internal replacement - Correct Answer same insurer sells both policies
external replacement - Correct Answer different insurers sell the policies
cost basis - Correct Answer The amount invested in an insurance contract, equal to the sum of all premiums paid less withdrawals, dividends, ...
LOMA 291 Module 2 Lesson 3 (ANSWERED)
internal replacement - Correct Answer same insurer sells both policies
external replacement - Correct Answer different insurers sell the policies
cost basis - Correct Answer The amount invested in an insurance contract, equal to the sum of all
premiums paid less withdrawals, dividends, and outstanding policy loans.
Section 1035 exchange - Correct Answer The tax-free exchange of certain insurance and annuity policies
permitted under Section 1035 of the U.S. Internal Revenue Code. Can't exchange an annuity for a life
policy or a life policy insuring one life for a policy insuring two lives.
service recovery - Correct Answer The efforts an organization makes to fully resolve a problem that
caused a customer's dissatisfaction and to win back the customer's goodwill.
journey maps - Correct Answer Journey maps follow the journeys of customer personas, not actual
customers. The customer persona represents a large group of customers, so using a persona when
journey mapping would better predict the experience of that group than using the specific experience of
an individual customer.
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