LOMA 281 COMPREHENSIVE TEST BANK
FULL QUESTIONS AND VERIFIED ANSWERS
LEARNING PACKAGE
●● 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 previous occupation
c. Any occupation for which the insured is reasonably suited by
education, training, or experience
Answer: C.
●● Waiver of premium for payor benefit
Answer: A supplemental life insurance policy benefit which provides
that the insurance company will waive the right to collect a policy's
renewal premiums if the policyowner dies or becomes totally disabled.
●● To add a waiver of premium for payor benefit to a life insurance
policy, who do you think must be insurable?
a. The insured
b. The policyowner
c .Both the insured and the policyowner
,d. Neither the insured or the policyowner
Answer: C.
●● Wavior of premium for disability benefits compared
Answer: Insurer waives policy premiums if the insured becomes totally
disabled.
Designed for policies in which the policyowner is also the policy's
insured
Total disability defined as
• The insured's inability to perform the essential duties of her own
occupation OR any other occupation for which she is reasonably suited
by education, training, or experience.
●● Wavior of premium for payor benefit compared
Answer: Insurer waives policy premiums if the policyowner dies or
becomes totally disabled.
Designed for third-party policies in which the policyowner is not the
policy's insured
Total disability defined as
,• The policyowner's inability to perform the essential duties of her own
occupation during the first two years of disability
• The policyowner's inability to perform the essential duties of any
occupation for which she is reasonably entitled by education, training, or
experience after the first two years of disability
●● Disability Income Benefit
Answer: A supplemental life insurance policy benefit that provides a
monthly income benefit to the policyowner-insured if she becomes
totally disabled while the policy is in force.
- 3- 6 month waiting period
- some for riders provide a partially disabled benefit
●● Identify the supplemental disability benefit rider with its example.
The UL insurance policy Drew Stephens owns on his life includes a
rider that will pay him a monthly benefit if he becomes totally disabled.
a. Disability income benefit rider
b. Waiver of premium for payor rider
c. Waiver of premium for disability rider
, Answer: A.
●● A rider on Mary Margaret Satterfield's insurance policy specifies that
her insurer will pay her renewal premiums if she becomes disabled.
a. Disability income benefit rider
b. Waiver of premium for payor rider
c. Waiver of premium for disability rider
Answer: C.
●● A rider on Benjamin Mumford's policy covering the life of his
daughter provides that the insurer will waive the policy's renewal
premiums if Mr. Mumford dies or becomes totally disabled.
a. Disability income benefit rider
b. Waiver of premium for payor rider
c. Waiver of premium for disability rider
Answer: B.
●● accidental death benefit
Answer: A supplemental life insurance policy benefit that provides a
death benefit in addition to the policy's basic death benefit if the insured
dies as a result of an accident.
FULL QUESTIONS AND VERIFIED ANSWERS
LEARNING PACKAGE
●● 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 previous occupation
c. Any occupation for which the insured is reasonably suited by
education, training, or experience
Answer: C.
●● Waiver of premium for payor benefit
Answer: A supplemental life insurance policy benefit which provides
that the insurance company will waive the right to collect a policy's
renewal premiums if the policyowner dies or becomes totally disabled.
●● To add a waiver of premium for payor benefit to a life insurance
policy, who do you think must be insurable?
a. The insured
b. The policyowner
c .Both the insured and the policyowner
,d. Neither the insured or the policyowner
Answer: C.
●● Wavior of premium for disability benefits compared
Answer: Insurer waives policy premiums if the insured becomes totally
disabled.
Designed for policies in which the policyowner is also the policy's
insured
Total disability defined as
• The insured's inability to perform the essential duties of her own
occupation OR any other occupation for which she is reasonably suited
by education, training, or experience.
●● Wavior of premium for payor benefit compared
Answer: Insurer waives policy premiums if the policyowner dies or
becomes totally disabled.
Designed for third-party policies in which the policyowner is not the
policy's insured
Total disability defined as
,• The policyowner's inability to perform the essential duties of her own
occupation during the first two years of disability
• The policyowner's inability to perform the essential duties of any
occupation for which she is reasonably entitled by education, training, or
experience after the first two years of disability
●● Disability Income Benefit
Answer: A supplemental life insurance policy benefit that provides a
monthly income benefit to the policyowner-insured if she becomes
totally disabled while the policy is in force.
- 3- 6 month waiting period
- some for riders provide a partially disabled benefit
●● Identify the supplemental disability benefit rider with its example.
The UL insurance policy Drew Stephens owns on his life includes a
rider that will pay him a monthly benefit if he becomes totally disabled.
a. Disability income benefit rider
b. Waiver of premium for payor rider
c. Waiver of premium for disability rider
, Answer: A.
●● A rider on Mary Margaret Satterfield's insurance policy specifies that
her insurer will pay her renewal premiums if she becomes disabled.
a. Disability income benefit rider
b. Waiver of premium for payor rider
c. Waiver of premium for disability rider
Answer: C.
●● A rider on Benjamin Mumford's policy covering the life of his
daughter provides that the insurer will waive the policy's renewal
premiums if Mr. Mumford dies or becomes totally disabled.
a. Disability income benefit rider
b. Waiver of premium for payor rider
c. Waiver of premium for disability rider
Answer: B.
●● accidental death benefit
Answer: A supplemental life insurance policy benefit that provides a
death benefit in addition to the policy's basic death benefit if the insured
dies as a result of an accident.
