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LOMA 281 Module 3 Study Guide with Complete Solutions

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LOMA 281 Module 3 Study Guide with Complete Solutions Waiver of premium for disability (WP) Benefit - Answer️️ -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 di...

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, ©SOPHIABENNETT EXAM SOLUTIONS Saturday, September 7, 2024 6:58 PM

LOMA 281 Module 3 Study Guide with
Complete Solutions

Waiver of premium for disability (WP) 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.

- satisfies a 3-6 month waiting period: meaning for the first 3-6 months the person must

cover it

The WP benefit typically defines total disability for the insured as being unable to

perform the duties of?

a. Any occupation

b. The insured's own previous occupation

c. Any occupation for which the insured is reasonably suited by education, training, or

experience - Answer✔️✔️-C.

Waiver of premium for payor benefit - Answer✔️✔️-A supplemental life insurance policy

benefit which provides that the insurance company will waive the right to collect a

policy's renewal premiums if the policyowner dies or becomes totally disabled.

To add a waiver of premium for payor benefit to a life insurance policy, who do you think

must be insurable?

a. The insured

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, ©SOPHIABENNETT EXAM SOLUTIONS Saturday, September 7, 2024 6:58 PM

b. The policyowner

c .Both the insured and the policyowner

d. Neither the insured or the policyowner - Answer✔️✔️-C.

Wavior of premium for disability benefits compared - Answer✔️✔️-Insurer waives policy

premiums if the insured becomes totally disabled.

Designed for policies in which the policyowner is also the policy's insured

Total disability defined as

• The insured's inability to perform the essential duties of her own occupation OR any

other occupation for which she is reasonably suited by education, training, or

experience.

Wavior of premium for payor benefit compared - Answer✔️✔️-Insurer waives policy

premiums if the policyowner dies or becomes totally disabled.

Designed for third-party policies in which the policyowner is not the policy's insured

Total disability defined as

• The policyowner's inability to perform the essential duties of her own occupation

during the first two years of disability

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, ©SOPHIABENNETT EXAM SOLUTIONS Saturday, September 7, 2024 6:58 PM

• The policyowner's inability to perform the essential duties of any occupation for which

she is reasonably entitled by education, training, or experience after the first two years

of disability

Disability Income Benefit - Answer✔️✔️-A supplemental life insurance policy benefit that

provides a monthly income benefit to the policyowner-insured if she becomes totally

disabled while the policy is in force.

- 3- 6 month waiting period

- some for riders provide a partially disabled benefit

Identify the supplemental disability benefit rider with its example.

The UL insurance policy Drew Stephens owns on his life includes a rider that will pay

him a monthly benefit if he becomes totally disabled.

a. Disability income benefit rider

b. Waiver of premium for payor rider

c. Waiver of premium for disability rider - Answer✔️✔️-A.

A rider on Mary Margaret Satterfield's insurance policy specifies that her insurer will pay

her renewal premiums if she becomes disabled.

a. Disability income benefit rider

b. Waiver of premium for payor rider

c. Waiver of premium for disability rider - Answer✔️✔️-C.

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