Loma 291 module 2 - Study guides, Class notes & Summaries

claim administration - ANSWERThe insurance function that is responsible for evaluating, processing, and paying valid claims for contractual benefits that policyowners or beneficiaries present. Also known as claim adjudication, claim handling, claim processing, or claim servicing. interpleader - ANSWERIn the United States, a procedure by which an insurer pays a policy's proceeds to a court, advises the court that the insurer cannot determine who should receive the proceeds, and asks the court...

omnichannel distribution - Correct Answer A form of distribution that enables personalized sales to customers through multiple, integrated communication channels. location-selling system - Correct Answer A method for distributing insurance products that is designed to generate customer-initiated sales at an office or information kiosk in a store, shopping mall, or other non-insurance business establishment. career agent - Correct Answer sells primarily life products for one company m...

LOMA 291 Module 1 Exam with Correct Answers Updated Regulators and rating agencies expect an insurer to have an ERM program - Answer-When evaluating a company, they review The quality and effectiveness of the company's ERM program The risks the company faces Its strategies for managing risks The following statements pertain to enterprise risk management in a typical financial services company. Select each correct statement. a. ERM targets not only risks that threaten a company's viabil...

LOMA 291 Module 3 Lesson 2 Exam Questions and Answers

internal replacement - Correct Answer same insurer sells both policies external replacement - Correct Answer different insurers sell the policies cost basis - Correct Answer The amount invested in an insurance contract, equal to the sum of all premiums paid less withdrawals, dividends, and outstanding policy loans. Section 1035 exchange - Correct Answer The tax-free exchange of certain insurance and annuity policies permitted under Section 1035 of the U.S. Internal Revenue Code....

suitability - Correct Answer The process of determining whether a particular insurance or annuity product is an appropriate purchase for an applicant based on the applicant's needs and financial condition. best interest standard - Correct Answer A legal requirement that recommendations must only consider the consumer's interest and not the interests of the financial institution or financial professional. Regulation Best Interest - Correct Answer A Securities and Exchange Commission...

LOMA 291 Module 3 Lesson 2