Exam (elaborations)
Loma 280 Questions and Answers 100% Accurate
- Course
- Institution
Exam of 34 pages for the course LOMA at LOMA (Loma 280)
[Show more]
Content preview
Loma 280401K Plan - answer In the United States, a type of savings plan that allows employees to make contributions on a pre tax basis. (12)
absolute assignment - answer An assignment of a life insurance policy under which the policy owner transfers all of his policy ownership rights to the assignee. Contrast with collateral assignment. (9)
accelerated death benefit - answer A supplemental life insurance policy benefit which provides that a policy owner may elect to receive all or part of the policy's death benefit before the insured's death if certain conditions are met. Also known as a living benefit (7)
acceptance - answer The offeree's unqualified agreement to be bound to the terms of the offer (3)
accidental death and dismemberment (AD&D) benefit - answer A supplemental life insurance policy benefit that provides an accidental death benefit and provides a dismemberment benefit payable if an accident causes the insured to lose any two limbs or sight in both eyes (7)
accidental death benefit - answer A supplemental life insurance policy benefit that provides a death benefit in addition to the policy's basic death benefit if the insured dies as a result of an accident (7)
accumulated value - answer During a deferred annuity's accumulation period, the amount paid for the deferred annuity, plus the investment earnings, minus the amount of any withdrawals and fees. Also known as accumulation value or income value.
accumulation period - answer The period between the contract owner's purchase of a deferred annuity and the beginning of the payout period.(10)
actively-at-work provision - answer a group insurance policy provision which states that, in order to be eligible for coverage, an employee must be actively at work rather than ill or on leave on the day the insurance coverage is to take effect (11)
accumulation at interest dividend option - answer A policy dividend option under which the policy dividends are left on deposit with the insurer to accumulate at interest. (9) activities of daily living (ADLs) - answer The activities of eating, bathing, dressing, continence, toileting, or transferring into or out of a be, chair, or wheelchair. (13)
antiselection - answer The tendency of individuals who believe they have a greater than likelihood of loss to seek insurance protection to a greater extent than do other individuals. Also known as adverse selection or selection against the insurer (1)
applicant - answer The person or business that applies for an insurance policy (1)
asset - answer An item of value that a company owns. Examples of assets include cash buildings, and investments. (2)
assignee - answer The party to whom life insurance property rights are transferred. (9)
assignment - answer An agreement under which an insurance policy owner transfers
some or all of his ownership rights in the policy to another party (9)
assignment provision - answer A life insurance policy provision which describes the roles of the insurer and the policy owner when the policy is assigned. (9)
assignor - answer The policy owner who makes an assignment of a life insurance policy (9)
attachment point - answer For stop loss insurance, the total dollar amount of claims that the employer must pay within a stated period of time before the stop loss insurer begins to reimburse the employer. Sometimes referred to as the aggregate deductible (14)
attained age - answer The age an insured has reached (attained) on a specified date
(5)
attained age conversion - answer A conversion of a term life insurance policy to a cash value life insurance policy in which the premium rate for the case value policy is based on the insured's age at the time the policy is converted. Contrast with original age
conversion (5)
automatic dividend option - answer A specified policy dividend option that the insurer
will apply if the policy owner deos not choose an option (9)
automatic nonforfeiture benefit - answer A specified policy dividend option that the insurer will apply if a policy owner does not choose an option (8)
automatic premium loan (APL) option - answer A cash value life insurance policy non-forfeiture option under which the insurer will automatically pay an overdue premium for the policy owner by making a loan against the policy's cash value as long as the cash value equals or exceeds the amount of the premium due (8)
back-end sales charge - answer An amount charged to an annuity contract owner when she withdraws money from a contract. Also known as a surrender charge (10)
actuarial assumption - answer The assumed values used in the financial design of a product (4)
actuary - answer An expert in financial risk management and the mathematics and modeling of insurance, annuities and financial instruments (4)
additional term insurance dividend option - answer A policy dividend option under which the insurer uses each policy dividend to purchase one year term insurance on the
insured's life (9)
administrative services only (ASO) contract - answer A contract under which an insurer or other organization agrees to provide some or all administrative services for a self insured group health insurance plan (14)
aggregate stop loss insurance - answer Stop loss insurance under which the stop loss insurer begins to reimburse the employer for claims when the employer's total claims exceed a stated dollar amount within a stated period of time (14)
aleatory contract - answer A contract under which one party provides something of value to another party in exchange for a conditional promise. Contrast with commutative
contract (3)
allowable expenses - answer Those reasonable and customary expenses that an insured incurred and that are covered under the insured's group medical expense plans (14)
Annual Statement - answer An accounting report which every U.S. insurer prepares each calendar year and files with the insurance department in each state in which it operates. (2)
annuitant - answer The person whose lifetime is used to determine the amount of benefits payable under an annuity contract. (10)
annuity - answer a series of periodic payments(10)
annuity contract - answer A contract under which an insurer promises to make a series of periodic payments to a named individual in exchange for a premium or series of premiums (10) annuity period - answer The time span between each of the payments in the series of periodic annuity payments (10)
bargaining contract - answer A contract in which both parties, as equals, set the terms and conditions of the contract. Contrast with contract of adhesion (3)
basic medical expense coverage - answer Medical expense insurance coverage providing separate benefits for each type of covered medical care cost. Basic coverage typically provides benefits for hospital, surgical and physicians' expenses. (13)
beneficiary - answer The person or party the policy owner names to receive the the life insurance policy benefit (1)
benefit formula - answer A formula that describes the calculation of a plan's financial obligation to participants in a retirement plan (12)
benefit period - answer The time during which the insurer agrees to pay income benefits to the insured under a disability income or long term care insurance policy. (13)
benefit schedule - answer A schedule included in a group life insurance policy that defines the amount of life insurance the policy provides for each insured (11)
benefit trigger - answer A long term care insurance policy requirement specifying the conditions that establish an insured's eligibility to receive long term care benefits. (13)
bilateral contract - answer A contract in which both parties make legally enforceable promises which they enter into the contract. Contrast with unilateral contract (3)
blended rating - answer A method of setting group insurance premium rates under which the insurer uses a combination of manual rating and experience rating (11)
block of policies - answer A group of policies issued to insureds who are all the same
age, the same sex and in the same risk classification (4)
board of directors - answer A group of individuals who are responsible for overseeing
the management of a corporation (2)
business continuation insurance plan - answer An insurance plan designed to enable
a business owner (or owners) to provide for the business' continued operation if the owner or another key person dies. [5]
buy sell agreement - answer An agreement in which (1) one party agrees to purchase the financial interest that a second party has in a business following the second part's death and (2) the second party agrees to direct his estate to sell his interest in the business to the purchasing party.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller jw638729. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $18.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now