LOMA 311 Module 1 2025/2026 Exam
Questions with Detailed Verified
Answers (100% Correct Answers) |
Already Graded A+
True/False: Regulations make up the body of law known as administrative
law - 🧠 ANSWER ✔✔This statement is true. Regulations make up the body
of law known as administrative law, and the regulations of each
governmental unit are compiled into that jurisdiction's administrative code
the life Insurance industry is of such importance to so many people that it
occupies a special position of public trust. Millions of families rely on life
insurance and annuity products for savings and financial protection against
the risks of dying too soon or outliving assets. Also, the reserves held by
life insurers are one of the largest sources of private funds in the world's
financial markets
stakeholders - 🧠 ANSWER ✔✔the parties who have an interest in how the
company conducts its business.
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
1
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,a life insurance company's stakeholders include stockholders (for stock
companies), the board of directors, executives, managers, employees,
agents, potential customers, policy owners, beneficiaries, annuity
participants, and regulators, among others
governments rely on the legal system to put in place specific insurance
laws and regulations that safeguard this public trust. Also, in a business as
complex and important as the life insurance industry mistakes and
disagreements happen and the parties often turn to the legal system to
solve disputes
a legal system includes two major components: - 🧠 ANSWER ✔✔1. laws
and regulations that regulate conduct
2. legal processes to enforce those laws and regulations. The laws and
regulations provide guidelines and rules to help peoples, combines, and
governments interact in an orderly way. legal process are used to resolve
disputes, provide remedies for victims, and punish those who break laws
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
2
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,Legal system enables - 🧠 ANSWER ✔✔individuals and organizations to
anticipate the outcomes of their actions with some certainty, manage affairs
with a minimum of conflict, and resolve disputes fairly
laws that affect how life insurers conduct business - 🧠 ANSWER ✔✔-
contract law
- agency law
- property law
Insurers must be careful to avoid - 🧠 ANSWER ✔✔fines, lawsuits, and
negative publicity, which can harm the company reputation and profits
Business Law for insurance professionals - 🧠 ANSWER ✔✔provides a
basic knowledge of the legal system as well as legal and regulatory issues
unique to the life insurance industry
Sources of law - 🧠 ANSWER ✔✔1. Constitutions
2. Statutes
3. administrative regulations
4. treaties and international agreements. In many countries, including the
US, another primary source of law is case law created by the Courts
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
3
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, Constitution - 🧠 ANSWER ✔✔A document or group of documents that sets
out the fundamental principles that determine the powers and duties of the
governments and the rights of the people. It is a basic part of a country's
legal system and is intended to be a relatively permanent and primary
source of law. A constitution typically is considered the supreme law of the
land. any laws found to violate a country's constitution generally are invalid
- constitution establishes the organization structure of the government
- the us constitution establishes a system of checks and balances. helps
prevent concentration of power in one branch
three functions that governments carry out - 🧠 ANSWER ✔✔1. create laws
2. Administer and enforce laws
3. resolve disputes
three branches of government - 🧠 ANSWER ✔✔- legislative branch
- executive branch
- judicial branch
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
4
PRIVACY STATEMENT. ALL RIGHTS RESERVED
Questions with Detailed Verified
Answers (100% Correct Answers) |
Already Graded A+
True/False: Regulations make up the body of law known as administrative
law - 🧠 ANSWER ✔✔This statement is true. Regulations make up the body
of law known as administrative law, and the regulations of each
governmental unit are compiled into that jurisdiction's administrative code
the life Insurance industry is of such importance to so many people that it
occupies a special position of public trust. Millions of families rely on life
insurance and annuity products for savings and financial protection against
the risks of dying too soon or outliving assets. Also, the reserves held by
life insurers are one of the largest sources of private funds in the world's
financial markets
stakeholders - 🧠 ANSWER ✔✔the parties who have an interest in how the
company conducts its business.
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
1
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,a life insurance company's stakeholders include stockholders (for stock
companies), the board of directors, executives, managers, employees,
agents, potential customers, policy owners, beneficiaries, annuity
participants, and regulators, among others
governments rely on the legal system to put in place specific insurance
laws and regulations that safeguard this public trust. Also, in a business as
complex and important as the life insurance industry mistakes and
disagreements happen and the parties often turn to the legal system to
solve disputes
a legal system includes two major components: - 🧠 ANSWER ✔✔1. laws
and regulations that regulate conduct
2. legal processes to enforce those laws and regulations. The laws and
regulations provide guidelines and rules to help peoples, combines, and
governments interact in an orderly way. legal process are used to resolve
disputes, provide remedies for victims, and punish those who break laws
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
2
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,Legal system enables - 🧠 ANSWER ✔✔individuals and organizations to
anticipate the outcomes of their actions with some certainty, manage affairs
with a minimum of conflict, and resolve disputes fairly
laws that affect how life insurers conduct business - 🧠 ANSWER ✔✔-
contract law
- agency law
- property law
Insurers must be careful to avoid - 🧠 ANSWER ✔✔fines, lawsuits, and
negative publicity, which can harm the company reputation and profits
Business Law for insurance professionals - 🧠 ANSWER ✔✔provides a
basic knowledge of the legal system as well as legal and regulatory issues
unique to the life insurance industry
Sources of law - 🧠 ANSWER ✔✔1. Constitutions
2. Statutes
3. administrative regulations
4. treaties and international agreements. In many countries, including the
US, another primary source of law is case law created by the Courts
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
3
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, Constitution - 🧠 ANSWER ✔✔A document or group of documents that sets
out the fundamental principles that determine the powers and duties of the
governments and the rights of the people. It is a basic part of a country's
legal system and is intended to be a relatively permanent and primary
source of law. A constitution typically is considered the supreme law of the
land. any laws found to violate a country's constitution generally are invalid
- constitution establishes the organization structure of the government
- the us constitution establishes a system of checks and balances. helps
prevent concentration of power in one branch
three functions that governments carry out - 🧠 ANSWER ✔✔1. create laws
2. Administer and enforce laws
3. resolve disputes
three branches of government - 🧠 ANSWER ✔✔- legislative branch
- executive branch
- judicial branch
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
4
PRIVACY STATEMENT. ALL RIGHTS RESERVED
