Loma 281 - Study guides, Class notes & Summaries

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LOMA 281 Module 2 Exam || Questions & Answers (Graded A)LOMA 281 Module 2 Exam || Questions & Answers (Graded A)LOMA 281 Module 2 Exam || Questions & Answers (Graded A)LOMA 281 Module 2 Exam || Questions & Answers (Graded A)

LOMA 281 Exam with Complete Solutions Graded A+ Extended term life insurance nonforfeiture option - Answer-policy owner can discontinue paying premiums and use the policy's net cash surrender value to purchase term insurance. this term insurance is for the full coverage amount provided under the original policy for as long a term as the net cash surrender value can provide automatic premium loan option - Answer-insurer will automatically pay an overdue premium by making a loan against the p...

Assume you're applying for a life insurance policy. During his presentation, the insurance agent makes the following statements. Are they all true? (Select all that apply.) a. People buy insurance to reduce the financial risk they face but not every type of risk is insurable. b. both pure risks and speculative risks are insurable. c. most life insurance policies are valued contracts, which state at the time of policy issue the time amount of the benefit payable when the insured person ...

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 financial sup...

LOMA 281: Module 1 Lesson 1 - Risk and Insurance Comprehensive Exam || Questions & Answers (Graded A) LOMA 281: Module 1 Lesson 1 - Risk and Insurance Comprehensive Exam || Questions & Answers (Graded A) LOMA 281: Module 1 Lesson 1 - Risk and Insurance Comprehensive Exam || Questions & Answers (Graded A)

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 ...

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 - ...

LOMA 281 Practice Test with Complete Solutions Pure risk - Answer-Risks that involve either a loss or no loss Speculative risk - Answer-Risk that can result in a loss, gain or no change Insurance - Answer-A method for transferring risk from an individual to an insurance company Premium - Answer-The amount that the insured pays in exchange for a promise of money Risk pooling - Answer-Insurers collect premiums from all insured people and spread the cost of the relatively few anticipated...

LOMA 281 Module 3 questions with complete solutions Waiver of premium for disability (WP) Benefit - ANSWERS 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 d...