LOMA 281 Module 3 Exam 2025
Questions and Answers
Waiver of premium for disability 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.
Waiver of premium for payor benefit - ✔✔A supplemental life insurance policy benefit
under which the insurer agrees to waive its right to collect a policy's renewal premiums
if the policyowner dies or becomes totally disabled.
Disability income benefit - ✔✔A supplemental life insurance policy benefit that
provides a monthly income benefit to the policyowner-insured if he become totally
disabled when the policy is in force.
Accidental death benefit - ✔✔A supplemental life insurance policy benefit that provides
a death benefit, in addition to the policy's basic death benefit, if the insured dies as a
result of an accident.
Accidental death and dismemberment benefit - ✔✔A supplemental life insurance policy
benefit that provides an accidental death benefit and provides a dismemberment benefit
payable if an accident causes the insured to lose any two limbs or sight in both eyes.
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 1
, Accelerated death benefit - ✔✔A supplemental life insurance policy benefit that gives a
policyowner-insured the right to receive all or part of the policy's death benefit before
her death, if certain conditions are met.
Terminal illness benefit - ✔✔An accelerated death benefit under which the insurer pays
a portion of a life insurance policy's death benefit to a policyowner-insured who suffers
from a terminal illness and has a physician-certified life expectancy of 12 months or less.
Dread disease benefit - ✔✔An accidental death benefit under which the insurer agrees
to pay a portion of the life insurance policy's face amount to the policyowner if the
insured suffers from one of a number of specified diseases.
Long term care insurance benefit - ✔✔An accelerated death benefit under which the
insurer agrees to pay a monthly benefit to a life insurance policyowner if the insured
requires constant care for a medical condition.
Spouse and children's insurance rider - ✔✔A supplemental life insurance policy benefit
that provides term life insurance coverage on the insured's spouse and children.
Children's insurance rider - ✔✔A supplemental life insurance policy benefit that
provides term life insurance coverage on the insured's children.
Second insured rider - ✔✔A supplemental life insurance policy benefit that provides
term insurance coverage on the life of a person other than the policy's insured.
Guaranteed insurability benefit - ✔✔A supplemental life insurance policy benefit that
gives the policyowner the right to purchase additional insurance of the same type as the
basic life insurance policy - for an additional premium amount - on specified option
dates during the life of the policy without supplying evidence of the insured's
insurability.
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 2
Questions and Answers
Waiver of premium for disability 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.
Waiver of premium for payor benefit - ✔✔A supplemental life insurance policy benefit
under which the insurer agrees to waive its right to collect a policy's renewal premiums
if the policyowner dies or becomes totally disabled.
Disability income benefit - ✔✔A supplemental life insurance policy benefit that
provides a monthly income benefit to the policyowner-insured if he become totally
disabled when the policy is in force.
Accidental death benefit - ✔✔A supplemental life insurance policy benefit that provides
a death benefit, in addition to the policy's basic death benefit, if the insured dies as a
result of an accident.
Accidental death and dismemberment benefit - ✔✔A supplemental life insurance policy
benefit that provides an accidental death benefit and provides a dismemberment benefit
payable if an accident causes the insured to lose any two limbs or sight in both eyes.
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 1
, Accelerated death benefit - ✔✔A supplemental life insurance policy benefit that gives a
policyowner-insured the right to receive all or part of the policy's death benefit before
her death, if certain conditions are met.
Terminal illness benefit - ✔✔An accelerated death benefit under which the insurer pays
a portion of a life insurance policy's death benefit to a policyowner-insured who suffers
from a terminal illness and has a physician-certified life expectancy of 12 months or less.
Dread disease benefit - ✔✔An accidental death benefit under which the insurer agrees
to pay a portion of the life insurance policy's face amount to the policyowner if the
insured suffers from one of a number of specified diseases.
Long term care insurance benefit - ✔✔An accelerated death benefit under which the
insurer agrees to pay a monthly benefit to a life insurance policyowner if the insured
requires constant care for a medical condition.
Spouse and children's insurance rider - ✔✔A supplemental life insurance policy benefit
that provides term life insurance coverage on the insured's spouse and children.
Children's insurance rider - ✔✔A supplemental life insurance policy benefit that
provides term life insurance coverage on the insured's children.
Second insured rider - ✔✔A supplemental life insurance policy benefit that provides
term insurance coverage on the life of a person other than the policy's insured.
Guaranteed insurability benefit - ✔✔A supplemental life insurance policy benefit that
gives the policyowner the right to purchase additional insurance of the same type as the
basic life insurance policy - for an additional premium amount - on specified option
dates during the life of the policy without supplying evidence of the insured's
insurability.
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 2
