LOMA 281 Test Questions with Correct Answers

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 - Answer-- can issue shares of stock - owned by stockholders, who have voting rights in the company - stockholders may receive shares of operating profits known as stock dividends Mutual Insurer - Answer-- owned by policyowners - policyowners have membership rights (voting rights) - policyowners may periodically receive an amount of money known as a policy dividend