LOMA 281 Module 1 Lesson 2 Correct Questions & ANSWERS(2024 LATEST UPDATE)EXAM BUNDLE

Term Life insurance - ANSWER Insurance that provides a policy benefit if the insured dies during a specified period of time. Policy term - ANSWER The specified period of time for which a term life insurance policy provides coverage. Level Term life insurance - ANSWER A plan of term life insura...

Annuity - ANSWER insurance against the risk of outliving one's financial resources annuity contract - ANSWER A contract under which an insurer promises to make a series of periodic payments to a named individual in exchange for a premium or a series of premiums. contract owner - ANSWER The pe...

Assume that Caryer has life insurance on his own life. Select the box beside each financial need that you think life insurance can meet Paying household expenses (utility bills, food, clothing, etc) Covering outstanding debts (mortgage and car loans, etc) Paying future outstanding medical, hosp...

Omnichannel distribution - ANSWER A form of distribution that enables personalized sales to customers through multiple, integrated communication channels. Common ways to engage with customers - ANSWER - Face to Face - Phone - Direct Mail or Email - Online - Print and Broadcast Media - Worksi...

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 ...

real property - ANSWER Land and whatever is growing property - ANSWER A bundle of rights a person has with respect to something. on or attached to the land. personal property - ANSWER all property other than real property intangible property - ANSWER Property that represents ownership of a ...

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 f...

Insurance policy - ANSWER A legally enforceable contract between a policyowner who applies for and owns the policy and the insurer that issues the policy Unilateral contract - ANSWER A contract in which only one of the parties makes a legally enforceable promise when entering into the contract. (...

Waiver of premium for disability 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. Waiver of premium for payor benefit - ANSWER A supplemental ...

Risk - ANSWER The possibility of an unexpected result. This could be a gain or loss. Speculative risk - ANSWER A risk that involves three possible outcomes: loss, gain, or no change. Pure Risk - ANSWER a risk that presents the chance of loss but no opportunity for gain

What are speculative risks? - ANSWER Risks that involve three outcomes: loss, gain, or no change What are pure risks? - ANSWER Risks that involve no possibility of gain What risks are insurable? - ANSWER Only pure risks

Assume you are applying for a life insurance policy. During his presentation, the insurance agent makes the following statements. Are they all true? (Select all that apply) A. People buy insurance to reduce the financial risk they face, but not every type of risk is insurable. B. Both pure risks...

Financial services industry - ANSWER An industry in which financial institutions help people, businesses, and governments with their asset accumulation, asset management, and asset protection needs Financial institutions - ANSWER A business that owns primarily financial assets, such as stock and ...

Assume you're applying for a life insurance policy. During his presentation, the insurance agent makes the following statements. Are they all true? (Select all that apply.) a. People buy insurance to reduce the financial risk they face but not every type of risk is insurable. b. both pure ris...