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LOMA 281 Module 3 questions with complete solutions
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LOMA 281 Module 3 questions with complete solutions
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LOMA 281 Module 3Waiver of premium for disability benefit - correct 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 - correct answer ✔✔A supplemental life insurance policy benefit
under which the insurer agrees to waive its right to collect a policy's renewal premiums if the
policyowner dies or becomes totally disabled.
Disability income benefit - correct answer ✔✔A supplemental life insurance policy benefit that provides
a monthly income benefit to the policyowner-insured if he become totally disabled when the policy is in
force.
Accidental death benefit - correct answer ✔✔A supplemental life insurance policy benefit that provides
a death benefit, in addition to the policy's basic death benefit, if the insured dies as a result of an
accident.
Accidental death and dismemberment benefit - correct answer ✔✔A supplemental life insurance policy
benefit that provides an accidental death benefit and provides a dismemberment benefit payable if an
accident causes the insured to lose any two limbs or sight in both eyes.
Accelerated death benefit - correct answer ✔✔A supplemental life insurance policy benefit that gives a
policyowner-insured the right to receive all or part of the policy's death benefit before her death, if
certain conditions are met.
Terminal illness benefit - correct answer ✔✔An accelerated death benefit under which the insurer pays a
portion of a life insurance policy's death benefit to a policyowner-insured who suffers from a terminal
illness and has a physician-certified life expectancy of 12 months or less.
Dread disease benefit - correct answer ✔✔An accidental death benefit under which the insurer agrees
to pay a portion of the life insurance policy's face amount to the policyowner if the insured suffers from
one of a number of specified diseases.
, Long term care insurance benefit - correct answer ✔✔An accelerated death benefit under which the
insurer agrees to pay a monthly benefit to a life insurance policyowner if the insured requires constant
care for a medical condition.
Spouse and children's insurance rider - correct answer ✔✔A supplemental life insurance policy benefit
that provides term life insurance coverage on the insured's spouse and children.
Children's insurance rider - correct answer ✔✔A supplemental life insurance policy benefit that provides
term life insurance coverage on the insured's children.
Second insured rider - correct answer ✔✔A supplemental life insurance policy benefit that provides
term insurance coverage on the life of a person other than the policy's insured.
Guaranteed insurability benefit - correct answer ✔✔A supplemental life insurance policy benefit that
gives the policyowner the right to purchase additional insurance of the same type as the basic life
insurance policy - for an additional premium amount - on specified option dates during the life of the
policy without supplying evidence of the insured's insurability.
Paid up additions option benefit - correct answer ✔✔A supplemental life insurance policy benefit that
allows the policyowner of a whole life insurance policy to purchase singe-premium paid-up additions to
the policy on stated dates in the future without providing evidence of the insured's insurability.
Entire contract provision - correct answer ✔✔An insurance policy provision that defines the documents
that constitute the contract between the insurance company and the policyowner.
Closed contract - correct answer ✔✔A contract for which only those terms and conditions that are
printed on - or attached to - the contract are considered to be part of the contract.
Open contract - correct answer ✔✔A contract that identifies the documents that constitute the contract
between the parties, but the enumerated documents are not all attached to the contract.
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