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LOMA 281 Exam Questions with Correct Answers
LOMA 281 Exam Questions with 
Correct Answers 
 
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 s...
- Exam (elaborations)
- • 13 pages •
LOMA 281 Exam Questions with 
Correct Answers 
 
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 s...
LOMA 281 Practice Test with Complete Solutions
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...
- Package deal
- Exam (elaborations)
- • 23 pages •
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 2024 Exam Questions and Answers All Correct
LOMA 281 2024 Exam Questions and 
Answers All Correct 
 
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 
What is a retention limit? - Answer-The maximum amount of risk the insurer is willing to 
carry at its own risk 
What is a commutative contrac...
- Package deal
- Exam (elaborations)
- • 4 pages •
LOMA 281 2024 Exam Questions and 
Answers All Correct 
 
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 
What is a retention limit? - Answer-The maximum amount of risk the insurer is willing to 
carry at its own risk 
What is a commutative contrac...
LOMA 281 Test Questions with Correct Answers
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...
- Package deal
- Exam (elaborations)
- • 2 pages •
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 Questions with Correct Answers
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 ...
- Package deal
- Exam (elaborations)
- • 6 pages •
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 ...
LOMA 281 Module 2 Questions with Correct Answers
LOMA 281 Module 2 Questions 
with Correct Answers 
 
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 ins...
- Package deal
- Exam (elaborations)
- • 6 pages •
LOMA 281 Module 2 Questions 
with Correct Answers 
 
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 ins...
LOMA 281 Module 2 with Complete Solutions
LOMA 281 Module 2 with Complete 
Solutions 
 
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 sup...
- Package deal
- Exam (elaborations)
- • 35 pages •
LOMA 281 Module 2 with Complete 
Solutions 
 
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 sup...
LOMA 281 Module 4 Questions with Correct Answers
LOMA 281 Module 4 Questions 
with Correct Answers 
 
Group Insurance - Answer-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 - Answer-An insurance contract that insures a number 
of people. 
Group insured - Answer-An individual covered by a group insurance policy. 
Group policyholder - ...
- Package deal
- Exam (elaborations)
- • 29 pages •
LOMA 281 Module 4 Questions 
with Correct Answers 
 
Group Insurance - Answer-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 - Answer-An insurance contract that insures a number 
of people. 
Group insured - Answer-An individual covered by a group insurance policy. 
Group policyholder - ...
NR547 Final Exam ACTUAL EXAM TEST BANK 200+ QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS)|AGRADE