LOMA 281 Module 3 (100% Accurate Answers) 2024.

Waiver of premium for disability (WP) Benefit correct answers A supplemental life insurance policy benefit under which the insurer promises to give up—to waive—its right to collect premiums that become due while the insured is totally disabled. - satisfies a 3-6 month waiting period: meaning for the first 3-6 months the person must cover it 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 correct answers C. Waiver of premium for payor benefit correct answers 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 correct answers C. Wavior of premium for disability benefits compared correct answers 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 correct answers 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