Loma 281 module 1 exam Study guides, Class notes & Summaries

LOMA 281 Module 1 Study Guide Exam Questions with Answers 100% Verified 2024 Risk the possibility of an unexpected result. Premium 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 A company that provides protection against the risk of financial loss caused by specific events. Life insurance A type of insurance under which the insurer promises to pay a death benefit upon the death of a...

LOMA 281 Module 1 Study Guide Exam Questions with Answers 100% Verified 2024 Risk the possibility of an unexpected result. Premium 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 A company that provides protection against the risk of financial loss caused by specific events. Life insurance A type of insurance under which the insurer promises to pay a death benefit upon the death of a...

LOMA 281 Module 1 Exam Study Guide. Risk - answerthe possibility of an unexpected result. Premium - answerA specified amount of money an insurer charges in exchange for its agreement to pay a policy benefit when a specific loss occurs. Insurance company - answerA company that provides protection against the risk of financial loss caused by specific events. Life insurance - answerA type of insurance under which the insurer promises to pay a death benefit upon the death of a named person. ...

premiums - ANSWERthe amount paid to the insurer in exchange for the promise to pay benefits when they become due actuaries - ANSWERspecialize in putting a price tag on risk. the risk must be high enough to pay future benefits to customers cover the insurers cost of administering the product enable to insurer to make a reasonable profit. mortality rates, which are the death benefit value Surrender benefits paybale when a policy owner surrenders a policy for its cash surrender value...

LOMA 281 Module 1 Study Guide Exam Questions with Answers 100% Verified 2024 Risk the possibility of an unexpected result. Premium 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 A company that provides protection against the risk of financial loss caused by specific events. Life insurance A type of insurance under which the insurer promises to pay a death benefit upon the death of a...

LOMA 281 Module 1 Exam Questions And Answers Actuaries - Answer-A financial professional with expertise in the mathematics of finance, risk, and insurance. /.Aleatory contract - Answer-A contract for which one party provides something of value to another party in exchange for a conditional promise. /.Annuity - Answer-A financial product by which an insurer, in return for receiving a premium, promises to make periodic payments to a named person or entity. /.Antiselection - Answer-A...