Loma 281 exam 2024 - Study guides, Class notes & Summaries

LOMA 281 2024 Exam Questions and Answers All Correct 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 Speculative risks involve the possibility of gain so they cannot be insured What is a retention limit? - Answer-The maximum amount of risk the insurer is willing to carry at its own risk What is a commutati...

LOMA 281 Module 2 exam 2023/2024 verified 100% correct answers

LOMA 281: MODULE 1 LESSON 1 EXAM 2024 Risk - correct answer the possibility of an unexpected loss speculative risk - correct answer can result in a gain, a loss four risk management techniques - correct answer avoid the risk control the risk accept the risk transfer the risk Two basic types of life insurance product - correct answer life insurance: the insurer promises to pay a death benefit when a a named person dies Annuity: in return for recv a premium, an insurer promise...

LOMA 281 2024 Exam Questions and Answers All Correct 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 Speculative risks involve the possibility of gain so they cannot be insured What is a retention limit? - Answer-The maximum amount of risk the insurer is willing to carry at its own risk What is a commutative contrac...

LOMA 281 Module 1 Study Guide Exam Questions with Answers 100% Verified 2024 Risk the possibility of an unexpected result. Premium A specified amount of money an insurer charges in exchange for its agreement to pay a policy benefit when a specific loss occurs. Insurance company A company that provides protection against the risk of financial loss caused by specific events. Life insurance A type of insurance under which the insurer promises to pay a death benefit upon the death of a...