Loma 281 module 1 l - 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...

Assume you are 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 amount of the benefit payable when the insured person dies. D....

LOMA 281 Module 1 Latest 2023 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 financial product by w...

LOMA 281 Module 1 Lesson 1 - Risk and Insurance Exam

LOMA 281 Module 1 Lesson 1 Exam Questions and Answers

LOMA 281 Module 1 Lesson 1 - Risk and Insurance Questions And Answers Latest |Update| Verified Answers

Financial services industry - ANSWER An industry in which financial institutions help people, businesses, and governments with their asset accumulation, asset management, and asset protection needs Financial institutions - ANSWER A business that owns primarily financial assets, such as stock and bonds, rather than fixed assets, such as equipment and raw materials

Risk - ANSWER The possibility of an unexpected result. This could be a gain or loss. Speculative risk - ANSWER A risk that involves three possible outcomes: loss, gain, or no change. Pure Risk - ANSWER a risk that presents the chance of loss but no opportunity for gain

Insurance policy - ANSWER A legally enforceable contract between a policyowner who applies for and owns the policy and the insurer that issues the policy Unilateral contract - ANSWER A contract in which only one of the parties makes a legally enforceable promise when entering into the contract. (life insurance)