LOMA 301 Exam Study Guide.
ACCELERATED DEATH BENEFIT - answerA SUPPLEMENTAL BENEFIT THAT
GIVES A POLICYOWNER-INSURED THE RIGHT TO RECEIVE ALL OR PART OF THE
POLICY'S DEATH BENEFIT BEFORE HER DEATH IF CERTAIN CONDITIONS ARE
MET (ALSO CALLED A LIVING BENEFIT)
ACCESS TO RECORDS PROVISION - answer...
ACCELERATED DEATH BENEFIT - answer✔A SUPPLEMENTAL BENEFIT THAT
GIVES A POLICYOWNER-INSURED THE RIGHT TO RECEIVE ALL OR PART OF THE
POLICY'S DEATH BENEFIT BEFORE HER DEATH IF CERTAIN CONDITIONS ARE
MET (ALSO CALLED A LIVING BENEFIT)
ACCESS TO RECORDS PROVISION - answer✔A REINSURANCE AGREEMENT
POLICY PROVISION THAT GIVES THE REINSURER THE AUTHORITY TO EXAMINE
THE DIRECT WRITER'S RECORDS RELATED TO THE BUSINESS CONDUCTED
BETWEEN COMPANIES
ACCOUNTING - answer✔THE FUNCTIONAL AREA OF AN INSURANCE COMPANY
THAT COLLECTS, RECORDS, SUMMARIZES, ANALYZES, AND REPORTS DATA
ABOUT A COMPANY'S FINANCIAL CONDITION
ACQUISITION EXPENSES - answer✔THE COSTS A DIRECT WRITER INCURS IN
DEVELOPING, MARKETING, AND ISSUING NEW BUSINESS
ACTIVELY AT WORK PROVISION - answer✔A PROVISION WHICH REQUIRES THAT
AN EMPLOYEE MUST BE ACTIVELY AT WORK (RATHER THAN ILL OR ON LEAVE)
ON THE DAY THE GROUP COVERAGE IS TO TAKE EFFECT
ACTUARY - answer✔A TECHNICAL EXPERT IN INSURANCE, ANNUITIES, AND
FINANCIAL INSTRUMENTS WHO APPLIES MATHEMATICAL KNOWLEDGE TO
INDUSTRY AND COMPANY STATISTICS TO CALCULATE VARIOUS FINANCIAL
VALUES
ADMINSTRATION SYSTEM - answer✔AN INFO SYSTEM THAT AN INSURER USES
TO MANAGE INFO ABOUT INSURANCE POLICIES
ADVERSE ACTION - answer✔A DENIAL OR REVOCATION OF INS COVERAGE, A
CHANGE IN THE TERMS OF EXISTING COVERAGE, OR A REFUSAL TO GRANT INS
IN SUBSTANTIALLY THE AMOUNT OR ON SUBSTANTIALLY THE TERMS
REQUESTED
AFFINITY GROUP - answer✔A GROUP OF PPL WHO SHARE A COMMON BOND,
BACKGROUND, OR INTEREST AND WHO BELONG TO AN ASSOCIATION OR
ORGANIZATION
AGE DISCRIMINATION IN EMPOLYMENT ACT (ADEA) - answer✔A US FEDERAL
LAW THAT PROTECTS WORKERS WHO ARE AGE 40 AND OLDER FROM BEING
DISCRIMINATED AGAINST BC OF THEIR AGE
AGENT'S STATEMENT - answer✔A SECTION INCLUDED IN MOST INDIVIDUAL INS
APPS IN WHICH THE PRODUCER CAN COMMENT ON ANY FACTORS RELEVANT TO
THE CASE AND THE RISK IT INVOLVES
ALLOWANCE - answer✔AN AMOUNT THE REINSURER REIMBURSES TO THE
DIRECT WRITER AND THAT IS DESIGNED TO RECOGNIZE THE DIRECT WRITER'S
ACQUISITION, MAINTENANCE, AND OTHER EXPENSES RELATED TO THE CEDED
BUSINESS
AMERICAN'S WITH DISABILITY ACT (ADA) - answer✔US FEDERAL LAW THAT
PROHIBITS DISABLED INDIVIDUALS AGAINST ALL TYPES OF DISCRIMINATION,
INCLUDING EMPLOYMENT DISCRIMINATION
ANNUAL REPORT - answer✔A FINANCIAL DOCUMENT THAT A CORPORATION
ISSUES TO ITS STOCKHOLDERS TO REPORT THE BUSINESS'S ACTIVITIES AND
FINANCIAL STATUS FOR A SPECIFIED PERIOD, WHICH IS USUALLY THE
PRECEDING YEAR
APPROVAL PREMIUM RECEIPT - answer✔A CONDITIONAL PREMIUM RECEIPT
THAT PROVIDES TEMP INSURANCE COVERAGE ONLY WHEN THE INSURER
APPROVES THE PROPOSED INSURED AS A STANDARD OR BETTER-THAN-
AVERAGE RISK
ARBITRATION PROVISION - answer✔A REINSURANCE AGREEMENT POLICY
PROVISION WHICH REQUIRES THE REINSURANCE PARTIES TO SUBMIT DISPUTES
THAT THEY CANNOT RESOLVE THROUGH AN ARBITRATION PANEL RATHER
THAN TO A COURT OF LAW
ASSOCIATION GROUP - answer✔CONSISTS OF THE MEMBERS OF AN
ASSOCIATION, WHICH IS AN ORGANIZATION OF EMPLOYERS OR INDIVIDUALS
FORMED FOR A PURPOSE OTHER THAN TO OBTAIN INSURANCE
ASSUMPTION CERTIFICATE - answer✔A NEW INSURANCE CERTIFICATE ISSUED
BY A REINSURER TO ALL AFFECTED POLICYOWNERS
ATTENDING PHYSICIAN'S STATEMENT (APS) - answer✔A REPORT BY A
PHYSICIAN WHO HAS TREATED OR IS CURRENLY TREATING A PROPOSED
INSURED
AUTO-ADJUDICATION - answer✔AN ELECTRONIC CLAIM PROCESSING SYSTEM
FOR PROCESSING CLAIMS THAT FIT CERTAIN PARAMETERS SPECIFIED FOR
ELECTRONIC HANDLING
AUTOMATED WORKFLOW SYSTEM - answer✔A TECHNOLOGY USED TO CREATE
COMPUTER BASED RECORDS PERTAINING TO THE STATUS AND PROCESSING OF
SPECIFIC TRANSACTIONS
AUTOMATIC BINDING LIMIT - answer✔REPRESENTS THE MAXIMUM MONETARY
AMOUNT OF RISK THE REINSURER WILL ACCEPT AUTOMATICALLY ON A GIVEN
POLICY OR CASE W/OUT MAKING AN INDEPENDENT UNDERWRITING
ASSESSMENT
AUTOMATIC REINSURANCE - answer✔A REINSURANCE CESSION ARRANGEMENT
IN WHICH THE DIRECT WRITER AGREES IN ADVANCE TO CEDE ALL RISKS THAT
MEET THE SPECIFICATIONS IN THE REINSURANCE AGREEMENT AND THE
REINSURER AGREES IN ADVANCE TO ASSUME THESE RISKS
BALANCE SHEET - answer✔A FINANCIAL STATEMENT THAT SHOWS THE
BUSINESS'S FINANCIAL POSITION ON A CERTAIN DATE
BENEFIT SCHEDULE - answer✔A TABLE OR SCHED THAT SPECIFIES THE TYPES
AND AMOUNTS OF COVERAGE THAT WILL BE PROVIDED FOR EACH CLASS OF
GROUP INSUREDS
BINDING PREMIUM RECEIPT - answer✔A PREMIUM RECEIPT THAT PROVIDES
TEMP INSURANCE COVERAGE THAT BECOMES EFFECTIVE ON THE DATE
SPECIFIED IN THE RECEIPT
BLENDED RATING - answer✔A PREMIUM RATING METHOD THAT USES A
COMBINATION OF MANUAL RATING AND EXPERIENCED RATING
BUSINESS CONTINUATION INSURANCE PLAN - answer✔AN INSURANCE PLAN
DESIGNED TO ENABLE A BUSINESS TO CONTINUE OPERATIONS UPON THE DEATH
OR DISABILITY OF AN OWNER OR OTHER PERSON IMPORTANT TO THE BUSINESS
BUSINESS FINANCIAL SUPPLEMENT - answer✔A DOCUMENT THAT REQUIRES
INFORMATION ABOUT THE TYPE OF BUSINESS, THE CURRENT FINANCIAL
BUSINESS PROCESS MANAGEMENT (BPM) - answer✔A STRATEGY FOR
OPTIMIZING BUSINESS PROCESS OR ADAPTING THEM TO MEET CHANGING
NEEDS
BUSINESS RULES ENGINE (BRE) - answer✔APPLICATION SOFWARE THAT
AUTOMATES THE DECISION-MAKING PROCESS BY CREATING AND APPLYING
RULES TO ALL AVAILABLE INFO
BUSINESS-TO-BUSINESS (B2B) E-COMMERCE - answer✔THE ELECTRONIC
TRANSMISSION OF DATA OR INFO BETWEEN ORGANIZATIONS TO PERFORM OR
FACILITATE BUSINESS TRANSACTIONS
BUY-SELL AGREEMENT - answer✔AN AGREEMENT IN WHICH ONE PARTY
AGREES TO PURCHASE A SECOND PARTY'S FINANCIAL INTEREST IN A BUSINESS
FOLLOWING THE SECOND PARTY'S DEATH AND THE SECOND PARTY AGREES TO
DIRECT HIS ESTATE TO SELL HIS INTEREST IN THE BUSINESS TO THE
PURCHASING PARTY
CASE - answer✔IN REINSURANCE CONTEXT, A SINGLE POLICY OR A GROUP OF
POLICIES
CASE ASSIGNMENT SYSTEM - answer✔A METHOD OF ASSIGNING CASES TO
UNDERWRITERS BASED ON THE CHARACTERISTICS OF THE CASE
CATASTROPHE COVERAGE - answer✔A TYPE OF NONPROPORTIONAL
REINSURANCE DESISIGNED TO PARTIALLY PROTECT DIRECT WRITERS FROM (1)
A SINGLE CATASTROPHIC EVENT RESULTING IN MULTIPLE CLAIMS OR (2) AN
ANNUAL TOTAL OF CLAIMS IN A CATASTROPHIC AMOUNT
CENSUS - answer✔LISTS DEMOGRAPHIC INFO ABOUT THE GROUP PROSPECT AS A
UNIT AND ABOUT INDIVIDUAL MEMBERS WITHIN THE GROUP
CENTRALIZED DATA REPOSITORY - answer✔A DATABASE THAT HOUSES ALL
THE RELEVANT DATA CONTAINED IN AN INSURER'S SEPARTE ADMINSTRATION
SYSTEMS
CERTIFICATE OF COVERAGE - answer✔ISSUED IN THE EVENT AN ORIGINAL
POLICY IS LOST OR DESTROYED TO VERIFY THAT COVERAGE EXISTS, BUT DOES
NOT CONTAIN ALL THE PROVISIONS AND RIDERS THAT TORIGINAL POLICY MAY
HAVE CONTAINED
CERTIFICATE OF INSURANCE - answer✔A DOCUMENT THAT IS PROVIDED TO
EACH GROUP INSURED AND THAT DESCRIBES (1) THE COVERAGE THE MASTER
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