Loma 281 module 3 stuvia Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about Loma 281 module 3 stuvia? On this page you'll find 9 study documents about Loma 281 module 3 stuvia.
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LOMA 281 Module 3 Questions & Answers(RATED A+)
- Exam (elaborations) • 33 pages • 2024
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Waiver of premium for disability (WP) 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. 
- 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 being unable to perform the duties of? 
 
a. Any occupation 
b. The insured's own prev...
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LOMA 281 Module 3 Exam 2024 || Questions & Answers 100% Verified
- Exam (elaborations) • 9 pages • 2024
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LOMA 281 Module 3 Exam 2024 || Questions & Answers 100% VerifiedLOMA 281 Module 3 Exam 2024 || Questions & Answers 100% VerifiedLOMA 281 Module 3 Exam 2024 || Questions & Answers 100% VerifiedLOMA 281 Module 3 Exam 2024 || Questions & Answers 100% Verifiedv
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LOMA 281 Module 3 Questions And Answers(RATED A)
- Exam (elaborations) • 33 pages • 2024
- Available in package deal
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- $14.99
- + learn more
Waiver of premium for disability (WP) 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. 
- 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 being unable to perform the duties of? 
 
a. Any occupation 
b. The insured's own prev...
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LOMA 281 Module 2 Lesson 3 Questions & ANSWERS(RATED A+)
- Exam (elaborations) • 5 pages • 2024
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Annuity - ANSWER insurance against the risk of outliving one's financial resources 
 
annuity contract - ANSWER A contract under which an insurer promises to make a series of periodic payments to a named individual in exchange for a premium or a series of premiums. 
 
contract owner - ANSWER The person or other entity who owns and exercises all the rights and privileges of an annuity contract. 
 
annuitant - ANSWER The person whose lifetime is used to determine the amount of benefits payable un...
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LOMA 281 Module 2 Lesson 3 Questions & ANSWERS(RATED A)
- Exam (elaborations) • 5 pages • 2024
- Available in package deal
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Annuity - ANSWER insurance against the risk of outliving one's financial resources 
 
annuity contract - ANSWER A contract under which an insurer promises to make a series of periodic payments to a named individual in exchange for a premium or a series of premiums. 
 
contract owner - ANSWER The person or other entity who owns and exercises all the rights and privileges of an annuity contract. 
 
annuitant - ANSWER The person whose lifetime is used to determine the amount of benefits payable un...
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LOMA 281 Module 3 Lesson 3 Questions & Answers 100% Correct
- Exam (elaborations) • 2 pages • 2024
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property - ANSWER A bundle of rights a person has with respect to something. 
 
real property - ANSWER Land and whatever is growing on or attached to the land. 
 
rights of a life policyowner - ANSWER name the beneficiary, change the beneficiary, transfer ownership to someone else 
 
class designation - ANSWER A beneficiary designation that identifies a certain group of persons, rather than naming each person. 
 
primary beneficiaries - ANSWER The party designated to receive the policy proceeds ...
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LOMA 281 Module 3 Lesson 3 Questions & Answers 100% Correct!!
- Exam (elaborations) • 2 pages • 2024
- Available in package deal
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- $11.99
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property - ANSWER A bundle of rights a person has with respect to something. 
 
real property - ANSWER Land and whatever is growing on or attached to the land. 
 
rights of a life policyowner - ANSWER name the beneficiary, change the beneficiary, transfer ownership to someone else
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LOMA 281 Module 1 Lesson 3 Correct 100%
- Exam (elaborations) • 2 pages • 2024
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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
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LOMA 281 Module 1 Lesson 3 Correct 100%(RATED A+)
- Exam (elaborations) • 2 pages • 2024
- Available in package deal
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- $15.99
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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...
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