Loma 281 test - Study guides, Class notes & Summaries

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 anticipated...

LOMA 281 MEETING CUSTOMER NEEDS WITH INSURANCE AND ANNITIES PRACTICE TEST

LOMA 281 MEETING CUSTOMER NEEDS WITH INSURANCE AND ANNITIES PRACTICE TEST

LOMA 281 MEETING CUSTOMER NEEDS WITH INSURANCE AND ANNITIES PRACTICE TEST

LOMA 281 MEETING CUSTOMER NEEDS WITH INSURANCE AND ANNITIES PRACTICE TEST

Group insurance Life or health insurance coverage for a group of people under one insurance contract Master group insurance contract An insurance contract that insures a number of people Group insured 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 The person or organization that decides what types of group insurance coverage to purchase for a specific group, negotiates the terms...

LOMA 281 MEETING CUSTOMER NEEDS WITH INSURANCE AND ANNITIES PRACTICE TEST