LOMA 281 Module 3 Lesson 3 Questions And Correct Answers 20242... file:///C:/Users/Pavilion/Downloads/LOMA%20281%20Module%2
LOMA 281 Module 3 Lesson 3 Questions And Correct
Answers 2024/2025(GRADED A+)
1. property: A bundle of rights a person has with respect to something.
2. real property: Land and whatever is growing on or attached to the land.
3. personal property: all property other than real property
4. intangible property: Property that represents ownership of a legal right, such as
a contractual right (life insurance).
5. ownership of property: The sum of all the legal rights that exist in a piece of
property.
6. rights of a life policyowner: name the beneficiary, change the beneficiary,
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,LOMA 281 Module 3 Lesson 3 Questions And Correct Answers 20242... file:///C:/Users/Pavilion/Downloads/LOMA%20281%20Module%2
transfer ownership to someone else
7. class designation: A beneficiary designation that identifies a certain group of
persons, rather than naming each person.
8. primary beneficiaries: The party designated to receive the policy proceeds
following the death of the insured. Also known as first beneficiary.
9. contingent beneficiary: 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.
10. right of revocation: The life insurance policyowner's right to change the bene-
ficiary designation at any time.
11. revocable beneficiaries: A life insurance policy beneficiary who has no right to
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LOMA 281 Module 3 Lesson 3 Questions And Correct
Answers 2024/2025(GRADED A+)
1. property: A bundle of rights a person has with respect to something.
2. real property: Land and whatever is growing on or attached to the land.
3. personal property: all property other than real property
4. intangible property: Property that represents ownership of a legal right, such as
a contractual right (life insurance).
5. ownership of property: The sum of all the legal rights that exist in a piece of
property.
6. rights of a life policyowner: name the beneficiary, change the beneficiary,
1/5
1 of 5 01/09/2024, 13
,LOMA 281 Module 3 Lesson 3 Questions And Correct Answers 20242... file:///C:/Users/Pavilion/Downloads/LOMA%20281%20Module%2
transfer ownership to someone else
7. class designation: A beneficiary designation that identifies a certain group of
persons, rather than naming each person.
8. primary beneficiaries: The party designated to receive the policy proceeds
following the death of the insured. Also known as first beneficiary.
9. contingent beneficiary: 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.
10. right of revocation: The life insurance policyowner's right to change the bene-
ficiary designation at any time.
11. revocable beneficiaries: A life insurance policy beneficiary who has no right to
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2 of 5 01/09/2024, 13
