Loma 281 Study guides, Class notes & Summaries

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...

LOMA 281 Module 2 Latest 2023 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 benefit that decrease ...

LOMA 281 Module 3 Questions and Answers 2024 with complete solution Waiver of premium for disability (WP) Benefit - Answer ️️ -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 una...

LOMA 281 MODULE 2 EXAM WITH ALL QUESTIONS AND ANSWERS ...

LOMA 281 Module 2 Exam || Questions & Answers (Graded A+) LOMA 281 Module 2 Exam || Questions & Answers (Graded A+) Assume that Caryer has life insurance on his own life. Select the box beside each financial need that you think life insurance can meet Paying household expenses (utility bills, food, clothing, etc) Covering outstanding debts (mortgage and car loans, etc) Paying future outstanding medical, hospital, and funeral expenses Providing financial support for the family Funding ...

LOMA 281 Module 4 Exam || Questions & Answers (100% Correct) LOMA 281 Module 4 Exam || Questions & Answers (100% Correct) Group Insurance - ANSWER - A method of providing life or health insurance coverage for a group of people under one insurance contract. commonly provide: - life insurance, medical expense insurance, disability insurance, and dental insurance coverage Master group insurance contract - ANSWER - An insurance contract that insures a number of people. Group insured - A...

LOMA 281 Module 2 Study Questions and Answers Graded A+

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 correct answers B Financial needs life insurance can meet correct answers - paying household expenses - covering outstanding debts - Paying outstanding medical, hospital, and funeral expenses, - providing financial support for the family - fundi...

Assume you're applying for a life insurance policy. During his presentation, the insurance agent makes the following statements. Are they all true? (Select all that apply.) a. People buy insurance to reduce the financial risk they face but not every type of risk is insurable. b. both pure risks and speculative risks are insurable. c. most life insurance policies are valued contracts, which state at the time of policy issue the time amount of the benefit payable when the insured person ...