Loma 281 - Study guides, Class notes & Summaries

LOMA 281 MODULE 2 EXAM WITH ALL QUESTIONS AND ANSWERS ...

LOMA 281 Module 2 Questions with Correct Answers Term Life insurance - Answer-Insurance that provides a policy benefit if the insured dies during a specified period of time. Policy term - Answer-The specified period of time for which a term life insurance policy provides coverage. Level Term life insurance - Answer-A plan of term life insurance that provides a policy benefit that remains the same over the term of coverage. Decreasing term life insurance - Answer-A plan of term life ins...

Group Insurance - 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 - An insurance contract that insures a number of people. Group insured - An individual covered by a group insurance policy. Group policyholder - The person or organization that decides what types of group insurance cover...

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 ...

Waiver of premium for disability benefit - 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. Waiver of premium for payor benefit - A supplemental life insurance policy benefit under which the insurer agrees to waive its right to collect a policy's renewal premiums if the policyowner dies or becomes totally disabled. Disability income benefit - A suppleme...

Risk correct answers the possibility of an unexpected result. Premium correct answers 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 correct answers A company that provides protection against the risk of financial loss caused by specific events. Life insurance correct answers A type of insurance under which the insurer promises to pay a death benefit upon the death of a named person. ...

LOMA 281 UPDATED Questions and CORRECT Answers Pure risk - CORRECT ANSWER - Risks that involve either a loss or no loss Speculative risk - CORRECT ANSWER - Risk that can result in a loss, gain or no change Insurance - CORRECT ANSWER - A method for transferring risk from an individual to an insurance compa

LOMA 281 ACTUAL Questions and CORRECT Answers 401(k) plan - CORRECT ANSWER - In the United States, a type of retirement plan that allows employees to make contributions on a pre-tax basis. absolute assignment - CORRECT ANSWER - An assignment of a life insurance policy under which the policyowner transfers all policy ownership rights to the assignee. Contrast with collateral assignment