Loma 281 module 4 exam - Study guides, Class notes & Summaries

Group insurance - ANSWER Life or health insurance coverage for a group of people under one insurance contract Master group insurance contract - ANSWER An insurance contract that insures a number of people Group insured - ANSWER Individual covered by a group policy but is not a party to the group contract. The insured, rather than the policyholder, names the beneficiary Group policyholder - ANSWER The person or organization that decides what types of group insurance coverage to purchase ...

premiums - ANSWERthe amount paid to the insurer in exchange for the promise to pay benefits when they become due actuaries - ANSWERspecialize in putting a price tag on risk. the risk must be high enough to pay future benefits to customers cover the insurers cost of administering the product enable to insurer to make a reasonable profit. mortality rates, which are the death benefit value Surrender benefits paybale when a policy owner surrenders a policy for its cash surrender value...

LOMA 281 Module 2 Practice Questions and Answers | 100% Pass 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 - Answer️️ -B Financial needs life insurance can meet - Answer️️ -- paying household expenses - covering outstanding debts - Paying outstanding medical, hospital, and funeral expen...

LOMA 281 Module 3 Study Guide with Complete Solutions Waiver of premium for disability (WP) 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. - 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 perfor...

LOMA 281 Module 4 Study Exam Questions with Correct Answers 100% Verified Group Insurance 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 An insurance contract that insures a number of people. Group insured An individual covered by a group insurance policy. Group policyholder The ...