Loma 281 test - Study guides, Class notes & Summaries

LOMA 281 Test Questions with Correct Answers 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 policy issue Retrocessionaire - Answer-The reinsurer that assumes all or part of the reinsurance risk accepted by another reinsurer Stock Insurer - Ans...

LOMA 281 Module 1 Test with Correct Answers Financial services industry - Answer-The industry made up of various kinds of financial institutions that help people, businesses, and governments save, borrow, invest, and otherwise manage money. Financial institutions - Answer-A business that owns primarily financial assets, such as stocks and bonds, rather than fixed assets, such as equipment and raw materials. Depository institution - Answer-A financial institution that accepts deposits f...

LOMA 281 Test Questions with Correct Answers 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 policy issue Retrocessionaire - Answer-The reinsurer that assumes all or part of the reinsurance risk accepted by another reinsurer Stock Insurer - Answ...

LOMA 281 Practice Test with Complete Solutions Graded A+ Premium reduction dividend option - Answer-A policy dividend option under which the insurer applies policy dividends toward the payment of renewal premiums Policy loan repayment dividend option - Answer-A policy dividend option under which the insurer applies policy dividends toward the repayment of an outstanding policy loan Accumulation at interest dividend option - Answer-A policy dividend option under which the policy divide...

LOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers 100% VerifiedLOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers 100% VerifiedLOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers 100% VerifiedLOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers 100% Verified

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 anticip...

LOMA 281 Module 2 Test with Correct Answers Medical expense coverage - Answer-A type of health insurance coverage that provides benefits to pay for the treatment of an insured's illnesses and injuries. Disability income coverage - Answer-A type of health insurance coverage that provides income replacement benefits to an insured who is unable to work because of illness or injury. Major medical coverage - Answer-Medical expense insurance coverage that provides substantial benefits for (1...

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 Test Questions with Correct Answers 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 policy issue Retrocessionaire - Answer-The reinsurer that assumes all or part of the reinsurance risk accepted by another reinsurer Stock Insurer - Ans...

LOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers (100% Verified) LOMA 281: Meeting Customer Needs with Insurance Annuities Test || Questions & Answers (100% Verified) Assume you're applying for a life insurance policy. During his presentation, the insurance agent makes the following statements. Are they all true? (Select all that apply.) a. People buy insurance to reduce the financial risk they face but not every type of risk is insurable. b. both ...