LOMA 281 Module 3 EXAM QUESTIONS AND CORRECT ANSW... file:///C:/Users/Pavilion/Downloads/LOMA%20281%20Module%2
LOMA 281 Module 3 EXAM QUESTIONS AND CORRECT
ANSWERS 2024/2025(GRADED A+)
1. 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
personmust cover it
2. 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,
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,LOMA 281 Module 3 EXAM QUESTIONS AND CORRECT ANSW... file:///C:/Users/Pavilion/Downloads/LOMA%20281%20Module%2
training, or experience: C.
3. Waiver of premium for payor benefit: A supplemental life insurance policy
benefit which provides that the insurance company will waive the right to collect
apolicy's renewal premiums if the policyowner dies or becomes totally disabled.
4. 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.
5. 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
2 of 83 01/09/2024, 13
,LOMA 281 Module 3 EXAM QUESTIONS AND CORRECT ANSW... file:///C:/Users/Pavilion/Downloads/LOMA%20281%20Module%2
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.
6. Wavior of premium for payor benefit compared: Insurer waives policy
premi-ums if the policyowner dies or becomes totally disabled.
Designed for third-party policies in which the policyowner is not the policy's
insuredTotal disability defined as
• The policyowner's inability to perform the essential duties of her own occupation
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,LOMA 281 Module 3 EXAM QUESTIONS AND CORRECT ANSW... file:///C:/Users/Pavilion/Downloads/LOMA%20281%20Module%2
during the first two years of disability
• The policyowner's inability to perform the essential duties of any occupation for
which she is reasonably entitled by education, training, or experience after the first
two years of disability
7. Disability Income Benefit: A supplemental life insurance policy benefit that
provides a monthly income benefit to the policyowner-insured if she becomes
totallydisabled while the policy is in force.
- 3- 6 month waiting period
- some for riders provide a partially disabled benefit
8. Identify the supplemental disability benefit rider with its example.
The UL insurance policy Drew Stephens owns on his life includes a rider that
4 of 83 01/09/2024, 13
LOMA 281 Module 3 EXAM QUESTIONS AND CORRECT
ANSWERS 2024/2025(GRADED A+)
1. 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
personmust cover it
2. 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,
1 of 83 01/09/2024, 13
,LOMA 281 Module 3 EXAM QUESTIONS AND CORRECT ANSW... file:///C:/Users/Pavilion/Downloads/LOMA%20281%20Module%2
training, or experience: C.
3. Waiver of premium for payor benefit: A supplemental life insurance policy
benefit which provides that the insurance company will waive the right to collect
apolicy's renewal premiums if the policyowner dies or becomes totally disabled.
4. 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.
5. 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
2 of 83 01/09/2024, 13
,LOMA 281 Module 3 EXAM QUESTIONS AND CORRECT ANSW... file:///C:/Users/Pavilion/Downloads/LOMA%20281%20Module%2
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.
6. Wavior of premium for payor benefit compared: Insurer waives policy
premi-ums if the policyowner dies or becomes totally disabled.
Designed for third-party policies in which the policyowner is not the policy's
insuredTotal disability defined as
• The policyowner's inability to perform the essential duties of her own occupation
3 of 83 01/09/2024, 13
,LOMA 281 Module 3 EXAM QUESTIONS AND CORRECT ANSW... file:///C:/Users/Pavilion/Downloads/LOMA%20281%20Module%2
during the first two years of disability
• The policyowner's inability to perform the essential duties of any occupation for
which she is reasonably entitled by education, training, or experience after the first
two years of disability
7. Disability Income Benefit: A supplemental life insurance policy benefit that
provides a monthly income benefit to the policyowner-insured if she becomes
totallydisabled while the policy is in force.
- 3- 6 month waiting period
- some for riders provide a partially disabled benefit
8. Identify the supplemental disability benefit rider with its example.
The UL insurance policy Drew Stephens owns on his life includes a rider that
4 of 83 01/09/2024, 13
