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LOMA 281 Module 2 exam questions with complete solution 2024.
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LOMA 281 Module 2 exam questions with complete solution 2024.
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LOMA 281 Module 2 exam questions withcomplete solution 2024
Term jLife jinsurance j- jANS✓✓-Insurance jthat jprovides ja jpolicy jbenefit jif jthe
jinsured jdies jduring ja jspecified jperiod jof jtime.
Policy jterm j- jANS✓✓-The jspecified jperiod jof jtime jfor jwhich ja jterm jlife
jinsurance jpolicy jprovides jcoverage.
Level jTerm jlife jinsurance j- jANS✓✓-A jplan jof jterm jlife jinsurance jthat jprovides
ja jpolicy jbenefit jthat jremains jthe jsame jover jthe jterm jof jcoverage.
Decreasing jterm jlife jinsurance j- jANS✓✓-A jplan jof jterm jlife jinsurance jthat
jprovides ja jpolicy jbenefit jthat jdecrease jin jamount jover jthe jterm jof jcoverage.
Increasing jterm jlife jinsurance j- jANS✓✓-A jplan jof jlife jinsurance jthat jprovides ja
jpolicy jbenefit jthat jstarts jat jone jamount jand jincreases jby jsome jspecified
jamount jor jpercentage jat jstated jintervals jover jthe jterm jof jcoverage.
Mortgage jinsurance j- jANS✓✓-A jplan jof jdecreasing jterm jlife jinsurance
jdesigned jto jprovide ja jbenefit jamount jthat jcorresponds jto jthe jdecreasing
jamount jowed jon ja jmortgage jloan
Credit jlife jinsurance j- jANS✓✓-A jtype jof jterm jlife jinsurance jdesigned jto jpay jthe
jbalance jdue jon ja jloan jif jthe jborrower jdies jbefore jthe jloan jis jpaid
Family jincome jcoverage j- jANS✓✓-A jplan jof jdecreasing jterm jlife jinsurance jthat
jprovides ja jstated jmonthly jincome jbenefit jamount jto jthe jinsured's jsurviving
jspouse jif jthe jinsured jdies jduring jthe jterm jof jcoverage.
Return jof jpremium jterm jinsurance j- jANS✓✓-A jtype jof jterm jinsurance jthat
jprovides ja jdeath jbenefit jif jthe jinsured jdies jduring jthe jterm jof jcoverage jand
jthat jpromises ja jreturn jof jpremiums jif jthe jinsured jdoes jnot jdie jduring jthe jterm
jof jcoverage.
Renewable jterm jinsurance j- jANS✓✓-Term jlife jinsurance jthat jgives jthe
jpolicyowner jthe joption jto jcontinue jthe jpolicy's jcoverage jfor jan jadditional
jpolicy jterm jwithout jproviding jevidence jof jinsurability.
, Evidence jof jinsurability j- jANS✓✓-Proof jthat ja jgiven jperson jis jan jinsurable
jrisk.
Convertible jterm jinsurance j- jANS✓✓-Term jlife jinsurance jthat jgives jthe
jpolicyowner jthe jright jto jconvert jthe jterm jpolicy jto ja jcash jvalue jlife jinsurance
jpolicy jwithout jproviding jevidence jof jinsurability.
Conversion jperiod j- jANS✓✓-The jspecified jperiod jof jtime jfollowing jpolicy jissue
jduring jwhich jthe jowner jof ja jconvertible jterm jlife jinsurance jpolicy jcan jconvert
jthe jcoverage jto jcash jvalue jlife jinsurance.
Original jage jconversion j- jANS✓✓-A jconversion jof ja jterm jlife jinsurance jpolicy
jto ja jcash jvalue jlife jinsurance jpolicy jin jwhich jthe jrenewal jpremium jrate jis
jbased jon jthe jinsured's jage jwhen jthe joriginal jterm jlife jinsurance jpolicy jwas
jissued.
Cash jvalue jlife jinsurance j- jANS✓✓-Insurance jthat jprovides jlife jinsurance
jcoverage jthroughout jthe jinsured's jlifetime jand jalso jprovides ja jsavings
jelement.
Cash jvalue j- jANS✓✓-The jsavings jelement jof ja jcash jvalue jlife jinsurance jpolicy,
jwhich jrepresents jthe jpolicyowner's jownership jinterest jin jthe jpolicy.
Policy jloan j- jANS✓✓-A jloan ja jpolicyowner jreceives jfrom jan jinsurer jusing jthe
jcash jvalue jof ja jlife jinsurance jpolicy jas jsecurity.
Cash jsurrender jvalue j- jANS✓✓-The jamount, jafter jadjustments jfor jfactors jsuch
jas jpolicy jloans, jthat jthe jowner jof ja jcash jvalue jlife jinsurance jpolicy jis jentitled
jto jreceive jupon jsurrendering jthe jpolicy.
Single jpremium jpayment j- jANS✓✓-A jtype jof jlimited-payment jwhole jlife
jinsurance jpolicy jthat jrequires jonly jone jpremium jpayment.
Limited jpremium jpayment j- jANS✓✓-A jwhole jlife jinsurance jpolicy jfor jwhich
jpremiums jare jpayable jonly juntil jsome jstated jperiod jexpires jor juntil jthe
jinsured's jdeath, jwhichever joccurs jfirst.
Continuous jpremium jpayment j- jANS✓✓-A jwhole jlife jinsurance jpolicy jfor jwhich
jpremiums jare jpayable jfor jthe jlife jof jthe jpolicy. jAKA jstraight jlife jor jordinary
jlife.
Modified jpremium jwhole jlife jinsurance j- jANS✓✓-A jwhole jlife jinsurance jpolicy
jthat jfunctions jin jthe jsame jmanner jas ja jtraditional jwhole jlife jpolicy jexcept jthat
jthe jpolicy's jannual jpremium jchanges jafter ja jspecified jinitial jperiod, jsuch jas
j5,10,15,20 jyears.
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