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LOMA 281 Module 1 Test with Correct Answers

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LOMA 281 Module 1 Test with Correct Answers Financial services industry - Answer-The industry made up of various kinds of financial institutions that help people, businesses, and governments save, borrow, invest, and otherwise manage money. Financial institutions - Answer-A business that own...

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  • September 7, 2024
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  • 2024/2025
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LOMA 281 Module 1 Test with Correct
Answers
Financial services industry - Answer-The industry made up of various kinds of financial
institutions that help people, businesses, and governments save, borrow, invest, and
otherwise manage money.

Financial institutions - Answer-A business that owns primarily financial assets, such as
stocks and bonds, rather than fixed assets, such as equipment and raw materials.

Depository institution - Answer-A financial institution that accepts deposits from people,
businesses, and government agencies and uses these deposits to make loans to
people, businesses, and government agencies.

Finance company - Answer-A financial institution that specializes in making short- and
medium-term loans to businesses and people.

Securities firm - Answer-A financial institution that facilitates the sale of investment
instruments know as securities.

Mutual fund company - Answer-A financial institution that operates mutual funds, which
are investment vehicles that pool the funds of investors and use the funds to buy stocks,
bonds, and other financial instruments to create a diversified portfolio of investments.

Corporation - Answer-A legal entity created by the authority of a government that is
separate and distinct from people who own it. This characteristic provides an element of
stability and permanence that makes it an ideal structure for insurers, whose contractual
obligations extend many years into the future.

Convergence - Answer-The movement toward financial institutions that can serve a
customer's banking, insurance, and securities needs.

Consolidation - Answer-In the context of the financial services industry, the combination
of financial services institutions within or across sectors.

Globalization - Answer-the tendency of businesses, technologies, or philosophies to
spread throughout the world, or the process of making this happen.

McCarran-Ferguson Act 1945 - Answer-A federal law that allows state law to regulate
the business of insurance without federal government interference.

, State insurance department - Answer-A state administrative agency, under the direction
of an insurance commissioner or a state superintendent of insurance, that is charged
with making sure that insurers operating within the state comply with applicable state
insurance laws and regulations.

National association of insurance commissioners - Answer-A nongovernmental
organization consisting of the insurance commissioners or superintendents of the
various state insurance departments.

Risk - Answer-the possibility of an unexpected result.

Premium - Answer-A specified amount of money an insurer charges in exchange for its
agreement to pay a policy benefit when a specific loss occurs.

Insurance company - Answer-A company that provides protection against the risk of
financial loss caused by specific events.

Life insurance - Answer-A type of insurance under which the insurer promises to pay a
death benefit upon the death of a named person.

Annuity - Answer-A financial product by which an insurer, in return for receiving a
premium, promises to make periodic payments to a named person or entity.

Applicant - Answer-The person or entity that applies for an insurance policy.

Policyowner - Answer-The person or entity that owns the issued policy.

Insured - Answer-The person whose life or health the policy insures.

Beneficiary - Answer-The person named to receive the policy benefit if the insured
event occurs.

Third party policy - Answer-A policy one person purchases that insures the life of
another person.

Speculative risks - Answer-A risk that involves three possible outcomes: loss, gain, or
no change.

Pure risk - Answer-A risk that involves no possibility of gain; either a loss occurs or no
loss occurs.

Contracts of indemnity - Answer-Health insurance; An insurance policy under which the
amount of the policy benefit payable for a covered loss is based on the actual amount of
financial loss that results from the loss, as determined at the time of the loss.

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