LOMA 281 Exam Questions with All Correct Answers
What are presumptive disabilities? - Answer-A stated condition that, if present, automatically causes the insured to be considered totally disabled.
What is an "own previous occupation" benefit? - Answer-Defines total disability as the insured...
LOMA 281 Exam Questions
with All Correct Answers
What are presumptive disabilities? - Answer-A stated condition that, if present,
automatically causes the insured to be considered totally disabled.
What is an "own previous occupation" benefit? - Answer-Defines total disability as the
insured's inability to perform the essential duties of his own previous occupation.
Even if someone is able to work after a certain period, they will receive compensation
for their previous salary if they cannot return to their original occupation.
What is a waiver of premium for payor benefit? - Answer-Supplemental life insurance
policy benefit which provides that the insurance company will waive the right to collect a
policy's renewal premiums if the policyowner dies or becomes totally disabled.
Why is an accidental death benefit sometimes called a double indemnity benefit? -
Answer-It frequently doubles the policy's face amount
What must be lost for an AD&D benefit to be applied? - Answer-Loss of any two limbs
or the sight in both eyes
What is an accelerated death benefit? - Answer-A policyholder can collect part of the life
insurance benefit while still living
What does one coverage unit for a spouse and child usually equal? - Answer-$5,000 for
spouse
$1,000 for child
What is a second insured rider? - Answer-A supplemental life insurance policy benefit
that provides term insurance coverage on the life of a person other than the policy's
insured. Also known as optional insured rider or additional insured rider.
What is a guaranteed insurability (GI) benefit? - Answer-Allows policyowner to buy
additional insurance of the same type as original policy at certain times without proof of
insurability.
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