LOMA 281 MODULE 1 EXAM 2024 WITH 100% CORRECT ANSWERS

LOMA 281 MODULE 1 EXAM 2024 WITH 100% CORRECT ANSWERS Risk - correct answer the possibility of an unexpected result. Premium - correct answer A specified amount of money an insurer charges in exchange for its agreement to pay a policy benefit when a specific loss occurs. Insurance company - correct answer A company that provides protection against the risk of financial loss caused by specific events. Life insurance - correct answer A type of insurance under which the insurer promises to pay a death benefit upon the death of a named person. Annuity - correct answer A financial product by which an insurer, in return for receiving a premium, promises to make periodic payments to a named person or entity. Applicant - correct answer The person or entity that applies for an insurance policy. Policyowner - correct answer The person or entity that owns the issued policy. Insured - correct answer The person whose life or health the policy insures. Beneficiary - correct answer The person named to receive the policy benefit if the insured event occurs.