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LOMA 281 Module 2 Questions & Answers(GRADED A+) $11.99
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LOMA 281 Module 2 Questions & Answers(GRADED A+)
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  • LOMA 281 Module 2

Term Life insurance - ANSWER Insurance that provides a policy benefit if the insured dies during a specified period of time. Policy term - ANSWER The specified period of time for which a term life insurance policy provides coverage. Level Term life insurance - ANSWER A plan of term life insur...

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  • August 30, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • loma 281 module 2 questions answersgraded a
  • loma 281 module 2 stuvia 2024
  • term life insurance answer insurance that provi
  • policy term answer the specified period of time

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LOMA 281 Module 2
Questions &
Answers(GRADED A+)
Term Life insurance - ANSWER Insurance that provides a policy benefit if the insured dies during a
specified period of time.



Policy term - ANSWER The specified period of time for which a term life insurance policy provides
coverage.



Level Term life insurance - ANSWER A plan of term life insurance that provides a policy benefit that
remains the same over the term of coverage.



Decreasing term life insurance - ANSWER A plan of term life insurance that provides a policy benefit
that decrease in amount over the term of coverage.



Increasing term life insurance - ANSWER A plan of life insurance that provides a policy benefit that
starts at one amount and increases by some specified amount or percentage at stated intervals over
the term of coverage.



Mortgage insurance - ANSWER A plan of decreasing term life insurance designed to provide a benefit
amount that corresponds to the decreasing amount owed on a mortgage loan



Credit life insurance - ANSWER A type of term life insurance designed to pay the balance due on a
loan if the borrower dies before the loan is paid



Family income coverage - ANSWER A plan of decreasing term life insurance that provides a stated
monthly income benefit amount to the insured's surviving spouse if the insured dies during the term
of coverage.

, Return of premium term insurance - ANSWER A type of term insurance that provides a death benefit
if the insured dies during the term of coverage and that promises a return of premiums if the insured
does not die during the term of coverage.



Renewable term insurance - ANSWER Term life insurance that gives the policyowner the option to
continue the policy's coverage for an additional policy term without providing evidence of
insurability.



Evidence of insurability - ANSWER Proof that a given person is an insurable risk.



Convertible term insurance - ANSWER Term life insurance that gives the policyowner the right to
convert the term policy to a cash value life insurance policy without providing evidence of
insurability.



Conversion period - ANSWER The specified period of time following policy issue during which the
owner of a convertible term life insurance policy can convert the coverage to cash value life
insurance.



Original age conversion - ANSWER A conversion of a term life insurance policy to a cash value life
insurance policy in which the renewal premium rate is based on the insured's age when the original
term life insurance policy was issued.



Cash value life insurance - ANSWER Insurance that provides life insurance coverage throughout the
insured's lifetime and also provides a savings element.



Cash value - ANSWER The savings element of a cash value life insurance policy, which represents the
policyowner's ownership interest in the policy.



Policy loan - ANSWER A loan a policyowner receives from an insurer using the cash value of a life
insurance policy as security.



Cash surrender value - ANSWER The amount, after adjustments for factors such as policy loans, that
the owner of a cash value life insurance policy is entitled to receive upon surrendering the policy.



Single premium payment - ANSWER A type of limited-payment whole life insurance policy that
requires only one premium payment.

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