LOMA 281 Study guides, Class notes & Summaries
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LOMA 281 Module 2 Questions with Correct Answers
- Exam (elaborations) • 6 pages • 2024
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LOMA 281 Module 2 Questions 
with Correct Answers 
 
Term Life insurance - Answer-Insurance that provides a policy benefit if the insured dies 
during a specified period of time. 
Policy term - Answer-The specified period of time for which a term life insurance policy 
provides coverage. 
Level Term life insurance - Answer-A plan of term life insurance that provides a policy 
benefit that remains the same over the term of coverage. 
Decreasing term life insurance - Answer-A plan of term life ins...
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LOMA 281 Module 2 with Complete Solutions
- Exam (elaborations) • 35 pages • 2024
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LOMA 281 Module 2 with Complete 
Solutions 
 
Which type of whole life insurance policy will best be able to give Arabella lifetime 
protection without straining her retirement income? 
Single-premium whole life policy 
Limited-payment whole life policy 
Continuous-premium whole life policy - Answer-B 
Financial needs life insurance can meet - Answer-- paying household expenses 
- covering outstanding debts 
- Paying outstanding medical, hospital, and funeral expenses, 
- providing financial sup...
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LOMA 281 Module 1 Latest Update Graded A+
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LOMA 281 Module 1 Latest Update 
 
Graded A+ 
 
Risk the possibility of an unexpected result. 
 
Premium A specified amount of money an insurer charges in exchange for its agreement to 
pay a policy benefit when a specific loss occurs. 
 
Insurance company A company that provides protection against the risk of financial loss 
caused by specific events. 
 
Life insurance A type of insurance under which the insurer promises to pay a death benefit 
upon the death of a named person. 
 
Annuity A fin...
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LOMA 281 Module 2 Latest Version Graded A+
- Exam (elaborations) • 13 pages • 2024
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LOMA 281 Module 2 Latest Version 
 
Graded A+ 
 
Term Life insurance Insurance that provides a policy benefit if the insured dies during a 
specified period of time. 
 
Policy term The specified period of time for which a term life insurance policy provides 
coverage. 
 
Level Term life insurance A plan of term life insurance that provides a policy benefit that 
remains the same over the term of coverage. 
 
Decreasing term life insurance A plan of term life insurance that provides a policy bene...
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LOMA 281 Exam Questions with Correct Answers
- Exam (elaborations) • 13 pages • 2024
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LOMA 281 Exam Questions with 
Correct Answers 
 
waiver of premium for payor benefit - Answer-insurer waives renewal premiums if the 
policy owner, rather than the insured, dies or becomes totally disabled (must provide 
evidence of insurability) 
Contracts of Indemnity - Answer-base benefits on the actual amount of the financial loss 
that results from a covered event when it occurs, subject to maximum limits (other than 
life insurance) 
Valued Contract - Answer-life insurance policies which s...
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LOMA 281 Practice Test with Complete Solutions
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LOMA 281 Practice Test with Complete 
Solutions 
 
Pure risk - Answer-Risks that involve either a loss or no loss 
Speculative risk - Answer-Risk that can result in a loss, gain or no change 
Insurance - Answer-A method for transferring risk from an individual to an insurance 
company 
Premium - Answer-The amount that the insured pays in exchange for a promise of 
money 
Risk pooling - Answer-Insurers collect premiums from all insured people and spread the 
cost of the relatively few anticipated...
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LOMA 281 2024 Exam Questions and Answers All Correct
- Exam (elaborations) • 4 pages • 2024
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LOMA 281 2024 Exam Questions and 
Answers All Correct 
 
What are speculative risks? - Answer-Risks that involve three outcomes: loss, gain, or 
no change 
What are pure risks? - Answer-Risks that involve no possibility of gain 
What risks are insurable? - Answer-Only pure risks 
Speculative risks involve the possibility of gain so they cannot be insured 
What is a retention limit? - Answer-The maximum amount of risk the insurer is willing to 
carry at its own risk 
What is a commutative contrac...
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LOMA 281 Test Questions with Correct Answers
- Exam (elaborations) • 2 pages • 2024
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LOMA 281 Test Questions with Correct 
Answers 
 
Contracts of Indemnity - Answer-base benefits on the actual amount of the financial loss 
that results from a covered event when it occurs, subject to maximum limits (other than 
life insurance) 
Valued Contract - Answer-life insurance policies which state the benefit payable at the 
time of the policy issue 
Retrocessionaire - Answer-The reinsurer that assumes all or part of the reinsurance risk 
accepted by another reinsurer 
Stock Insurer - Ans...
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LOMA 281 Module 1 Questions with Correct Answers
- Exam (elaborations) • 6 pages • 2024
- Available in package deal
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LOMA 281 Module 1 Questions with 
Correct Answers 
 
Risk - Answer-the possibility of an unexpected result. 
Premium - Answer-A specified amount of money an insurer charges in exchange for its 
agreement to pay a policy benefit when a specific loss occurs. 
Insurance company - Answer-A company that provides protection against the risk of 
financial loss caused by specific events. 
Life insurance - Answer-A type of insurance under which the insurer promises to pay a 
death benefit upon the death ...
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LOMA 281 Module 2 Questions with Correct Answers
- Exam (elaborations) • 6 pages • 2024
- Available in package deal
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- $9.49
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LOMA 281 Module 2 Questions 
with Correct Answers 
 
Term Life insurance - Answer-Insurance that provides a policy benefit if the insured dies 
during a specified period of time. 
Policy term - Answer-The specified period of time for which a term life insurance policy 
provides coverage. 
Level Term life insurance - Answer-A plan of term life insurance that provides a policy 
benefit that remains the same over the term of coverage. 
Decreasing term life insurance - Answer-A plan of term life ins...