Loma 281 test - Study guides, Class notes & Summaries
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LOMA 281 Test Questions with Correct Answers
- Exam (elaborations) • 16 pages • 2024
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LOMA 281 Test Questions with Correct 
Answers 
 
Contracts of Indemnity - Answer-base benefits on the actual amount of the financial loss 
that results from a covered event when it occurs, subject to maximum limits (other than 
life insurance) 
Valued Contract - Answer-life insurance policies which state the benefit payable at the 
time of the policy issue 
Retrocessionaire - Answer-The reinsurer that assumes all or part of the reinsurance risk 
accepted by another reinsurer 
Stock Insurer - Ans...
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LOMA 281 Module 1 Test with Correct Answers
- Exam (elaborations) • 6 pages • 2024
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LOMA 281 Module 1 Test with Correct Answers 
 
Financial services industry - Answer-The industry made up of various kinds of financial institutions that help people, businesses, and governments save, borrow, invest, and otherwise manage money. 
 
Financial institutions - Answer-A business that owns primarily financial assets, such as stocks and bonds, rather than fixed assets, such as equipment and raw materials. 
 
Depository institution - Answer-A financial institution that accepts deposits f...
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LOMA 281 Test Questions with Correct Answers
- Exam (elaborations) • 2 pages • 2024
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LOMA 281 Test Questions with Correct Answers 
Contracts of Indemnity - Answer-base benefits on the actual amount of the financial loss that results from a covered event when it occurs, subject to maximum limits (other than life insurance) 
 
Valued Contract - Answer-life insurance policies which state the benefit payable at the time of the policy issue 
 
Retrocessionaire - Answer-The reinsurer that assumes all or part of the reinsurance risk accepted by another reinsurer 
 
Stock Insurer - Answ...
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LOMA 281 Practice Test with Complete Solutions Graded A+
- Exam (elaborations) • 23 pages • 2024
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LOMA 281 Practice Test with Complete Solutions Graded A+ 
 
 
Premium reduction dividend option - Answer-A policy dividend option under which the insurer applies policy dividends toward the payment of renewal premiums 
 
Policy loan repayment dividend option - Answer-A policy dividend option under which the insurer applies policy dividends toward the repayment of an outstanding policy loan 
 
Accumulation at interest dividend option - Answer-A policy dividend option under which the policy divide...
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LOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers 100% Verified
- Exam (elaborations) • 23 pages • 2024
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LOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers 100% VerifiedLOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers 100% VerifiedLOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers 100% VerifiedLOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers 100% Verified
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LOMA 281 Practice Test with Complete Solutions
- Exam (elaborations) • 23 pages • 2024
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LOMA 281 Practice Test with Complete Solutions 
 
Pure risk - Answer-Risks that involve either a loss or no loss 
 
Speculative risk - Answer-Risk that can result in a loss, gain or no change 
 
Insurance - Answer-A method for transferring risk from an individual to an insurance company 
 
Premium - Answer-The amount that the insured pays in exchange for a promise of money 
 
Risk pooling - Answer-Insurers collect premiums from all insured people and spread the cost of the relatively few anticip...
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LOMA 281 Module 2 Test with Correct Answers
- Exam (elaborations) • 6 pages • 2024
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LOMA 281 Module 2 Test with Correct Answers 
 
Medical expense coverage - Answer-A type of health insurance coverage that provides benefits to pay for the treatment of an insured's illnesses and injuries. 
 
Disability income coverage - Answer-A type of health insurance coverage that provides income replacement benefits to an insured who is unable to work because of illness or injury. 
 
Major medical coverage - Answer-Medical expense insurance coverage that provides substantial benefits for (1...
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LOMA 281 Test Questions with Correct Answers
- Exam (elaborations) • 2 pages • 2024
-
Available in package deal
-
- $7.99
- + learn more
LOMA 281 Test Questions with Correct 
Answers 
 
Contracts of Indemnity - Answer-base benefits on the actual amount of the financial loss 
that results from a covered event when it occurs, subject to maximum limits (other than 
life insurance) 
Valued Contract - Answer-life insurance policies which state the benefit payable at the 
time of the policy issue 
Retrocessionaire - Answer-The reinsurer that assumes all or part of the reinsurance risk 
accepted by another reinsurer 
Stock Insurer - Ans...
-
LOMA 281 Practice Test with Complete Solutions
- Exam (elaborations) • 23 pages • 2024
-
Available in package deal
-
- $13.39
- + learn more
LOMA 281 Practice Test with Complete 
Solutions 
 
Pure risk - Answer-Risks that involve either a loss or no loss 
Speculative risk - Answer-Risk that can result in a loss, gain or no change 
Insurance - Answer-A method for transferring risk from an individual to an insurance 
company 
Premium - Answer-The amount that the insured pays in exchange for a promise of 
money 
Risk pooling - Answer-Insurers collect premiums from all insured people and spread the 
cost of the relatively few anticipated...
-
LOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers (100% Verified)
- Exam (elaborations) • 23 pages • 2024
-
- $13.99
- + learn more
LOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers (100% Verified) 
LOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers (100% Verified) 
 
Assume you're 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 ...
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