LOMA 281 Module 3 Exam 2025
Questions and Answers
Waiver of premium for disability (WP) Benefit - ✔✔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.
- satisfies a 3-6 month waiting period: meaning for the first 3-6 months the person must
cover it
The WP benefit typically defines total disability for the insured as being unable to
perform the duties of?
a. Any occupation
b. The insured's own previous occupation
c. Any occupation for which the insured is reasonably suited by education, training, or
experience - ✔✔C.
Waiver of premium for payor benefit - ✔✔A supplemental life insurance policy benefit
which provides that the insurance company will waive the right to collect a policy's
renewal premiums if the policyowner dies or becomes totally disabled.
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 1
,To add a waiver of premium for payor benefit to a life insurance policy, who do you
think must be insurable?
a. The insured
b. The policyowner
c .Both the insured and the policyowner
d. Neither the insured or the policyowner - ✔✔C.
Wavior of premium for disability benefits compared - ✔✔Insurer waives policy
premiums if the insured becomes totally disabled.
Designed for policies in which the policyowner is also the policy's insured
Total disability defined as
• The insured's inability to perform the essential duties of her own occupation OR any
other occupation for which she is reasonably suited by education, training, or
experience.
Wavior of premium for payor benefit compared - ✔✔Insurer waives policy premiums if
the policyowner dies or becomes totally disabled.
Designed for third-party policies in which the policyowner is not the policy's insured
Total disability defined as
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 2
,• The policyowner's inability to perform the essential duties of her own occupation
during the first two years of disability
• The policyowner's inability to perform the essential duties of any occupation for
which she is reasonably entitled by education, training, or experience after the first two
years of disability
Disability Income Benefit - ✔✔A supplemental life insurance policy benefit that
provides a monthly income benefit to the policyowner-insured if she becomes totally
disabled while the policy is in force.
- 3- 6 month waiting period
- some for riders provide a partially disabled benefit
Identify the supplemental disability benefit rider with its example.
The UL insurance policy Drew Stephens owns on his life includes a rider that will pay
him a monthly benefit if he becomes totally disabled.
a. Disability income benefit rider
b. Waiver of premium for payor rider
c. Waiver of premium for disability rider - ✔✔A.
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 3
, A rider on Mary Margaret Satterfield's insurance policy specifies that her insurer will
pay her renewal premiums if she becomes disabled.
a. Disability income benefit rider
b. Waiver of premium for payor rider
c. Waiver of premium for disability rider - ✔✔C.
A rider on Benjamin Mumford's policy covering the life of his daughter provides that
the insurer will waive the policy's renewal premiums if Mr. Mumford dies or becomes
totally disabled.
a. Disability income benefit rider
b. Waiver of premium for payor rider
c. Waiver of premium for disability rider - ✔✔B.
accidental death benefit - ✔✔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.
- double indemnnity: doubles the face amount payable when the insured dies in an
accident
-
Why is an accidental death benefit sometimes called a double indemnity benefit?
a. It frequently doubles the policy's face amount
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 4
Questions and Answers
Waiver of premium for disability (WP) Benefit - ✔✔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.
- satisfies a 3-6 month waiting period: meaning for the first 3-6 months the person must
cover it
The WP benefit typically defines total disability for the insured as being unable to
perform the duties of?
a. Any occupation
b. The insured's own previous occupation
c. Any occupation for which the insured is reasonably suited by education, training, or
experience - ✔✔C.
Waiver of premium for payor benefit - ✔✔A supplemental life insurance policy benefit
which provides that the insurance company will waive the right to collect a policy's
renewal premiums if the policyowner dies or becomes totally disabled.
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 1
,To add a waiver of premium for payor benefit to a life insurance policy, who do you
think must be insurable?
a. The insured
b. The policyowner
c .Both the insured and the policyowner
d. Neither the insured or the policyowner - ✔✔C.
Wavior of premium for disability benefits compared - ✔✔Insurer waives policy
premiums if the insured becomes totally disabled.
Designed for policies in which the policyowner is also the policy's insured
Total disability defined as
• The insured's inability to perform the essential duties of her own occupation OR any
other occupation for which she is reasonably suited by education, training, or
experience.
Wavior of premium for payor benefit compared - ✔✔Insurer waives policy premiums if
the policyowner dies or becomes totally disabled.
Designed for third-party policies in which the policyowner is not the policy's insured
Total disability defined as
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 2
,• The policyowner's inability to perform the essential duties of her own occupation
during the first two years of disability
• The policyowner's inability to perform the essential duties of any occupation for
which she is reasonably entitled by education, training, or experience after the first two
years of disability
Disability Income Benefit - ✔✔A supplemental life insurance policy benefit that
provides a monthly income benefit to the policyowner-insured if she becomes totally
disabled while the policy is in force.
- 3- 6 month waiting period
- some for riders provide a partially disabled benefit
Identify the supplemental disability benefit rider with its example.
The UL insurance policy Drew Stephens owns on his life includes a rider that will pay
him a monthly benefit if he becomes totally disabled.
a. Disability income benefit rider
b. Waiver of premium for payor rider
c. Waiver of premium for disability rider - ✔✔A.
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 3
, A rider on Mary Margaret Satterfield's insurance policy specifies that her insurer will
pay her renewal premiums if she becomes disabled.
a. Disability income benefit rider
b. Waiver of premium for payor rider
c. Waiver of premium for disability rider - ✔✔C.
A rider on Benjamin Mumford's policy covering the life of his daughter provides that
the insurer will waive the policy's renewal premiums if Mr. Mumford dies or becomes
totally disabled.
a. Disability income benefit rider
b. Waiver of premium for payor rider
c. Waiver of premium for disability rider - ✔✔B.
accidental death benefit - ✔✔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.
- double indemnnity: doubles the face amount payable when the insured dies in an
accident
-
Why is an accidental death benefit sometimes called a double indemnity benefit?
a. It frequently doubles the policy's face amount
COPYRIGHT © 2025 BY OLIVIA WEST, ALL RIGHTS RESERVED 4
