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LOMA 291 Module 2 Lesson 2 Exam Questions and Answers
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LOMA 291 Module 2 Lesson 2 Exam Questions and Answers
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LOMA 291 Module 2 Lesson 2 Exam Questions and Answerssuitability - Answer -The process of determining whether a particular insurance or annuity product is an appropriate purchase for an applicant based on the applicant's needs and financial condition.
best interest standard - Answer -A legal requirement that recommendations must only consider the consumer's interest and not the interests of the financial institution or financial professional.
Regulation Best Interest - Answer -A Securities and Exchange Commission (SEC) package of rules and interpretations, effective June 30, 2020, designed to enhance the quality and transparency of retail investors' relationships with investment advisers and broker-dealers. Also known as Reg BI.
data analytics - Answer -The practice of applying analytical techniques to large amounts
of raw data in order to draw conclusions and make business decisions.
business rules engine - Answer -Software that automatically applies rules to data to reach a decision.
exception-based underwriting - Answer -Electronic underwriting that automatically accepts applications that meet certain well-defined criteria and refers the rest for further evaluation by a human underwriter.
antiselection - Answer -The tendency of people who believe they have a greater-than-
average likelihood of loss to seek insurance protection to a greater extent than do those
who believe they have an average or a less-than-average likelihood of loss. Also known
as adverse selection.
field underwriting - Answer -The process that occurs when the financial professional gathers initial information about the applicant and proposed insured and makes an initial
assessment as to whether they are likely to be approved for a specific type and amount of coverage.
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