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LOMA 281 Exam Study Guide with Complete Solutions

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LOMA 281 Exam Study Guide with Complete Solutions waiver of premium for payor benefit - Answer️️ -insurer waives renewal premiums if the policy owner, rather than the insured, dies or becomes totally disabled (must provide evidence of insurability) Contracts of Indemnity - Answer️️ -ba...

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  • September 15, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • LOMA 281
  • LOMA 281
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LOMA 281 Exam Study Guide with
Complete Solutions


waiver of premium for payor benefit - Answer✔️✔️-insurer waives renewal premiums if

the policy owner, rather than the insured, dies or becomes totally disabled (must provide

evidence of insurability)


Contracts of Indemnity - Answer✔️✔️-base benefits on the actual amount of the financial

loss that results from a covered event when it occurs, subject to maximum limits (other

than life insurance)

Valued Contract - Answer✔️✔️-life insurance policies which state the benefit payable at

the time of the policy issue

Retrocessionaire - Answer✔️✔️-The reinsurer that assumes all or part of the reinsurance

risk accepted by another reinsurer

Stock Insurer - Answer✔️✔️-- can issue shares of stock

- owned by stockholders, who have voting rights in the company

- stockholders may receive shares of operating profits known as stock dividends

Mutual Insurer - Answer✔️✔️-- owned by policyowners

- policyowners have membership rights (voting rights)

- policyowners may periodically receive an amount of money known as a policy dividend

Fraternal Benefit Society - Answer✔️✔️-- owned by members of fraternal lodge system

- provides social and insurance benefits only to fraternal members of their families

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


- legally required to have a representative form of government

Solvency Regulation - Answer✔️✔️--assets must be sufficient to offset liabilities

-calculation of reserves

-premium to surplus ratio

-investment types and quality

-annual statement must be filed

-guaranty funds

Market Conduct Regulation - Answer✔️✔️-Regulation of the practices of insurers in

regard to four areas of operation: sales practices, underwriting practices, claims

practices, and bad-faith actions.

McCarran-Ferguson Act - Answer✔️✔️-states that while the federal government has

authority to regulate the insurance industry, it would not exercise its right if the

insurance industry was regulated effectively and adequately on the state level.

Dodd-Frank Act - Answer✔️✔️-Created the Federal Insurance Office (FIO) with authority

to monitor the insurance industry

The Life and Health Insurance Guaranty Association - Answer✔️✔️-State's association

covers the company's benefits up to state-mandated maximums (usually up to $300k)

should the insurance company go insolvent

Unilateral Contract - Answer✔️✔️-contract in which only one party makes a legally

enforceable promise when entering into the contract

Bilateral Contract - Answer✔️✔️-Both parties make legally enforceable promises




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