LOMA 281 Module 1 Exam Study Guide
Risk - Answer️️ -the possibility of an unexpected result.
Premium - Answer️️ -A specified amount of money an insurer charges in exchange for
its agreement to pay a policy benefit when a specific loss occurs.
Insurance company - Answer️️ -A company ...
Risk - Answer✔️✔️-the possibility of an unexpected result.
Premium - Answer✔️✔️-A specified amount of money an insurer charges in exchange for
its agreement to pay a policy benefit when a specific loss occurs.
Insurance company - Answer✔️✔️-A company that provides protection against the risk of
financial loss caused by specific events.
Life insurance - Answer✔️✔️-A type of insurance under which the insurer promises to pay
a death benefit upon the death of a named person.
Annuity - Answer✔️✔️-A financial product by which an insurer, in return for receiving a
premium, promises to make periodic payments to a named person or entity.
Applicant - Answer✔️✔️-The person or entity that applies for an insurance policy.
Policyowner - Answer✔️✔️-The person or entity that owns the issued policy.
Insured - Answer✔️✔️-The person whose life or health the policy insures.
Beneficiary - Answer✔️✔️-The person named to receive the policy benefit if the insured
event occurs.
Third party policy - Answer✔️✔️-A policy one person purchases that insures the life of
another person.
Speculative risks - Answer✔️✔️-A risk that involves three possible outcomes: loss, gain,
or no change.
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