- Study guides, Class notes & Summaries

LOMA 280 Exam 2025 Questions and Answers 100% Pass

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14 pages

Written in 2024/2025

Grade A+

OliviaWest

Loma 280 Chapter 13 Exam 2025 Questions and Answers

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6 pages

Written in 2024/2025

Grade A+

OliviaWest

Loma 280 Chapter 10 Exam 2025 Questions and Answers

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6 pages

Written in 2024/2025

Grade A+

OliviaWest

LOMA 280 Principles Of Insurance Exam 2025 Questions and Answers 100% Pass Risk - chance of an unexpected gain or loss Speculative risk - 3 possible outcomes: gain, loss, or no change Pure risk - No gain; either loss or no loss. Only type of risk than can be insured 4 methods for managing financial risk - Avoiding, controlling, transferring, accepting Personal Risk - Risk of economic loss associated with death, poor health, injury, and outliving economic resources Liability risk - Risk...

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16 pages

Written in 2024/2025

Grade A+

SophiaBennett

LOMA 280 Bundled Exams Questions and Answers 100% Pass Guaranteed

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5 items

EmillyCharlotte

LOMA 280 Exam Questions and Answers 100% Pass Unilateral contract - Only one party makes the legally enforceable promises Bargaining contract - Both parties as equals set terms and conditions of the agreement. Commutative contract - The parties specify values in advance that they would exchange, moreover items and services are exchanged between parties are of relatively equal values. Formal contract - The type of contract in which the requirements concerning the form of agreement ar...

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21 pages

Written in 2024/2025

Grade A+

EmillyCharlotte

LOMA 280 Principles Of Insurance Exam Questions and Answers 100% Pass Risk - chance of an unexpected gain or loss Speculative risk - 3 possible outcomes: gain, loss, or no change Pure risk - No gain; either loss or no loss. Only type of risk than can be insured 4 methods for managing financial risk - Avoiding, controlling, transferring, accepting Personal Risk - Risk of economic loss associated with death, poor health, injury, and outliving economic resources Liability risk - Risk of e...

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22 pages

Written in 2024/2025

Grade A+

EmillyCharlotte

Loma 280 Exam Questions and Answers 100% Pass 401K Plan - In the United States, a type of savings plan that allows employees to make contributions on a pre tax basis. (12) absolute assignment - An assignment of a life insurance policy under which the policy owner transfers all of his policy ownership rights to the assignee. Contrast with collateral assignment. (9) accelerated death benefit - A supplemental life insurance policy benefit which provides that a policy owner may elect to rece...

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61 pages

Written in 2024/2025

Grade A+

EmillyCharlotte

Loma 280 Chapter 13 Exam Questions and Answers 100% Pass activities of daily living (ADL) - The activities of eating, bathing, dressing, continence, toileting, or transferring into or out of a bed, chair, or wheelchair basic medical expense coverage - Medical expense insurance coverage provid-ing separate benefits for each type of covered medical care cost. This typically provides benefits for hospital, surgical, and physicians' expenses benefit period - The time during which the insur...

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9 pages

Written in 2024/2025

Grade A+

EmillyCharlotte

Loma 280 Chapter 10 Exam Questions and Answers 100% Pass accumulated value - During a deferred annuity's accumulation period, the amount paid for the deferred annuity, plus the investment earnings, minus the amount of any withdrawals and fees accumulation period - The period between the contract owner's purchase of a deferred annuity and the beginning of the payout period annuitant - The person whose lifetime is used to determine the amount of benefits payable under an annuity cont...

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9 pages

Written in 2024/2025

Grade A+

EmillyCharlotte

LOMA 280 Ch 1-7 Exam Questions and Answers 100% Pass Speculative Risk - Loss, gain, or no change; cannot be insured Pure risk - Can be insured; the risk of loss w/o the possibility of a gain Risk Management - The process of eliminating reducing risk; includes: avoiding, controlling, transferring, or accepting. Insurer - A company that accepts risk and makes a promise to pay a policy if loss occurs. Policy Benefit - Amount of money insurer agrees to pay under policy. Personal Risk - Asso...

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14 pages

Written in 2024/2025

Grade A+

EmillyCharlotte

LOMA 280 PRINCIPLES OF INSURANCE EXAM QUESTIONS WITH COMPLETE SOLUTIONS Cost of benefits - Answer-Value of all benefits under a product Cost of benefits = potential obligations • probability benefits will be payable Block of policies - Answer-Financial design calculations are based on them - a group of policies issued to insureds who are the same age sex and risk class Tabular mortality rates - Answer-Starting point to calculate mortality rates to project cost of benefits for a block...

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12 pages

Written in 2024/2025

Grade A+

wisdompoint

LOMA 280 CH 1-7 EXAM QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+ Composite Mortality Rate - Answer-Does not separate smokers from non-smokers Investment Earnings - Answer-Money insurer invests in funds received from customers Simple Interest - Answer-Flat amount put on the original principal amount only. Compound Interest - Answer-Interest on the principal and accrued interest. Rate of Return - Answer-Selling stock for more than paid; or company may collect dividends Lapse Rate ...

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8 pages

Written in 2024/2025

Grade A+

wisdompoint

LOMA 280 CHAPTER 13 EXAM QUESTIONS WITH ALL CORRECT ANSWERS health maintenance organization (HMO) - Answer-A health care financing and deliv-ery system that provides comprehensive health care services to plan members, often referred to as subscribers, in a particular geographic area hospital expenses - Answer-Medical expenses that include charges for specific inpatient and outpatient hospital services, such as room and board, medications, labora-tory services, and other fees associated wi...

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5 pages

Written in 2024/2025

Grade A+

wisdompoint

LOMA 280 CHAPTER 10 EXAM QUESTIONS WITH ALL CORRECT ANSWERS GRADED A+ guaranteed minimum accumulation benefit (GMIB) - Answer-A variable annuity con-tract feature which guarantees that the accumulated value will be at least a min-imum amount if the contract remains in force for a specified period of time— typically 7 to 10 years. guaranteed minimum death benefit (GMDB) - Answer-A variable annuity contract fea-ture which guarantees that, if the annuitant dies before periodic income pay-m...

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5 pages

Written in 2024/2025

Grade A+

wisdompoint

LOMA 280 - EXPLORE NEW 109 QUESTIONS AND ANSWERS - 2025 UPDATE - 100% CORRECT An adjustable life insurance policy - Answer-insured specifies the face amount and premium he can pay and a plan of insurance is chalked out to provide insurance incontestable provision/incontetable clause - Answer-that after the policy has been force for a specified period, usually 2 or 3 years, the insurer can't use material misrepresentations in the application either to void the policy or to deny a clai...

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11 pages

Written in 2024/2025

Grade A+

wisdompoint

LOMA 280 EXAM QUESTIONS WITH 100% CORRECT DETAILED ANSWERS policy reserves, legal reserves, statutory reserves - Answer-Liabilities that represent the amount an insurer estimates it needs to pay future benefits. (4) policy rider, endorsement - Answer-An amendment to an insurance policy that becomes part of the insurance contract and either expands or limits the benefits payable under the contract. (5) policy term - Answer-The specified period of time during which a term life insurance po...

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34 pages

Written in 2024/2025

Grade A+

wisdompoint

LOMA 280 EXAM (ACTUAL 2025) WITH ALL QUESTIONS AND VERIFIED WANSWERS

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75 pages

Written in 2024/2025

Grade A+

SCHOLARSKIT

Speculative Risk Loss, gain, or no change; cannot be insured Pure risk Can be insured; the risk of loss w/o the possibility of a gain Risk Management The process of eliminating reducing risk; includes: avoiding, controlling, transferring, or accepting. Insurer A company that accepts risk and makes a promise to pay a policy if loss occurs. Policy Benefit Amount of money insurer agrees to pay under policy. Personal Risk Associated w/ economic loss of death, health, injury, outliving resources...

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2 pages

Written in 2024/2025

Grade A+

twishfrancis

LOMA 280 PACKAGED EXAMS 2024/2025...

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2 items

Mirror