LOMA 281 Module 2 Lesson 1 - Term Life Insurance Exam Questions and Answers
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Course
LOMA 281
Institution
LOMA 281
LOMA 281 Module 2 Lesson 1 - Term Life Insurance Exam Questions and Answers
LOMA 281 Module 2 Lesson 1 - Term Life Insurance Exam Questions and Answers
LOMA 281 Module 2 Lesson 1 - Term Life Insurance Exam Questions and Answers
LOMA 281 Module 2 Lesson 1 - Term Life Insurance Exam Questions and ...
Paying future outstanding medical, hospital, and funeral expenses
Providing financial support for the family
Funding a child's education: All the above
2. Term Life Insurance: Life Insurance that provides a death benefit only if the
insured dies during the period specified in the policy
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,LOMA 281 Module 2 Lesson 1 - Term Life Insurance EXAM Question... file:///C:/Users/Pavilion/Downloads/LOMA%20281%20Module%2
3. True or False:
Few policy terms are shorter than one year: True
4. Level Term Insurance: Term life insurance that provides a policy benefit that
remains the same over the term of the policy. Simplest form of term life insurance
5. Decreasing Term Life Insurance: Term life insurance that provides a policy
benefit that decreases in amount over the term of coverage
6. Mortgage Insurance: A plan of decreasing term insurance designed to provide
a benefit amount that corresponds to the decreasing amount owed on a
mortgage loan
7. When Michael bought a house, he obtained a mortgage loan from the
Archway Bank. He also bought a mortgage insurance policy from Able Life. Is
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,LOMA 281 Module 2 Lesson 1 - Term Life Insurance EXAM Question... file:///C:/Users/Pavilion/Downloads/LOMA%20281%20Module%2
Archway Bank a party to Michael's mortgage insurance contract with Able
Life?: No - the mortgage loan and the insurance contract are two separate transac-
tions
8. When Michael bought a house, he obtained a mortgage loan from the Arch-
way Bank. He also bought a mortgage insurance policy from Able Life. Who
can Michael name as the beneficiary of his mortgage insurance policy?: His
wife, Archway Bank, or someone else
9. When Michael bought a house, he obtained a mortgage loan from the
Archway Bank. He also bought a mortgage insurance policy from Able Life. If
Michael names his wife as the policy beneficiary, does she have to use the
policy proceeds to repay the mortgage loans?: No - She can use the proceeds
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