Loma 281 module 1 Study guides, Class notes & Summaries

LOMA 281 Module 1 questions with 100% correct answers

Risk - ANSWER The possibility of an unexpected result. This could be a gain or loss. Speculative risk - ANSWER A risk that involves three possible outcomes: loss, gain, or no change. Pure Risk - ANSWER a risk that presents the chance of loss but no opportunity for gain

LOMA 281 Module 1 Questions with Correct Answers Risk - Answer-the possibility of an unexpected result. Premium - Answer-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 - Answer-A company that provides protection against the risk of financial loss caused by specific events. Life insurance - Answer-A type of insurance under which the insurer promises to pay a death benefit upon the death ...

Insurance policy - ANSWER A legally enforceable contract between a policyowner who applies for and owns the policy and the insurer that issues the policy Unilateral contract - ANSWER A contract in which only one of the parties makes a legally enforceable promise when entering into the contract. (life insurance)

Financial services industry - ANSWER An industry in which financial institutions help people, businesses, and governments with their asset accumulation, asset management, and asset protection needs Financial institutions - ANSWER A business that owns primarily financial assets, such as stock and bonds, rather than fixed assets, such as equipment and raw materials Depository institution - ANSWER A financial institution that specializes in accepting deposits and making loans

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

LOMA 281 Module 1 Study Questions and Answers Top-Rated correctly Risk - Answer ️️ -the possibility of an unexpected result. Premium - Answer ️️ -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 - Answer ️️ -A company that provides protection against the risk of financial loss caused by specific events. Life insurance - Answer ️️ -A type of insurance under which the insurer p...

LOMA 281 Module 1 Lesson 1 Questions And Answers Latest |Update| Verified Answers

LOMA 281 Module 1 Lesson 2 Questions And Answers Latest |Update| Verified Answers