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LOMA 281 Module 3 Lesson 1 Supplemental Benefits Summary of Key Points with correct answers
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LOMA 281 Module 3 Lesson 1 Supplemental Benefits Summary of Key Points
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LOMA 281 Module 3 Lesson 1Supplemental Benefits
Summary of Key Points
Life insurance policyowners can purchase several different types of supplemental benefits to add
to their policies.
Supplemental disability benefits include:
waiver of premium for disability (WP)— the insurer waives renewal premiums while
the insured is totally disabled
waiver of premium for payor—the insurer waives renewal premiums if the policyowner
dies or becomes totally disabled
disability income benefit—provides a monthly income benefit to the policyowner-
insured if he becomes totally disabled
Accident-related benefits include:
accidental death benefit—provides an additional death benefit if an accident causes the
insured’s death
accidental death and dismemberment (AD&D) benefit—provides an additional benefit
if an accident causes the insured to die or to lose any two limbs or the sight in both eyes
Accelerated death benefits include:
terminal illness (TI) benefit—pays part of the death benefit to a policyowner-insured
with a terminal illness
dread disease (DD) benefit—pays part of the death benefit to the policyowner if the
insured suffers from a specified disease
long-term care (LTC) insurance benefit—pays a monthly benefit to the policyowner if
the insured requires constant care for a medical condition
Coverage for additional insureds includes:
spouse and children’s insurance rider
children’s insurance rider
second insured rider
Insurability benefit riders—an individual can purchase insurance without new evidence of
insurability—include:
guaranteed insurability (GI) benefit—the policyowner can purchase additional
insurance on stated dates
paid-up additions option benefit—(for whole life only) the policyowner can purchase
single-premium paid-up additions on stated dates
Copyright © 2015 LOMA (Life Office Management Association, Inc.). All rights reserved.
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