LOMA 280 TOP QUESTIONS AND
ANSWERS 2026 COMPLETE STUDY
GUIDE WITH VERIFIED SOLUTIONS
◉ Underwriting.
Answer: The process of assessing and classifying the degree of risk
represented by a proposed insured or group w respect to a specific
insurance product and making a decision to accept or decline that risk
◉ New business.
Answer: Activities an insurer undertakes in receiving applications,
underwriting applications and issuing policies
◉ Customer service.
Answer: The broad range of activities that a company and its employees
perform to keep customers satisfied so they will continue doing business
w the company and speak positively about it to other potential customers
◉ Claim administration.
Answer: The process of evaluating each submitted claim, deciding
whether or not the claim is eligible, informing the person who submitted
the claim of the decision, and authorizing the payment of each eligible
claim according to the terms of the policy
◉ Administration system.
,Answer: An interactive combination of technology, people and
processes that an insurer uses to collect, manipulate and distribute info
about its policies and customers
◉ Business process management.
Answer: A strategy for optimizing business processes or adapting them
to meet changing organizational needs
◉ BPM technology suites.
Answer: A collection of software tools that support and manage the
design, modeling, construction, deployment, monitoring and refinement
of business processes
◉ straight-through processing (STP).
Answer: The electronic processing of every step of a transaction without
manual intervention
◉ Automated workflow system.
Answer: Technology that coordinates the flow of documents and work
tasks associated w a business process
◉ Business rules engines (BREs).
Answer: Software that automates decision making process by creating
and applying rules to all available situations
, ◉ Business process outsourcing (BPO).
Answer: A strategy in which a company contracts w a vendor or other
company to perform a specific business function or process
◉ Telematics.
Answer: The combination of computers and wireless communications
technology to transmit real time data over long distances
◉ Business intelligence.
Answer: The combination of technology and techniques a company uses
to analyze data and present it as meaningful and useful info to decision
makers at all levels
◉ Big data.
Answer: A large amount of data gathered from various sources in
various formats and at a rapid speed making it complex and difficult to
manage w traditional technology
◉ Data warehouse.
Answer: A type of database management system that collects info from
the company's existing databases and possibly from outside sources,
screens and edits the data, puts it in a standard format and then stores it
in a centralized repository
◉ Data mining.
ANSWERS 2026 COMPLETE STUDY
GUIDE WITH VERIFIED SOLUTIONS
◉ Underwriting.
Answer: The process of assessing and classifying the degree of risk
represented by a proposed insured or group w respect to a specific
insurance product and making a decision to accept or decline that risk
◉ New business.
Answer: Activities an insurer undertakes in receiving applications,
underwriting applications and issuing policies
◉ Customer service.
Answer: The broad range of activities that a company and its employees
perform to keep customers satisfied so they will continue doing business
w the company and speak positively about it to other potential customers
◉ Claim administration.
Answer: The process of evaluating each submitted claim, deciding
whether or not the claim is eligible, informing the person who submitted
the claim of the decision, and authorizing the payment of each eligible
claim according to the terms of the policy
◉ Administration system.
,Answer: An interactive combination of technology, people and
processes that an insurer uses to collect, manipulate and distribute info
about its policies and customers
◉ Business process management.
Answer: A strategy for optimizing business processes or adapting them
to meet changing organizational needs
◉ BPM technology suites.
Answer: A collection of software tools that support and manage the
design, modeling, construction, deployment, monitoring and refinement
of business processes
◉ straight-through processing (STP).
Answer: The electronic processing of every step of a transaction without
manual intervention
◉ Automated workflow system.
Answer: Technology that coordinates the flow of documents and work
tasks associated w a business process
◉ Business rules engines (BREs).
Answer: Software that automates decision making process by creating
and applying rules to all available situations
, ◉ Business process outsourcing (BPO).
Answer: A strategy in which a company contracts w a vendor or other
company to perform a specific business function or process
◉ Telematics.
Answer: The combination of computers and wireless communications
technology to transmit real time data over long distances
◉ Business intelligence.
Answer: The combination of technology and techniques a company uses
to analyze data and present it as meaningful and useful info to decision
makers at all levels
◉ Big data.
Answer: A large amount of data gathered from various sources in
various formats and at a rapid speed making it complex and difficult to
manage w traditional technology
◉ Data warehouse.
Answer: A type of database management system that collects info from
the company's existing databases and possibly from outside sources,
screens and edits the data, puts it in a standard format and then stores it
in a centralized repository
◉ Data mining.
