Loma 281 module 1 Study guides, Class notes & Summaries

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 Exam Questions and Answers (Latest Update 2024)

LOMA 281 Module 1 Lesson 1 Exam Questions and Answers

LOMA 281 Module 1 Exam Questions and Answers

LOMA 281 Module 1 questions with complete solutions Risk - ANSWERS the possibility of an unexpected result. Premium - 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 - ANSWERS A company that provides protection against the risk of financial loss caused by specific events. Life insurance - ANSWERS A type of insurance under which the insurer promises to pay a death benefit upon t...

LOMA 281 Module 1 Test with Correct Answers Financial services industry - Answer-The industry made up of various kinds of financial institutions that help people, businesses, and governments save, borrow, invest, and otherwise manage money. Financial institutions - Answer-A business that owns primarily financial assets, such as stocks and bonds, rather than fixed assets, such as equipment and raw materials. Depository institution - Answer-A financial institution that accepts deposits f...

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

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