Loma 281 exam - Study guides, Class notes & Summaries

LOMA 281 Module 1 Exam Questions and Answers

LOMA 281 MODULE 1 EXAM 2024 WITH 100% CORRECT ANSWERS Risk - correct answer the possibility of an unexpected result. Premium - correct 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 - correct answer A company that provides protection against the risk of financial loss caused by specific events. Life insurance - correct answer A type of insurance under which the insurer promis...

LOMA 281 Exam Questions with Correct Answers waiver of premium for payor benefit - Answer-insurer waives renewal premiums if the policy owner, rather than the insured, dies or becomes totally disabled (must provide evidence of insurability) Contracts of Indemnity - Answer-base benefits on the actual amount of the financial loss that results from a covered event when it occurs, subject to maximum limits (other than life insurance) Valued Contract - Answer-life insurance policies which s...

LOMA 281 Exam Questions with All Correct Answers What are presumptive disabilities? - Answer-A stated condition that, if present, automatically causes the insured to be considered totally disabled. What is an "own previous occupation" benefit? - Answer-Defines total disability as the insured's inability to perform the essential duties of his own previous occupation. Even if someone is able to work after a certain period, they will receive compensation for their previous salary if th...

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LOMA 281 Module 1 Lesson 1 Exam Questions and Answers

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LOMA 281 Module 1 Exam Questions and Answers