LOMA 281 Module 2 Exam Questions
and Answers 100% Solved | Rated A+
Term Life insurance - ✔✔Insurance that provides a policy benefit if the
insured dies during a specified period of time.
Policy term - ✔✔The specified period of time for which a term life insurance
policy provides coverage.
Level Term life insurance - ✔✔A plan of term life insurance that provides a
policy benefit that remains the same over the term of coverage.
Decreasing term life insurance - ✔✔A plan of term life insurance that
provides a policy benefit that decrease in amount over the term of
coverage.
Increasing term life insurance - ✔✔A plan of life insurance that provides a
policy benefit that starts at one amount and increases by some specified
amount or percentage at stated intervals over the term of coverage.
Mortgage insurance - ✔✔A plan of decreasing term life insurance designed
to provide a benefit amount that corresponds to the decreasing amount
owed on a mortgage loan
1
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, Credit life insurance - ✔✔A type of term life insurance designed to pay the
balance due on a loan if the borrower dies before the loan is paid
Family income coverage - ✔✔A plan of decreasing term life insurance that
provides a stated monthly income benefit amount to the insured's surviving
spouse if the insured dies during the term of coverage.
Return of premium term insurance - ✔✔A type of term insurance that
provides a death benefit if the insured dies during the term of coverage and
that promises a return of premiums if the insured does not die during the
term of coverage.
Renewable term insurance - ✔✔Term life insurance that gives the
policyowner the option to continue the policy's coverage for an additional
policy term without providing evidence of insurability.
Evidence of insurability - ✔✔Proof that a given person is an insurable risk.
Convertible term insurance - ✔✔Term life insurance that gives the
policyowner the right to convert the term policy to a cash value life
insurance policy without providing evidence of insurability.
Conversion period - ✔✔The specified period of time following policy issue
during which the owner of a convertible term life insurance policy can
convert the coverage to cash value life insurance.
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
and Answers 100% Solved | Rated A+
Term Life insurance - ✔✔Insurance that provides a policy benefit if the
insured dies during a specified period of time.
Policy term - ✔✔The specified period of time for which a term life insurance
policy provides coverage.
Level Term life insurance - ✔✔A plan of term life insurance that provides a
policy benefit that remains the same over the term of coverage.
Decreasing term life insurance - ✔✔A plan of term life insurance that
provides a policy benefit that decrease in amount over the term of
coverage.
Increasing term life insurance - ✔✔A plan of life insurance that provides a
policy benefit that starts at one amount and increases by some specified
amount or percentage at stated intervals over the term of coverage.
Mortgage insurance - ✔✔A plan of decreasing term life insurance designed
to provide a benefit amount that corresponds to the decreasing amount
owed on a mortgage loan
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Credit life insurance - ✔✔A type of term life insurance designed to pay the
balance due on a loan if the borrower dies before the loan is paid
Family income coverage - ✔✔A plan of decreasing term life insurance that
provides a stated monthly income benefit amount to the insured's surviving
spouse if the insured dies during the term of coverage.
Return of premium term insurance - ✔✔A type of term insurance that
provides a death benefit if the insured dies during the term of coverage and
that promises a return of premiums if the insured does not die during the
term of coverage.
Renewable term insurance - ✔✔Term life insurance that gives the
policyowner the option to continue the policy's coverage for an additional
policy term without providing evidence of insurability.
Evidence of insurability - ✔✔Proof that a given person is an insurable risk.
Convertible term insurance - ✔✔Term life insurance that gives the
policyowner the right to convert the term policy to a cash value life
insurance policy without providing evidence of insurability.
Conversion period - ✔✔The specified period of time following policy issue
during which the owner of a convertible term life insurance policy can
convert the coverage to cash value life insurance.
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
