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LOMA 291 EXAM QUESTIONS WITH CORRECT ANSWERS

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LOMA 291 EXAM QUESTIONS WITH CORRECT ANSWERS

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LOMA 291 EXAM QUESTIONS WITH
CORRECT ANSWERS

What is an ombudsman? - CORRECT ANSWER-✔✔✅An independent, impartial, and confidential
professional with expertise in handling ethics problems



What are the four functions of management? - CORRECT ANSWER-✔✔✅Planning, organizing,
directing, and controlling



What is the formula for required rate of return? - CORRECT ANSWER-✔✔✅Risk-free rate + Risk
premium = Required Return



What are the three lines of defense in the risk management model? - CORRECT ANSWER-✔✔✅1.
Operational management

2. Internal monitoring and oversight

3. Internal Audit



What is omnichannel distribution? - CORRECT ANSWER-✔✔✅Distribution that enables personalized
sales to customers through multiple, integrated communication channels.



What is a trail commission? - CORRECT ANSWER-✔✔✅A percentage of an annuity's accumulated
value paid periodically, usually annually, to the financial professional that sold the annuity.



What is churning? - CORRECT ANSWER-✔✔✅A prohibited sales practice that occurs when a financial
professional induces a client to replace one policy after another, multiple times, so that the financial
professional can earn a series of first-year commissions on the replacements.



What is twisting? - CORRECT ANSWER-✔✔✅A prohibited sales practice that occurs when a financial
professional misrepresents the features of a policy to induce the customer to replace an existing
policy.

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