Loma 28 - Study guides, Class notes & Summaries

waiver of premium for payor benefit - ANSWER insurer waives renewal premiums if the policy owner, rather than the insured, dies or becomes totally disabled (must provide evidence of insurability) Contracts of Indemnity - ANSWER base benefits on the actual amount of the financial loss that results from a covered event when it occurs, subject to maximum limits (other than life insurance) Valued Contract - ANSWER life insurance policies which state the benefit payable at the time of the polic...

LOMA 281 Module 4 Questions with Correct Answers Group Insurance - Answer-A method of providing life or health insurance coverage for a group of people under one insurance contract. commonly provide: - life insurance, medical expense insurance, disability insurance, and dental insurance coverage Master group insurance contract - Answer-An insurance contract that insures a number of people. Group insured - Answer-An individual covered by a group insurance policy. Group policyholder...

LOMA 281 Exam with complete solutions

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 ...

LOMA 281 Practice Test with Complete Solutions Pure risk - Answer-Risks that involve either a loss or no loss Speculative risk - Answer-Risk that can result in a loss, gain or no change Insurance - Answer-A method for transferring risk from an individual to an insurance company Premium - Answer-The amount that the insured pays in exchange for a promise of money Risk pooling - Answer-Insurers collect premiums from all insured people and spread the cost of the relatively few anticip...

LOMA 281 Module 2 with Complete Solutions 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 sup...

What are speculative risks? - ANSWER Risks that involve three outcomes: loss, gain, or no change What are pure risks? - ANSWER Risks that involve no possibility of gain What risks are insurable? - ANSWER Only pure risks

LOMA 281 QUESTIONS AND ANSWERS

LOMA 281 Module 4 Exam 2024 || Questions & Answers 100% CorrectLOMA 281 Module 4 Exam 2024 || Questions & Answers 100% CorrectLOMA 281 Module 4 Exam 2024 || Questions & Answers 100% CorrectLOMA 281 Module 4 Exam 2024 || Questions & Answers 100% Correct

LOMA 281 Module 4 Questions with Correct Answers Group Insurance - Answer-A method of providing life or health insurance coverage for a group of people under one insurance contract. commonly provide: - life insurance, medical expense insurance, disability insurance, and dental insurance coverage Master group insurance contract - Answer-An insurance contract that insures a number of people. Group insured - Answer-An individual covered by a group insurance policy. Group policyholder - ...