LOMA 281 Module 3 Exam Questions
and Answers 100% Pass | Verified &
Approved
Waiver of premium for disability (WP) Benefit - ✔✔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 - ✔✔C.
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Waiver of premium for payor benefit - ✔✔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 - ✔✔C.
Wavior of premium for disability benefits compared - ✔✔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.
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Wavior of premium for payor benefit compared - ✔✔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 - ✔✔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
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, 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 - ✔✔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 - ✔✔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
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
and Answers 100% Pass | Verified &
Approved
Waiver of premium for disability (WP) Benefit - ✔✔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 - ✔✔C.
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Waiver of premium for payor benefit - ✔✔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 - ✔✔C.
Wavior of premium for disability benefits compared - ✔✔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.
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Wavior of premium for payor benefit compared - ✔✔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 - ✔✔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
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, 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 - ✔✔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 - ✔✔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
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
