LOMA 291 TEST QUESTIONS AND ANSWERS ALL CORRECT
What is accelerated underwriting? - Answer-A type of underwriting in which insurers offer coverage to applicants more quickly by reducing the use of medical/lab tests.
What is exception-based underwriting? - Answer-Electronic underwriting that ...
LOMA 291 TEST QUESTIONS AND
ANSWERS ALL CORRECT
What is accelerated underwriting? - Answer-A type of underwriting in which insurers
offer coverage to applicants more quickly by reducing the use of medical/lab tests.
What is exception-based underwriting? - Answer-Electronic underwriting that
automatically accepts applications that meet certain well-defined criteria and refers the
rest for further evaluation by a human underwriter.
What is an agent's statement? - Answer-A section included in most individual life
insurance applications in which the financial professional submitting the application can
comment on any factors relevant to the case that might affect the underwriting decision.
What are the 3 main categories of risk factors? - Answer-1. Medical
2. Personal
3. Financial
What is an extra-percentage table? - Answer-A document that presents the total
mortality for each substandard group and that lists all the tables used in the table rating
method.
What is a nonmedical supplement? - Answer-It includes a medical history provided by
the applicant, with or without the participation of a financial professional or
teleunderwriter
What three exchanges qualify as 1035 exhcanges? - Answer-1. One life insurance
policy for another life insurance policy, where both policies insure the same person and
have the same owner
2. A life insurance policy for an annuity
3. One annuity for another annuity where benefits are payable to the same person
What are the 4 operational metrics? - Answer-1. Accessibility
2. Timeliness
3. Productivity
4. Quality
What are the 3 service metrics? - Answer-1. Retention rates
2. Customer satisfaction scores
3. Net promoter score
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