Loma 291 exam Study guides, Class notes & Summaries

LOMA 291 Module 1 Lesson 1 Exam Questions and Answers

LOMA 291 Module 2 Lesson 1 Exam Questions and Answers

LOMA 291 Module 2 Exam with complete solutions

LOMA 291 Module 3 Exam Questions and Answers

LOMA 291 Module 4 Exam with complete solutions

LOMA 291 Module 3 Exam Questions and Answers All Correct A comprehensive examination typically examines all nonfinancial aspects of an insurer's operations. a. True b. False - Answer-A. - This statement is true. A target examination, on the other hand, is a limited-scope market conduct examination of one or more specific areas of an insurer's nonfinancial operations. Most market conduct examinations today are target examinations. a. True b. False - Answer-a. - This statement is true....

LOMA 291 Exam Study Guide with Complete Solutions Stakeholders (constituents) - Answer️️ -A party that has an interest in how a company conducts its business Dividend - Answer️️ -Compensation that a company may pay to owners upon a vote by thr company's board of directors Reinsurance - Answer️️ -Insurance that one insurance company, the direct writer, purchases from another insurance company, the reinsurer, to transfer all or part of the risk on insurance policies that the d...

LOMA 291 Module 2 Exam Questions and Answers All Correct What are the total proceeds payable to the beneficiary? A. $201,700 B. $202,500 C. $205,700 - Answer-B. - The correct amount is $202,500.$100,000 basic death benefit+ 300 premium paid in advance+ 5,000 paid-up additional coverage+ 400 declared but unpaid policy dividend+100,000 accidental death benefit$205,700 subtotal- 3,000 outstanding policy loan- 200 policy loan interest$202,500 proceeds payable When Mickey Evans dies, his li...

stakeholder - ANSWERA party that has an interest in how a company conducts its business. Also known as a constituent. dividend - ANSWERCompensation that a company may pay to owners upon a vote by the company's board of directors. financial professional - ANSWERIn insurance sales, any individual—including agents, bank-affiliated sales personnel, and brokers—who is licensed to sell insurance products, solicit sales, or negotiate insurance contracts. reinsurance - ANSWERInsurance that...

LOMA 291 Module 4 Exam Questions with All Correct Answers What is the purpose of an external audit? - Answer-An external audit provides An independent professional opinion as to whether a company's financial statements fairly present the company's operations and that they were prepared according to a given set of accounting principles and standards Suggestions for changes to the company's system of internal control A report of audit findings Sarbanes-Oxley Act (SOX) - Answer-The Sarba...