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LOMA 281 exam questions with complete solution 2024.
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LOMA 281 exam questions with complete solution 2024.
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LOMA 281 exam questions with completesolution 2024
waiver jof jpremium jfor jpayor jbenefit j- jANS✓✓-insurer jwaives jrenewal jpremiums
jif jthe jpolicy jowner, jrather jthan jthe jinsured, jdies jor jbecomes jtotally jdisabled
j(must jprovide jevidence jof jinsurability)
Contracts jof jIndemnity j- jANS✓✓-base jbenefits jon jthe jactual jamount jof jthe
jfinancial jloss jthat jresults jfrom ja jcovered jevent jwhen jit joccurs, jsubject jto
jmaximum jlimits j(other jthan jlife jinsurance)
Valued jContract j- jANS✓✓-life jinsurance jpolicies jwhich jstate jthe jbenefit
jpayable jat jthe jtime jof jthe jpolicy jissue
Retrocessionaire j- jANS✓✓-The jreinsurer jthat jassumes jall jor jpart jof jthe
jreinsurance jrisk jaccepted jby janother jreinsurer
Stock jInsurer j- jANS✓✓-- jcan jissue jshares jof jstock
- jowned jby jstockholders, jwho jhave jvoting jrights jin jthe jcompany
- jstockholders jmay jreceive jshares jof joperating jprofits jknown jas jstock
jdividends
Mutual jInsurer j- jANS✓✓-- jowned jby jpolicyowners
- jpolicyowners jhave jmembership jrights j(voting jrights)
- jpolicyowners jmay jperiodically jreceive jan jamount jof jmoney jknown jas ja jpolicy
jdividend
Fraternal jBenefit jSociety j- jANS✓✓-- jowned jby jmembers jof jfraternal jlodge
jsystem
- jprovides jsocial jand jinsurance jbenefits jonly jto jfraternal jmembers jof jtheir
jfamilies
- jlegally jrequired jto jhave ja jrepresentative jform jof jgovernment
Solvency jRegulation j- jANS✓✓--assets jmust jbe jsufficient jto joffset jliabilities
-calculation jof jreserves
-premium jto jsurplus jratio
-investment jtypes jand jquality
, -annual jstatement jmust jbe jfiled
-guaranty jfunds
Market jConduct jRegulation j- jANS✓✓-Regulation jof jthe jpractices jof jinsurers jin
jregard jto jfour jareas jof joperation: jsales jpractices, junderwriting jpractices,
jclaims jpractices, jand jbad-faith jactions.
McCarran-Ferguson jAct j- jANS✓✓-states jthat jwhile jthe jfederal jgovernment jhas
jauthority jto jregulate jthe jinsurance jindustry, jit jwould jnot jexercise jits jright jif
jthe jinsurance jindustry jwas jregulated jeffectively jand jadequately jon jthe jstate
jlevel.
Dodd-Frank jAct j- jANS✓✓-Created jthe jFederal jInsurance jOffice j(FIO) jwith
jauthority jto jmonitor jthe jinsurance jindustry
The jLife jand jHealth jInsurance jGuaranty jAssociation j- jANS✓✓-State's
jassociation jcovers jthe jcompany's jbenefits jup jto jstate-mandated jmaximums
j(usually jup jto j$300k) jshould jthe jinsurance jcompany jgo jinsolvent
Unilateral jContract j- jANS✓✓-contract jin jwhich jonly jone jparty jmakes ja jlegally
jenforceable jpromise jwhen jentering jinto jthe jcontract
Bilateral jContract j- jANS✓✓-Both jparties jmake jlegally jenforceable jpromises
Commutative jcontract j- jANS✓✓-parties jagree jto jexchange jspecified jitems jor
jservices jthat jare jequal jin jvalue
Aleatory jcontract j- jANS✓✓-one jparty jexchanges jsomething jof jvalue jfor jthe
jother jparty's jconditional jpromise
Bargaining jContract j- jANS✓✓-both jparties jset jthe jterms jand jconditions
Contracts jof jAdhesion j- jANS✓✓-one jparty jsets jthe jcontract jterms jthat jthe
jother jparty jmust jaccept jor jreject joutright
Voidable jcontract j- jANS✓✓-contract junder jwhich jone jparty jhas jthe jright jto
javoid jtheir jobligations junder jthe jcontract jand jthe jother jparty jis jbound jby jthe
jterms jof jthe jcontract
void jcontract j- jANS✓✓-contract jthat jdoes jnot jmeet jall jlegal jrequirements
Mutual jAssent j- jANS✓✓-all jparties jto jthe jcontract jhave jan junderstanding jof
jthe jterms jand jagree jto jthose jterms
Insurable jInterest j- jANS✓✓-Any jfinancial jinterest jin jlife jor jproperty jsuch jthat, jif
jthe jlife jor jproperty jwere jlost jor jharmed, jthe jinsured jwould jsuffer jfinancially
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