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Exam (elaborations)

LOMA 281 Module 1 Exam Study Guide

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LOMA 281 Module 1 Exam Study Guide Risk - Answer️️ -the possibility of an unexpected result. Premium - Answer️️ -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 - Answer️️ -A company ...

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  • September 15, 2024
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  • 2024/2025
  • Exam (elaborations)
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  • LOMA 281
  • LOMA 281
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LOMA 281 Module 1 Exam Study Guide


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.


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