LOMA 281 Module 2 COMPLETE QUESTIONS & ANSWERS(GRADED A)
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Course
LOMA 281
Institution
LOMA 281
Term Life insurance - ANSWER Insurance that provides a policy benefit if the insured dies during a specified period of time.
Policy term - ANSWER The specified period of time for which a term life insurance policy provides coverage.
Level Term life insurance - ANSWER A plan of term life insur...
LOMA 281 Module 2
COMPLETE QUESTIONS
& ANSWERS(GRADED
A)
Term Life insurance - ANSWER Insurance that provides a policy benefit if the insured dies during a
specified period of time.
Policy term - ANSWER The specified period of time for which a term life insurance policy provides
coverage.
Level Term life insurance - ANSWER A plan of term life insurance that provides a policy benefit that
remains the same over the term of coverage.
Decreasing term life insurance - ANSWER A plan of term life insurance that provides a policy benefit that
decrease in amount over the term of coverage.
Increasing term life insurance - ANSWER A plan of life insurance that provides a policy benefit that starts
at one amount and increases by some specified amount or percentage at stated intervals over the term
of coverage.
Mortgage insurance - ANSWER A plan of decreasing term life insurance designed to provide a benefit
amount that corresponds to the decreasing amount owed on a mortgage loan
, Credit life insurance - ANSWER A type of term life insurance designed to pay the balance due on a loan if
the borrower dies before the loan is paid
Family income coverage - ANSWER A plan of decreasing term life insurance that provides a stated
monthly income benefit amount to the insured's surviving spouse if the insured dies during the term of
coverage.
Return of premium term insurance - ANSWER A type of term insurance that provides a death benefit if
the insured dies during the term of coverage and that promises a return of premiums if the insured does
not die during the term of coverage.
Renewable term insurance - ANSWER Term life insurance that gives the policyowner the option to
continue the policy's coverage for an additional policy term without providing evidence of insurability.
Modified premium whole life insurance - ANSWER A whole life insurance policy that functions in the
same manner as a traditional whole life policy except that the policy's annual premium changes after a
specified initial period, such as 5,10,15,20 years.
Modified coverage whole life insurance - ANSWER A whole life insurance policy under which the amount
of insurance decreases by specific percentages or amounts either when the insured reaches certain
stated ages or at the end of stated time periods.
Joint whole life insurance - ANSWER A plan of whole life insurance that has the same features and
benefits as individual whole life, except that it insures two lives under the same policy; the death benefit
is payable when the first insured dies.
Last survivor life insurance - ANSWER A variation of joint whole life insurance under which the policy
benefit is paid only after both people insured by the policy have died.
Universal life insurance - ANSWER A form of cash value life insurance that is characterized by separate
pricing factors, a flexible face amount and death benefits, and flexible premiums.
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