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LOMA 281 MODULE 2 EXAM WITH ALL QUESTIONS AND ANSWERS
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LOMA 281 MODULE 2 EXAM WITH ALL QUESTIONS AND ANSWERS LOMA 281 MODULE 2 EXAM WITH ALL QUESTIONS AND ANSWERS LOMA 281 MODULE 2 EXAM WITH ALL QUESTIONS AND ANSWERS LOMA 281 MODULE 2 EXAM WITH ALL QUESTIONS AND ANSWERS LOMA 281 MODULE 2 EXAM WITH ALL QUESTIONS AND ANSWERS LOMA 281 MODULE 2 EXAM W...

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  • September 8, 2024
  • 142
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • LOMA 281
  • LOMA 281

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LOMA 281 Module 2 Questions And Correct Answers 20242025 (G... file:///C:/Users/Pavilion/Downloads/LOMA%20281%20Module%2




LOMA 281 Module 2 Questions And Correct Answers



2024/2025 (GRADED A+)



1. Which type of whole life insurance policy will best be able to give Arabella



lifetime protection without straining her retirement income?




Single-premium whole life policy



Limited-payment whole life policy



Continuous-premium whole life policy: B



2. Financial needs life insurance can meet: - paying household expenses



- covering outstanding debts








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- Paying outstanding medical, hospital, and funeral expenses,



- providing financial support for the family



- funding a child's education



3. Term Life Insurance: Life insurance that provides a death benefit only if the



insured dies during the period specified in the policy.



4. level term life insurance: Term life insurance that provides a policy benefit that



remains the same over the term of the policy.



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







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mortgageloan.



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 Archway Bank a party to Michael's mortgage insurance contract with Able



Life?




a. yes



b. no: B.



8. Who can Michael name as the beneficiary of his mortgage insurance policy?




a. His Wife Only





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b. Archway Bank Only



c. His Wife, Archway Bank, or Someone Else: C.



9. If Michael names his wife as the policy beneficiary, does she have to use the



policy proceeds to repay the mortgage loan?




a. yes



b. no: B.









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