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LOMA 281 Module 3 exam with answers
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LOMA 281 Module 3 exam with answers
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LOMA 281 Module 3 exam with answersWaiver |of |premium |for |disability |benefit |- |correct |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.
Waiver |of |premium |for |payor |benefit |- |correct |answer |-A |supplemental |life |insurance |policy |benefit
|under |which |the |insurer |agrees |to |waive |its |right |to |collect |a |policy's |renewal |premiums |if |the
|policyowner |dies |or |becomes |totally |disabled.
Disability |income |benefit |- |correct |answer |-A |supplemental |life |insurance |policy |benefit |that
|provides |a |monthly |income |benefit |to |the |policyowner-insured |if |he |become |totally |disabled |when
|the |policy |is |in |force.
Accidental |death |benefit |- |correct |answer |-A |supplemental |life |insurance |policy |benefit |that
|provides |a |death |benefit, |in |addition |to |the |policy's |basic |death |benefit, |if |the |insured |dies |as |a
|result |of |an |accident.
Accidental |death |and |dismemberment |benefit |- |correct |answer |-A |supplemental |life |insurance
|policy |benefit |that |provides |an |accidental |death |benefit |and |provides |a |dismemberment |benefit
|payable |if |an |accident |causes |the |insured |to |lose |any |two |limbs |or |sight |in |both |eyes.
Accelerated |death |benefit |- |correct |answer |-A |supplemental |life |insurance |policy |benefit |that |gives
|a |policyowner-insured |the |right |to |receive |all |or |part |of |the |policy's |death |benefit |before |her
|death, |if |certain |conditions |are |met.
Terminal |illness |benefit |- |correct |answer |-An |accelerated |death |benefit |under |which |the |insurer
|pays |a |portion |of |a |life |insurance |policy's |death |benefit |to |a |policyowner-insured |who |suffers |from
|a |terminal |illness |and |has |a |physician-certified |life |expectancy |of |12 |months |or |less.
Dread |disease |benefit |- |correct |answer |-An |accidental |death |benefit |under |which |the |insurer |agrees
|to |pay |a |portion |of |the |life |insurance |policy's |face |amount |to |the |policyowner |if |the |insured
|suffers |from |one |of |a |number |of |specified |diseases.
, Long |term |care |insurance |benefit |- |correct |answer |-An |accelerated |death |benefit |under |which |the
|insurer |agrees |to |pay |a |monthly |benefit |to |a |life |insurance |policyowner |if |the |insured |requires
|constant |care |for |a |medical |condition.
Spouse |and |children's |insurance |rider |- |correct |answer |-A |supplemental |life |insurance |policy |benefit
|that |provides |term |life |insurance |coverage |on |the |insured's |spouse |and |children.
Children's |insurance |rider |- |correct |answer |-A |supplemental |life |insurance |policy |benefit |that
|provides |term |life |insurance |coverage |on |the |insured's |children.
Second |insured |rider |- |correct |answer |-A |supplemental |life |insurance |policy |benefit |that |provides
|term |insurance |coverage |on |the |life |of |a |person |other |than |the |policy's |insured.
Guaranteed |insurability |benefit |- |correct |answer |-A |supplemental |life |insurance |policy |benefit |that
|gives |the |policyowner |the |right |to |purchase |additional |insurance |of |the |same |type |as |the |basic |life
|insurance |policy |- |for |an |additional |premium |amount |- |on |specified |option |dates |during |the |life |of
|the |policy |without |supplying |evidence |of |the |insured's |insurability.
Paid |up |additions |option |benefit |- |correct |answer |-A |supplemental |life |insurance |policy |benefit |that
|allows |the |policyowner |of |a |whole |life |insurance |policy |to |purchase |singe-premium |paid-up
|additions |to |the |policy |on |stated |dates |in |the |future |without |providing |evidence |of |the |insured's
|insurability.
Entire |contract |provision |- |correct |answer |-An |insurance |policy |provision |that |defines |the
|documents |that |constitute |the |contract |between |the |insurance |company |and |the |policyowner.
Closed |contract |- |correct |answer |-A |contract |for |which |only |those |terms |and |conditions |that |are
|printed |on |- |or |attached |to |- |the |contract |are |considered |to |be |part |of |the |contract.
Open |contract |- |correct |answer |-A |contract |that |identifies |the |documents |that |constitute |the
|contract |between |the |parties, |but |the |enumerated |documents |are |not |all |attached |to |the |contract.
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