LOMA 281 Module 3 Lesson 3
Questions & Answers 100%
Correct!!
property - ANSWER A bundle of rights a person has with respect to something.
real property - ANSWER Land and whatever is growing on or attached to the land.
rights of a life policyowner - ANSWER name the beneficiary, change the beneficiary, transfer
ownership to someone else
class designation - ANSWER A beneficiary designation that identifies a certain group of persons,
rather than naming each person.
primary beneficiaries - ANSWER The party designated to receive the policy proceeds following the
death of the insured. Also known as first beneficiary.
personal property - ANSWER all property other than real property
intangible property - ANSWER Property that represents ownership of a legal right, such as a
contractual right (life insurance).
ownership of property - ANSWER The sum of all the legal rights that exist in a piece of property.
contingent beneficiary - ANSWER The party named to receive the policy proceeds if the primary
beneficiary should die before the insured. Sometimes referred to as a secondary beneficiary or
successor beneficiary.
Questions & Answers 100%
Correct!!
property - ANSWER A bundle of rights a person has with respect to something.
real property - ANSWER Land and whatever is growing on or attached to the land.
rights of a life policyowner - ANSWER name the beneficiary, change the beneficiary, transfer
ownership to someone else
class designation - ANSWER A beneficiary designation that identifies a certain group of persons,
rather than naming each person.
primary beneficiaries - ANSWER The party designated to receive the policy proceeds following the
death of the insured. Also known as first beneficiary.
personal property - ANSWER all property other than real property
intangible property - ANSWER Property that represents ownership of a legal right, such as a
contractual right (life insurance).
ownership of property - ANSWER The sum of all the legal rights that exist in a piece of property.
contingent beneficiary - ANSWER The party named to receive the policy proceeds if the primary
beneficiary should die before the insured. Sometimes referred to as a secondary beneficiary or
successor beneficiary.
