LOMA 281 Module 3 Exam Questions and Answers
LOMA 281 Module 3 Exam Questions and Answers
LOMA 281 Module 3 Exam Questions and Answers
LOMA 281 Module 3 Exam Questions and Answers
LOMA 281 Module 3 Exam Questions and Answers
LOMA 281 Module 3 Exam Questions and Answers
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,
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
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 LECTURI. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
