Loma 291 module 2 Study guides, Class notes & Summaries

LOMA 291 Module 2 Exam with complete solutions

LOMA 291 Module 2 Exam Questions and Answers All Correct What are the total proceeds payable to the beneficiary? A. $201,700 B. $202,500 C. $205,700 - Answer-B. - The correct amount is $202,500.$100,000 basic death benefit+ 300 premium paid in advance+ 5,000 paid-up additional coverage+ 400 declared but unpaid policy dividend+100,000 accidental death benefit$205,700 subtotal- 3,000 outstanding policy loan- 200 policy loan interest$202,500 proceeds payable When Mickey Evans dies, his li...

Omnichannel distribution - ANSWER A form of distribution that enables personalized sales to customers through multiple, integrated communication channels. Common ways to engage with customers - ANSWER - Face to Face - Phone - Direct Mail or Email - Online - Print and Broadcast Media - Worksite Marketing - Location Selling

Omnichannel distribution - ANSWERA form of distribution that enables personalized sales to customers through multiple, integrated communication channels. Common ways to engage with customers - ANSWER- Face to Face - Phone - Direct Mail or Email - Online - Print and Broadcast Media - Worksite Marketing - Location Selling Face to Face - ANSWERFinancial professionals commonly meet face-to-face with potential customers, often referred to as prospects. Financial professionals follow a fai...

LOMA 291 Module 2 Exam Questions and Answers

LOMA 291 Module 2 Lesson 2 Exam Questions and Answers

LOMA 291 Module 2 Lesson 1 Exam Questions and Answers

suitability - ANSWERThe process of determining whether a particular insurance or annuity product is an appropriate purchase for an applicant based on the applicant's needs and financial condition. best interest standard - ANSWERA legal requirement that recommendations must only consider the consumer's interest and not the interests of the financial institution or financial professional. Regulation Best Interest - ANSWERA Securities and Exchange Commission (SEC) package of rules and inter...

claim administration - ANSWERThe insurance function that is responsible for evaluating, processing, and paying valid claims for contractual benefits that policyowners or beneficiaries present. Also known as claim adjudication, claim handling, claim processing, or claim servicing. interpleader - ANSWERIn the United States, a procedure by which an insurer pays a policy's proceeds to a court, advises the court that the insurer cannot determine who should receive the proceeds, and asks the court...