Loma 301 - Study guides, Class notes & Summaries

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accelerated death benefit - a supplemental benefit that gives a policyowner-insured the right to receive all or part of the policy's death benefit before her death if certain conditions are met (also called a living benefit) access to records provision - a reinsurance agreement policy provision that gives the reinsurer the authority to examine the direct writer's records related to the business conducted between companies accounting - the functional area of an insurance company that ...

exclusion - insurance policy provision describing circumstances the insurer will pay policy should insurer die during certain activity Policy rider - amendment that becomes part of contract and either expands or limits benefits BRE- Business Rule Engines - software that automates the decision making process; "If...then" Automated Workflow Sysem - tracking receipt that follows transaction thru completion

LOMA 301 - Ch 1

LOMA 301 Exam Study Guide. ACCELERATED DEATH BENEFIT - answerA SUPPLEMENTAL BENEFIT THAT GIVES A POLICYOWNER-INSURED THE RIGHT TO RECEIVE ALL OR PART OF THE POLICY'S DEATH BENEFIT BEFORE HER DEATH IF CERTAIN CONDITIONS ARE MET (ALSO CALLED A LIVING BENEFIT) ACCESS TO RECORDS PROVISION - answerA REINSURANCE AGREEMENT POLICY PROVISION THAT GIVES THE REINSURER THE AUTHORITY TO EXAMINE THE DIRECT WRITER'S RECORDS RELATED TO THE BUSINESS CONDUCTED BETWEEN COMPANIES ACCOUNTING - answerTHE F...

LOMA 301 - Ch 1

LOMA 301 - Ch 1

field underwriting - the practice of gathering initial information about applicants and proposed insureds and screening proposed insureds to determine if they are likely to be approved for a specific type of coverage. agent's statement - most individual life insurance applications include a section called the ___ ___ in which the producer can comment on any factors relevant to the case and the risk it involves. field underwriting manual - a document that (1) presents specific guidance for...