Loma 281 exam 2024 - Study guides, Class notes & Summaries

LOMA 281 Module 3 Study Exam Questions and Answers 2024/2025 Latest Update 100% Solved Waiver of premium for disability (WP) Benefit A supplemental life insurance policy benefit under which the insurer promises to give up—to waive—its right to collect premiums that become due while the insured is totally disabled. - satisfies a 3-6 month waiting period: meaning for the first 3-6 months the person must cover it The WP benefit typically defines total disability for the insured as be...

LOMA 281 Module 3 Study Exam Questions and Answers 2024/2025 Latest Update 100% Solved Waiver of premium for disability (WP) Benefit A supplemental life insurance policy benefit under which the insurer promises to give up—to waive—its right to collect premiums that become due while the insured is totally disabled. - satisfies a 3-6 month waiting period: meaning for the first 3-6 months the person must cover it The WP benefit typically defines total disability for the insured as be...

LOMA 281: Meeting Customer Needs with Insurance Annuities EXAM 2023/2024 SOLVED 100% CORRECT

LOMA 281 Module 3 Exam || Questions & Answers (100% Verified) LOMA 281 Module 3 Exam || Questions & Answers (100% Verified) Waiver of premium for disability benefit - ANSWER - A supplemental life insurance policy benefit under which the insurer promises to give up - to waive - its right to collect premiums that become due while the insured is totally disabled. Waiver of premium for payor benefit - ANSWER - A supplemental life insurance policy benefit under which the insurer agrees to waiv...

LOMA 281 2024 Exam Questions and Answers All Correct What are speculative risks? - Answer-Risks that involve three outcomes: loss, gain, or no change What are pure risks? - Answer-Risks that involve no possibility of gain What risks are insurable? - Answer-Only pure risks Speculative risks involve the possibility of gain so they cannot be insured What is a retention limit? - Answer-The maximum amount of risk the insurer is willing to carry at its own risk What is a commutative contrac...

LOMA 281 Term Life Insurance Module Exam || Questions & Answers (Graded A+) LOMA 281 Term Life Insurance Module Exam || Questions & Answers (Graded A+) 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. Mo...

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LOMA 281 MODULE 1 EXAM LATEST UPDATE...

LOMA 281 2024 Exam Questions and Answers All Correct What are speculative risks? - Answer-Risks that involve three outcomes: loss, gain, or no change What are pure risks? - Answer-Risks that involve no possibility of gain What risks are insurable? - Answer-Only pure risks Speculative risks involve the possibility of gain so they cannot be insured What is a retention limit? - Answer-The maximum amount of risk the insurer is willing to carry at its own risk What is a commutative contrac...