LOMA 311 EXAM (ACTUAL 2025) WITH
QUESTIONS AND ANSWERS
Trial Courts. Each state court system has only one supreme
court. - <<<Answers>>>Each state court system includes a
variety of __________ __________ ?
District Courts. - <<<Answers>>>In the U.S. Federal court
system, the trial courts that sit in every state and territory are
known as __________ __________ ?
>>>A trust from which the trustee is Annuity Trust -
<<<Answers required to pay a specified sum each year to
each trust beneficiary for the beneficiary's lifetime for a stated
number of years.
Spendthrift Trust - <<<Answers>>>A trust that is designed to
keep trust property out of the hands of creditors of the trust
beneficiary.
Warranty - <<<Answers>>>A statement made by a
contracting party that becomes part of the contract. A
_________ that is not literally true gives an injured party
grounds to avoid the contract.
,Representation - <<<Answers>>>A statement made by a
contracting party that can be used to invalidate the contract if
the statement is not substantially true and the statement
induced the other party to enter the contract.
Incontestability Provision - <<<Answers>>>A life insurance
policy provision that denies the insurer the right to avoid the
contract on the grounds of a material misrepresentation in the
application after the contract has been in force for a specified
period of time.
Collusion - <<<Answers>>>An agreement between two or
more people to defraud another person of his rights.
Bilateral Mistake - <<<Answers>>>Both parties are mistaken
when then enter intoa contract.
Common Mistake - <<<Answers>>>Both parties make the
same mistake.
Unilateral Mistake - <<<Answers>>>A mistake made by only
one of the parties entering the contract.
Mutual Mistake - <<<Answers>>>Both parties to a contract
make a mistake, but they make different mistakes.
,Structured Settlement - <<<Answers>>>A settlement of a
civil dispute or lawsuit in which a party agrees to make
periodic payments to a specified payee for a specified period
of time.
Simultaneous death acts - <<<Answers>>>If the insured and
the beneficiary die at the same time or under circumstances
that make it possible to determine which of them died first,
the insured is deemed to have survived the beneficiary, and
the policy proceeds are payable as though the insured outlived
the beneficiary unless the policy provides otherwise.
Defined Contribution Plan - <<<Answers>>>Specifies the
annual contributions that the plan sponsor will deposit into the
plan on behalf of each plan participant.
Defined Benefit Plan - <<<Answers>>>A type of retirement
plan that specifies the amount of the periodic income benefit -
based on the employees salary or wages and/or years of
service - that a participant is to receive after retirement.
Allocated Contracts - <<<Answers>>>Plans funded through
__________ have individually assigned participant accounts
and employer contributions to the plan are assigned to
individual plan participants. Ex. Individual life insurance and
annuity contracts, Group permanent life insurance contracts,
group deferred annuity contracts.
, Unallocated Contract - <<<Answers>>>When a plan is
funded through a(n) __________, funds are held in one
account and are undivided with respect to plan participants;
benefits are then paid from that account.
Legal Remedies
-Compensatory damages
-Nominal damages
-Punitive damages
-Restitution - <<<Answers>>>Limited and specific common
law remedies that primarily involve the payment of monetary
damages to injured parties.
-Consist primarily of damage awards
-Question of fact determines amount of compensatory
damages.
-Plaintiff has burden of proof in proving amount of loss.
-Apply to both tort and contract actions.
Equitable Remedies
-Declaratory judgment
-Injunction
-Interpleader
-Reformation
-Rescission
QUESTIONS AND ANSWERS
Trial Courts. Each state court system has only one supreme
court. - <<<Answers>>>Each state court system includes a
variety of __________ __________ ?
District Courts. - <<<Answers>>>In the U.S. Federal court
system, the trial courts that sit in every state and territory are
known as __________ __________ ?
>>>A trust from which the trustee is Annuity Trust -
<<<Answers required to pay a specified sum each year to
each trust beneficiary for the beneficiary's lifetime for a stated
number of years.
Spendthrift Trust - <<<Answers>>>A trust that is designed to
keep trust property out of the hands of creditors of the trust
beneficiary.
Warranty - <<<Answers>>>A statement made by a
contracting party that becomes part of the contract. A
_________ that is not literally true gives an injured party
grounds to avoid the contract.
,Representation - <<<Answers>>>A statement made by a
contracting party that can be used to invalidate the contract if
the statement is not substantially true and the statement
induced the other party to enter the contract.
Incontestability Provision - <<<Answers>>>A life insurance
policy provision that denies the insurer the right to avoid the
contract on the grounds of a material misrepresentation in the
application after the contract has been in force for a specified
period of time.
Collusion - <<<Answers>>>An agreement between two or
more people to defraud another person of his rights.
Bilateral Mistake - <<<Answers>>>Both parties are mistaken
when then enter intoa contract.
Common Mistake - <<<Answers>>>Both parties make the
same mistake.
Unilateral Mistake - <<<Answers>>>A mistake made by only
one of the parties entering the contract.
Mutual Mistake - <<<Answers>>>Both parties to a contract
make a mistake, but they make different mistakes.
,Structured Settlement - <<<Answers>>>A settlement of a
civil dispute or lawsuit in which a party agrees to make
periodic payments to a specified payee for a specified period
of time.
Simultaneous death acts - <<<Answers>>>If the insured and
the beneficiary die at the same time or under circumstances
that make it possible to determine which of them died first,
the insured is deemed to have survived the beneficiary, and
the policy proceeds are payable as though the insured outlived
the beneficiary unless the policy provides otherwise.
Defined Contribution Plan - <<<Answers>>>Specifies the
annual contributions that the plan sponsor will deposit into the
plan on behalf of each plan participant.
Defined Benefit Plan - <<<Answers>>>A type of retirement
plan that specifies the amount of the periodic income benefit -
based on the employees salary or wages and/or years of
service - that a participant is to receive after retirement.
Allocated Contracts - <<<Answers>>>Plans funded through
__________ have individually assigned participant accounts
and employer contributions to the plan are assigned to
individual plan participants. Ex. Individual life insurance and
annuity contracts, Group permanent life insurance contracts,
group deferred annuity contracts.
, Unallocated Contract - <<<Answers>>>When a plan is
funded through a(n) __________, funds are held in one
account and are undivided with respect to plan participants;
benefits are then paid from that account.
Legal Remedies
-Compensatory damages
-Nominal damages
-Punitive damages
-Restitution - <<<Answers>>>Limited and specific common
law remedies that primarily involve the payment of monetary
damages to injured parties.
-Consist primarily of damage awards
-Question of fact determines amount of compensatory
damages.
-Plaintiff has burden of proof in proving amount of loss.
-Apply to both tort and contract actions.
Equitable Remedies
-Declaratory judgment
-Injunction
-Interpleader
-Reformation
-Rescission
