LOMA 280 CHAPTER 1 UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
LOMA 280 CHAPTER 1 UPDATED
CORRECT ANSWERS
Charts that indicate the number of people in
ages.
mortality table
1
Answer:
ACTUAL QUESTIONS AND
a large group who are likely to die at certain
claims table
2
, Question:
Process by which individuals and businesses identify and assess the risks they face
and take measures to eliminate or reduce their exposure to those risks.
Answer:
risk management
Question:
insurer
Answer:
A company that accepts the risk and makes a promise to pay a policy benefit if a
loss does occur.
Question:
A specific amount of money an insurer agrees to pay under an insurance policy
when a specific loss occurs.
Answer:
policy benefit
Question:
insurance policy
Answer:
A written document that contains the terms of the agreement between the insurer
and the owner of the policy. Also known as an insurance contract.
Question:
A specified amount of money an insurer charges in exchange for agreeing to pay
a policy benefit when a specified loss occurs.
Answer:
premium
Question:
personal risk
Answer:
The risk of economic loss associated with death, poor health, injury, and outliving
one's economic resources.
Question:
life and health insurance company
Answer:
A company that issues and sells products that insure against finanacial losses that
result from personal risks such as death, disability, illness, accident, and outliving
one's savings.
Question:
A contract under which an insurer promises to make a series of periodic payments
to a named individual in exchange for a premium or series of premiums.
Answer:
AND CORRECT ANSWERS
Question:
LOMA 280 CHAPTER 1 UPDATED
CORRECT ANSWERS
Charts that indicate the number of people in
ages.
mortality table
1
Answer:
ACTUAL QUESTIONS AND
a large group who are likely to die at certain
claims table
2
, Question:
Process by which individuals and businesses identify and assess the risks they face
and take measures to eliminate or reduce their exposure to those risks.
Answer:
risk management
Question:
insurer
Answer:
A company that accepts the risk and makes a promise to pay a policy benefit if a
loss does occur.
Question:
A specific amount of money an insurer agrees to pay under an insurance policy
when a specific loss occurs.
Answer:
policy benefit
Question:
insurance policy
Answer:
A written document that contains the terms of the agreement between the insurer
and the owner of the policy. Also known as an insurance contract.
Question:
A specified amount of money an insurer charges in exchange for agreeing to pay
a policy benefit when a specified loss occurs.
Answer:
premium
Question:
personal risk
Answer:
The risk of economic loss associated with death, poor health, injury, and outliving
one's economic resources.
Question:
life and health insurance company
Answer:
A company that issues and sells products that insure against finanacial losses that
result from personal risks such as death, disability, illness, accident, and outliving
one's savings.
Question:
A contract under which an insurer promises to make a series of periodic payments
to a named individual in exchange for a premium or series of premiums.
Answer:
