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LOMA 281: Module 1 Lesson 4 EXAM QUESTIONS & ANSWERS 100% CORRECT!! $14.49   Add to cart

Exam (elaborations)

LOMA 281: Module 1 Lesson 4 EXAM QUESTIONS & ANSWERS 100% CORRECT!!

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premiums - ANSWERthe amount paid to the insurer in exchange for the promise to pay benefits when they become due actuaries - ANSWERspecialize in putting a price tag on risk. the risk must be high enough to pay future benefits to customers cover the insurers cost of administering the product...

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  • August 31, 2024
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  • 2024/2025
  • Exam (elaborations)
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LOMA 281: Module 1 Lesson 4 EXAM QUESTIONS &
ANSWERS 100% CORRECT!!


premiums - ANSWERthe amount paid to the insurer in exchange for the promise to pay benefits
when they become due



actuaries - ANSWERspecialize in putting a price tag on risk. the risk must be high enough to



pay future benefits to customers

cover the insurers cost of administering the product

enable to insurer to make a reasonable profit.



mortality rates, which are the death benefit value



Surrender benefits paybale when a policy owner surrenders a policy for its cash surrender value.



Premium rates - ANSWERper unit of coverage, the rates must be

premium rates are based on - ANSWERcost of providing benefits guaranteed under the contract.
benefits include




adequate enough to make sure the insurer can cover its costs and contribute to its profits

equitable so that the amount individual insureds pay reflects the amount of risk they present.

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