Loma 281 module 3 - Study guides, Class notes & Summaries

Waiver of premium for disability 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. Waiver of premium for payor benefit - 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 - A suppleme...

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?

LOMA 281 Module 3 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 3 QUESTIONS AND ANSWERS

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? a. Any occupation b. The insured's own prev...

LOMA 281 Module 3 questions with complete solutions Waiver of premium for disability (WP) Benefit - ANSWERS 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 d...