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LOMA 301 All Questions With Correct Answers Graded A+
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LOMA 301 All Questions With Correct Answers Graded A+ACCELERATED DEATH BENEFIT - A Answer A SUPPLEMENTAL 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 (ALSO
CALLED A LIVING BENEFIT)
ACCESS TO RECORDS PROVISION - A Answer A REINSURANCE AGREEMENT POLICY
PROVISION THAT GIVES THE REINSURER THE AUTHORITY TO EXAMINE THE DIRECT
WRITER'S RECORDS RELATED TO THE BUSINESS CONDUCTED BETWEEN COMPANIES
ACCOUNTING - Answer THE FUNCTIONAL AREA OF AN INSURANCE COMPANY
RESPONSIBLE FOR COLLECTING, RECORDING, SUMMARIZING, ANALYZING AND
REPORTING INFORMATION ABOUT THE FINANCIAL STATUS OF A COMPANY
ACQUISITION EXPENSES - Answer THE COSTS A DIRECT WRITER INCURS IN
DEVELOPING, MARKETING, AND ISSUING NEW BUSINESS
ACTIVE AT WORK PROVISION - A provision that requires an employee to be actively at
work, rather than ill or on leave, on the day the group coverage is to take effect.
ACTUARY - A technical expert in insurance, annuities and financial instruments who
applies mathematical knowledge to industry and company statistics in calculating
various financial values.
ADMINSTRATION SYSTEM-Answer AN INFO SYSTEM THAT AN INSURER USES TO
MANAGE INFO ABOUT INSURANCE POLICIES
ADVERSE ACTION-Answer A DENIAL OR REVOCATION OF INS COVERAGE, A CHANGE
IN THE TERMS OF EXISTING COVERAGE, OR A REFUSAL TO GRANT INS IN
SUBSTANTIALLY THE AMOUNT OR ON SUBSTANTIALLY THE TERMS REQUESTED
,AFFINITY GROUP - Group of ppl who share a common bond, background, or interest and
who belong to an association or organization
AGE AND AMOUNT REQUIREMENTS CHART - Typically included in field underwriting
manuals that specifies the kinds of info the underwriter must obtain and review in
assessing the insurability of a proposed ins
ADEA- Age Discrimination in Employment Act - Answer A US federal law that protects
workers who are age 40 and older from being discriminated against bc of their age
Agent's Statement - Answer A section included in most individual ins apps in which the
producer can comment on any factors relevant to the case and the risk it involves
ALLOWANCE - An amount the reinsurer reimburses to the direct writer and that is
intended to recognize the direct writer's acquisition, maintenance, and other expenses
related to the ceded business
AMERICAN'S WITH DISABILITY ACT (ADA) - US federal law that prohibits disabled
individuals against all types of discrimination, including employment discrimination
ANNUAL REPORT - A financial document which a corporation publishes to report to its
shareholders the activities and financial condition of the business for a stated period,
usually the preceding year
APPROVAL PREMIUM RECEIPT - A conditional premium receipt which provides only
temp insurance when the insurer accepts the proposed insured as a standard or better
than average risk
ARBITRATION PROVISION - A reinsurance agreement policy provision which requires the
reinsurance parties to submit disputes that they cannot resolve through an arbitration
panel rather than to a court of law
ASSOCIATION GROUP - consists of the members of an association, which is an
,organization of employers or individuals formed for a purpose other than to obtain
insurance
ASSUMPTION CERTIFICATE - Answer A NEW INSURANCE CERTIFICATE ISSUED BY A
REINSURER TO ALL AFFECTED POLICYOWNERS
ASSUMPTION REINSURANCE - Answer REINSURANCE DESIGNED TO PERMANENTLY
AND ENTIRELY TRANSFER BLOCKS OF EXISTING INSURANCE BUSINESS FROM ONE
COMPANY TO ANOTHER
ATTEND
AUTO-ADJUDICATION - Answer AN ELECTRONIC CLAIM PROCESSING SYSTEM FOR
PROCESSING CLAIMS THAT FIT CERTAIN PARAMETERS SPECIFIED FOR ELECTRONIC
HANDLING
AUTOMATED WORKFLOW SYSTEM - Answer A TECHNOLOGY USED TO CREATE
COMPUTER BASED RECORDS PERTAINING TO THE STATUS AND PROCESSING OF
SPECIFIC TRANSACTIONS
AUTOMATIC BINDING LIMIT - Answer REPRESENTS THE MAXIMUM MONETARY
AMOUNT OF RISK THE REINSURER WILL ACCEPT AUTOMATICALLY ON A GIVEN
POLICY OR CASE W/OUT MAKING AN INDEPEND
AUTOMATIC REINSURANCE - A Answer Reinsurance cession arrangement whereby the
direct writer agrees in advance to cede all risks that meet specifications in the
reinsurance agreement and the reinsurer agrees in advance to accept these risks
BALANCE SHEET - An answer Financial statement that shows condition of the business
at a given date
BENEFIT SCHEDULE - Answer A TABLE OR SCHED THAT SPECIFIES THE TYPES AND
AMOUNTS OF COVERAGE THAT WILL BE PROVIDED FOR EACH CLASS OF GROUP
, INSUREDS
BINDING PREMIUM RECEIPT - Answer A PREMIUM RECEIPT THAT PROVIDES TEMP
INSURANCE COVERAGE THAT BECOMES EFFECTIVE ON THE DATE SPECIFIED IN THE
RECEIPT
BLEND
BUSINESS CONTINUATION INSURANCE PLAN - Answer AN INSURANCE PLAN
DESIGNED TO ENABLE A BUSINESS TO CONTINUE OPERATIONS UPON THE DEATH OR
DISABILITY OF AN OWNER OR OTHER PERSON IMPORTANT TO THE BUSINESS
BUSINESS FINANCIAL SUPPLEMENT - Answer A DOCUMENT THAT REQUIRES
INFORMATION ABOUT THE TYPE OF BUSINESS, THE CURRENT FINANCIAL CONDITION
OF THE BUSINESS, AND THE PURPOSE FOR WHICH THE INSURANCE IS BEING
REQUESTED
BUSINESS PROCESS MANAGEMENT (BPM) -Answer A strategy for optimizing business
process or adapting them to meet changing needs.
BUSINESS RULES ENGINE (BRE) -Answer Application software that automates the
decision-making process by creating and applying rules to all available info.
BUSINESS-TO-BUSINESS (B2B) E-COMMERCE -Answer The electronic transmission of
data or information between organizations to perform or facilitate business transactions.
BUY-SELL AGREEMENT - An agreement in which one party agrees to purchase a second
party's financial interest in a business upon the second party's death and the second
party agrees to direct his estate to sell his interest in the business to the purchasing
party
CASE - In reinsurace context, a single policy or a group of policies
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