LOMA 281 Module 1 Questions And Answers(GRADED A+)
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LOMA 281
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LOMA 281
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...
LOMA 281 Module 1
Questions And
Answers(GRADED A+)
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.
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.
Pure risk - ANSWER A risk that involves no possibility of gain; either a loss occurs or no loss occurs.
, Contracts of indemnity - ANSWER Health insurance; An insurance policy under which the amount of
the policy benefit payable for a covered loss is based on the actual amount of financial loss that
results from the loss, as determined at the time of the loss.
Valued contract - ANSWER Life insurance; An insurance policy that specifies the amount of the policy
benefit that will be payable when a covered loss occurs, regardless of the actual amount of the loss
the was incurred.
Face amount - ANSWER the amount of the policy benefit listed on the first page of a life insurance
policy.
Law of large numbers - ANSWER A theory of probability which states that, typically, the more times
we observe a particular event, the more likely it is that our observed results will approximate the
'true' probability that the event will occur.
Reinsurance - ANSWER Insurance that one insurance company, known as the direct writer, purchases
from another insurance company, known as the reinsurer, to transfer risk on insurance policies that
the direct writer has issued.
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.
Retention limit - ANSWER The maximum amount of insurance that an insurer is willing to carry at its
own risk on any one life. The direct writer cedes anything above that limit to a reinsurer in a
reinsurance transaction or through other risk transfer mechanisms.
Direct writer - ANSWER AKA ceding company; In a reinsurance transaction, the insurance company
that purchases reinsurance.
Reinsurer - ANSWER In a reinsurance transaction, the company that provides reinsurance to the
direct writer.
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