Loma 281 - Study guides, Class notes & Summaries

LOMA 281 Module 1 Latest Update Graded A+ Risk the possibility of an unexpected result. Premium 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 A company that provides protection against the risk of financial loss caused by specific events. Life insurance A type of insurance under which the insurer promises to pay a death benefit upon the death of a named person. Annuity A fin...

LOMA 281 Module 2 with Complete Solutions Which type of whole life insurance policy will best be able to give Arabella lifetime protection without straining her retirement income? Single-premium whole life policy Limited-payment whole life policy Continuous-premium whole life policy - Answer-B Financial needs life insurance can meet - Answer-- paying household expenses - covering outstanding debts - Paying outstanding medical, hospital, and funeral expenses, - providing financia...

Which type of whole life insurance policy will best be able to give Arabella lifetime protection without straining her retirement income? Single-premium whole life policy Limited-payment whole life policy Continuous-premium whole life policy - ANSWER B Financial needs life insurance can meet - ANSWER - paying household expenses - covering outstanding debts - Paying outstanding medical, hospital, and funeral expenses, - providing financial support for the family - funding a child's ...

Waiver of premium for disability (WP) Benefit - ANSWER A supplemental life insurance policy benefit under which the insurer promises to give up—to waive—its right to collect premiums that become due while the insured is totally disabled. - satisfies a 3-6 month waiting period: meaning for the first 3-6 months the person must cover it The WP benefit typically defines total disability for the insured as being unable to perform the duties of?

LOMA 281 Module 4 Questions with Correct Answers Group Insurance - Answer-A method of providing life or health insurance coverage for a group of people under one insurance contract. commonly provide: - life insurance, medical expense insurance, disability insurance, and dental insurance coverage Master group insurance contract - Answer-An insurance contract that insures a number of people. Group insured - Answer-An individual covered by a group insurance policy. Group policyholder...

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