LOMA 291 EXAM WITH CORRECT |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
ANSWERS
What is an ombudsman? - correct answer✔✔An independent, impartial, and confidential
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professional with expertise in handling ethics problems |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
What are the four functions of management? - correct answer✔✔Planning, organizing,
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directing, and controlling |||\\\ |||\\\
What is the formula for required rate of return? - correct answer✔✔Risk-free rate + Risk
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premium = Required Return |||\\\ |||\\\ |||\\\
What are the three lines of defense in the risk management model? - correct answer✔✔1.
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Operational management |||\\\
2. Internal monitoring and oversight
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3. Internal Audit
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What is omnichannel distribution? - correct answer✔✔Distribution that enables personalized
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sales to customers through multiple, integrated communication channels.
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What is a trail commission? - correct answer✔✔A percentage of an annuity's accumulated
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value paid periodically, usually annually, to the financial professional that sold the annuity.
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What is churning? - correct answer✔✔A prohibited sales practice that occurs when a financial
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professional induces a client to replace one policy after another, multiple times, so that the
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financial professional can earn a series of first-year commissions on the replacements.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
ANSWERS
What is an ombudsman? - correct answer✔✔An independent, impartial, and confidential
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
professional with expertise in handling ethics problems |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
What are the four functions of management? - correct answer✔✔Planning, organizing,
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
directing, and controlling |||\\\ |||\\\
What is the formula for required rate of return? - correct answer✔✔Risk-free rate + Risk
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
premium = Required Return |||\\\ |||\\\ |||\\\
What are the three lines of defense in the risk management model? - correct answer✔✔1.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Operational management |||\\\
2. Internal monitoring and oversight
|||\\\ |||\\\ |||\\\ |||\\\
3. Internal Audit
|||\\\ |||\\\
What is omnichannel distribution? - correct answer✔✔Distribution that enables personalized
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
sales to customers through multiple, integrated communication channels.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
What is a trail commission? - correct answer✔✔A percentage of an annuity's accumulated
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
value paid periodically, usually annually, to the financial professional that sold the annuity.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
What is churning? - correct answer✔✔A prohibited sales practice that occurs when a financial
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
professional induces a client to replace one policy after another, multiple times, so that the
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
financial professional can earn a series of first-year commissions on the replacements.
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