner if the insured requires constant care for a
medical condition.
Misrepresenation - ANSWER A false or misleading statement in an application for insurance.
Material misrepresentation - ANSWER A misrepresentation that would affect an insurance company's
evaluation of a proposed insured and, thus, gives the insurer grounds to avoid an insurance contract.
Fraudulent misrepresentation - ANSWER A misrepresentation that was made with the intent to induce
the other party to enter into a contract and that did induce the innocent party to enter into the contract.
Grace period provision - ANSWER An insurance policy provision that specifies a length of time following
each renewal premium due date within which the premium may be paid without loss of coverage.
Reinstatement - ANSWER The process by which an insurer puts back into force 1) an individual life
insurance policy that was terminated because of nonpayment of renewal premiums or 2) an individual
life insurance policy that has been continued under the extended term or reduced paid-up insurance
nonforfeiture option.
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