LOMA 281 EXAM PACKAGE DEAL GRADED A+

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 ...

Group Insurance - 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 - An insurance contract...

Risk - the possibility of an unexpected loss speculative risk - can result in a gain, a loss four risk management techniques - avoid the risk control the risk accept the risk transfer the risk Two basic types of life insurance product - life insurance: the insurer promises to pay a death bene...

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 pol...

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...