LOMA 281 Module 2 Study Exam Questions with Correct Answers 100% Solved

LOMA 281 Module 2 Study Exam Questions with Correct Answers 100% Solved Term Life insurance Insurance that provides a policy benefit if the insured dies during a specified period of time. Policy term The specified period of time for which a term life insurance policy provides coverage. Level Term life insurance A plan of term life insurance that provides a policy benefit that remains the same over the term of coverage. Decreasing term life insurance A plan of term life insurance that provides a policy benefit that decrease in amount over the term of coverage. Increasing term life insurance A plan of life insurance that provides a policy benefit that starts at one amount and increases by some specified amount or percentage at stated intervals over the term of coverage. Mortgage insurance A plan of decreasing term life insurance designed to provide a benefit amount that corresponds to the decreasing amount owed on a mortgage loan Credit life insurance A type of term life insurance designed to pay the balance due on a loan if the borrower dies before the loan is paid Family income coverage A plan of decreasing term life insurance that provides a stated monthly income benefit amount to the insured's surviving spouse if the insured dies during the term of coverage. Return of premium term insurance A type of term insurance that provides a death benefit if the insured dies during the term of coverage and that promises a return of premiums if the insured does not die during the term of coverage. Renewable term insurance Term life insurance that gives the policyowner the option to continue the policy's coverage for an additional policy term without providing evidence of insurability.