LOMA 281 Module 3 Study Exam Questions and Answers 2024/2025 Latest Update 100% Solved

LOMA 281 Module 3 Study Exam Questions and Answers 2024/2025 Latest Update 100% Solved Waiver of premium for disability (WP) Benefit 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 unable to perform the duties of? a. Any occupation b. The insured's own previous occupation c. Any occupation for which the insured is reasonably suited by education, training, or experience C. Waiver of premium for payor benefit A supplemental life insurance policy benefit which provides that the insurance company will waive the right to collect a policy's renewal premiums if the policyowner dies or becomes totally disabled. To add a waiver of premium for payor benefit to a life insurance policy, who do you think must be insurable? a. The insured b. The policyowner c .Both the insured and the policyowner d. Neither the insured or the policyowner C. Wavior of premium for disability benefits compared Insurer waives policy premiums if the insured becomes totally disabled. Designed for policies in which the policyowner is also the policy's insured Total disability defined as • The insured's inability to perform the essential duties of her own occupation OR any other occupation for which she is reasonably suited by education, training, or experience. Wavior of premium for payor benefit compared Insurer waives policy premiums if the policyowner dies or becomes totally disabled. Designed for third-party policies in which the policyowner is not the policy's insured