LOMA 281 Module 3 Study Guide
Waiver of premium for disability benefit - Answer️️ -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.
Waiver of premium for...
Waiver of premium for disability benefit - Answer✔️✔️-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.
Waiver of premium for payor benefit - Answer✔️✔️-A supplemental life insurance policy
benefit under which the insurer agrees to waive its right to collect a policy's renewal
premiums if the policyowner dies or becomes totally disabled.
Disability income benefit - Answer✔️✔️-A supplemental life insurance policy benefit that
provides a monthly income benefit to the policyowner-insured if he become totally
disabled when the policy is in force.
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.
Accidental death and dismemberment 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.
Accelerated death benefit - Answer✔️✔️-A supplemental life insurance policy benefit that
gives a policyowner-insured the right to receive all or part of the policy's death benefit
before her death, if certain conditions are met.
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