2024 LOMA 281 Module 2 (100% Verified)

Which type of whole life insurance policy will best be able to give Arabella lifetime protection without straining her retirement income? Single-premium whole life policy Limited-payment whole life policy Continuous-premium whole life policy correct answers B Financial needs life insurance can meet correct answers - paying household expenses - covering outstanding debts - Paying outstanding medical, hospital, and funeral expenses, - providing financial support for the family - funding a child's education Term Life Insurance correct answers Life insurance that provides a death benefit only if the insured dies during the period specified in the policy. level term life insurance correct answers Term life insurance that provides a policy benefit that remains the same over the term of the policy. Decreasing Term Life Insurance correct answers Term life insurance that provides a policy benefit that decreases in amount over the term of coverage Mortgage Insurance correct answers A plan of decreasing term insurance designed to provide a benefit amount that corresponds to the decreasing amount owed on a mortgage loan. When Michael bought a house, he obtained a mortgage loan from the Archway Bank. He also bought a mortgage insurance policy from Able Life. Is Archway Bank a party to Michael's mortgage insurance contract with Able Life? a. yes b. no correct answers B. Who can Michael name as the beneficiary of his mortgage insurance policy? a. His Wife Only b. Archway Bank Only c. His Wife, Archway Bank, or Someone Else correct answers C. If Michael names his wife as the policy beneficiary, does she have to use the policy proceeds to repay the mortgage loan? a. yes b. no correct answers B.