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LOMA 281 Module 3 Lesson 3 questions well answered
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LOMA 281 Module 3 Lesson 3
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LOMA 281 Module 3 Lesson 3property - correct answer ✔✔A bundle of rights a person has with respect to something.
real property - correct answer ✔✔Land and whatever is growing on or attached to the land.
personal property - correct answer ✔✔all property other than real property
intangible property - correct answer ✔✔Property that represents ownership of a legal right, such as a
contractual right (life insurance).
ownership of property - correct answer ✔✔The sum of all the legal rights that exist in a piece of
property.
rights of a life policyowner - correct answer ✔✔name the beneficiary, change the beneficiary, transfer
ownership to someone else
class designation - correct answer ✔✔A beneficiary designation that identifies a certain group of
persons, rather than naming each person.
primary beneficiaries - correct answer ✔✔The party designated to receive the policy proceeds following
the death of the insured. Also known as first beneficiary.
contingent beneficiary - correct answer ✔✔The party named to receive the policy proceeds if the
primary beneficiary should die before the insured. Sometimes referred to as a secondary beneficiary or
successor beneficiary.
right of revocation - correct answer ✔✔The life insurance policyowner's right to change the beneficiary
designation at any time.
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