Loma 28 - Study guides, Class notes & Summaries

Which type of whole life insurance policy will best be able to give Arabella lifetime protection without straining her retirement income? Single-premium whole life policy Limited-payment whole life policy Continuous-premium whole life policy - ANSWER B Financial needs life insurance can meet - ANSWER - paying household expenses - covering outstanding debts - Paying outstanding medical, hospital, and funeral expenses, - providing financial support for the family - funding a child's ...

Waiver of premium for disability (WP) 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. - satisfies a 3-6 month waiting period: meaning for the first 3-6 months the person must cover it The WP benefit typically defines total disability for the insured as being unable to perform the duties of?

Assume you're applying for a life insurance policy. During his presentation, the insurance agent makes the following statements. Are they all true? (Select all that apply.) a. People buy insurance to reduce the financial risk they face but not every type of risk is insurable. b. both pure risks and speculative risks are insurable. c. most life insurance policies are valued contracts, which state at the time of policy issue the time amount of the benefit payable when the insured person ...

LOMA 281 Module 2 Exam with Complete Solutions Graded A+ The type of annuity contract under which the insurer guarantees at least a minimum interest rate and a payment amount that won't change is known as a a. Variable annuity b. Fixed annuity - Answer-B. Premiums paid for a variable annuity typically are placed in the insurer's a. General account b. Separate account - Answer-B. In this exercise, you will match each variable annuity contract feature with its name. Guarantees ...

LOMA 281 Module 2 Exam with correct Answers

LOMA 281 Module 3 Exam Questions and Answers All Correct Ms. Yanar wants to receive annuity income for life. She also wants to be sure that the annuity makes payments for at least 10 years. If she dies before the end of 10 years, her beneficiary will receive the remaining payments. a. Joint and survivor annuity b. Life income annuity with period certain c. Life income annuity with refund - Answer-B. Ms. Yanar wants to be sure that all of the money paid for the annuity will be paid to...

LOMA 281 Module 2 QUESTIONS AND ANSWERS

LOMA 281 Practice Test with Complete Solutions Graded A+ Premium reduction dividend option - Answer-A policy dividend option under which the insurer applies policy dividends toward the payment of renewal premiums Policy loan repayment dividend option - Answer-A policy dividend option under which the insurer applies policy dividends toward the repayment of an outstanding policy loan Accumulation at interest dividend option - Answer-A policy dividend option under which the policy divide...

LOMA 281 Module 3 Exam with correct Answers