LOMA 281 Module 3 (100% Errorless Answers)

Waiver of premium for disability benefit correct answers 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 correct answers 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 correct answers 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 correct answers 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 correct answers 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. Accelerated death benefit correct answers 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 correct answers 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 correct answers 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 correct answers 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 correct answers A supplemental life insurance policy benefit that provides term life insurance coverage on the insured's spouse and children. Children's insurance rider correct answers A supplemental life insurance policy benefit that provides term life insurance coverage on the insured's children. Second insured rider correct answers A supplemental life insurance policy benefit that provides term insurance coverage on the life of a person other than the policy's insured.