Loma 281 stuvia 2024 Study guides, Class notes & Summaries

LOMA 281 Module 4 Exam 2024 || Questions & Answers 100% CorrectLOMA 281 Module 4 Exam 2024 || Questions & Answers 100% CorrectLOMA 281 Module 4 Exam 2024 || Questions & Answers 100% CorrectLOMA 281 Module 4 Exam 2024 || Questions & Answers 100% Correct

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...

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 - ANSWER B Financial needs life insurance can meet - ANSWER - paying household expenses - covering outstanding debts - Paying outstanding medical, hospital, and funeral expenses, - providing financial support for the family - funding a child's ...

LOMA 281 Module 3 Exam 2024 || Questions & Answers 100% VerifiedLOMA 281 Module 3 Exam 2024 || Questions & Answers 100% VerifiedLOMA 281 Module 3 Exam 2024 || Questions & Answers 100% VerifiedLOMA 281 Module 3 Exam 2024 || Questions & Answers 100% Verifiedv

waiver of premium for payor benefit - ANSWER insurer waives renewal premiums if the policy owner, rather than the insured, dies or becomes totally disabled (must provide evidence of insurability) Contracts of Indemnity - ANSWER base benefits on the actual amount of the financial loss that results from a covered event when it occurs, subject to maximum limits (other than life insurance) Valued Contract - ANSWER life insurance policies which state the benefit payable at the time of the polic...

Term Life insurance - ANSWER Insurance that provides a policy benefit if the insured dies during a specified period of time. Policy term - ANSWER The specified period of time for which a term life insurance policy provides coverage. Level Term life insurance - ANSWER A plan of term life insurance that provides a policy benefit that remains the same over the term of coverage. Decreasing term life insurance - ANSWER A plan of term life insurance that provides a policy benefit that decreas...

Assume that Caryer has life insurance on his own life. Select the box beside each financial need that you think life insurance can meet Paying household expenses (utility bills, food, clothing, etc) Covering outstanding debts (mortgage and car loans, etc) Paying future outstanding medical, hospital, and funeral expenses Providing financial support for the family Funding a child's education - ANSWER All the above Term Life Insurance - ANSWER Life Insurance that provides a death benefit...

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 of a named person. Annuity - ANSWER A financial...

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 Is a life insurance policy a commutative or aleatory contract? - ANSWER Aleatory Are life insurance contracts bargaining contracts? - ANSWER No, they are contracts of adhesion. The insuranc...

Annuity - ANSWER insurance against the risk of outliving one's financial resources annuity contract - ANSWER A contract under which an insurer promises to make a series of periodic payments to a named individual in exchange for a premium or a series of premiums. contract owner - ANSWER The person or other entity who owns and exercises all the rights and privileges of an annuity contract. annuitant - ANSWER The person whose lifetime is used to determine the amount of benefits payable un...