Loma 281 module 1 stuvia - Study guides, Class notes & Summaries

LOMA 281: Module 1 Lesson 1 - Risk and Insurance Comprehensive Exam || Questions & Answers (Graded A) LOMA 281: Module 1 Lesson 1 - Risk and Insurance Comprehensive Exam || Questions & Answers (Graded A) LOMA 281: Module 1 Lesson 1 - Risk and Insurance Comprehensive Exam || Questions & Answers (Graded A)

Assume that Caryer has life insurance on his own life. Select the box beside each financial need that you think life insurance can meet Paying household expenses (utility bills, food, clothing, etc) Covering outstanding debts (mortgage and car loans, etc) Paying future outstanding medical, hospital, and funeral expenses Providing financial support for the family Funding a child's education - ANSWER All the above Term Life Insurance - ANSWER Life Insurance that provides a death benefit...

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 death benefit upon the death of a named person. Annuity - ANSWER A financial...

Assume that Caryer has life insurance on his own life. Select the box beside each financial need that you think life insurance can meet Paying household expenses (utility bills, food, clothing, etc) Covering outstanding debts (mortgage and car loans, etc) Paying future outstanding medical, hospital, and funeral expenses Providing financial support for the family Funding a child's education - ANSWER All the above Term Life Insurance - ANSWER Life Insurance that provides a death benefit...

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 death benefit upon the death of a named person. Annuity - ANSWER A financial...

Assume that Caryer has life insurance on his own life. Select the box beside each financial need that you think life insurance can meet Paying household expenses (utility bills, food, clothing, etc) Covering outstanding debts (mortgage and car loans, etc) Paying future outstanding medical, hospital, and funeral expenses Providing financial support for the family Funding a child's education - ANSWER All the above Term Life Insurance - ANSWER Life Insurance that provides a death benefit...

Insurance policy - ANSWER A legally enforceable contract between a policyowner who applies for and owns the policy and the insurer that issues the policy Unilateral contract - ANSWER A contract in which only one of the parties makes a legally enforceable promise when entering into the contract. (life insurance) Bilateral contract - ANSWER A contract in which both parties make legally enforceable promises when they enter into the contract

Risk - ANSWER the possibility of an unexpected loss speculative risk - ANSWER can result in a gain, a loss four risk management techniques - ANSWER avoid the risk control the risk

Risk - ANSWER the possibility of an unexpected loss speculative risk - ANSWER can result in a gain, a loss four risk management techniques - ANSWER avoid the risk control the risk accept the risk transfer the risk Parties involved in insurance transaction - ANSWER applicant policyowner insured beneficiary characteristics of an insurable risk - ANSWER the risk must be a pure risk loss must occur by chance loss must be definite in time and amount the loss must be significant th...

Insurance policy - ANSWER A legally enforceable contract between a policyowner who applies for and owns the policy and the insurer that issues the policy Unilateral contract - ANSWER A contract in which only one of the parties makes a legally enforceable promise when entering into the contract. (life insurance) Bilateral contract - ANSWER A contract in which both parties make legally enforceable promises when they enter into the contract Bargaining contract - ANSWER A contract in whic...