Loma 281 Module 2 Study Exam Questions With Correct Answers 100% Solved

Return of premium term insurance {Ans: A type of term insurance that provides a death benefit if the insured dies during the term of coverage and that promises a return of premiums if the insured does not die during the term of coverage.}Disability income coverage {Ans: A type of health insurance coverage that provides income replacement benefits to an insured who is unable to work because of illness or injury.}Fixed annuity {Ans: An annuity contract under which the insurer guarantees that (1) the contract's accumulation value will experience no loss of principal form investment-related losses and will earn at least a minimum guaranteed interest rate, and (2) amount of periodic payments will not change.}Continuous premium payment {Ans: A whole life insurance policy for which premiums are payable for the life of the policy. AKA straight life or ordinary life.}Cash surrender value {Ans: The amount, after adjustments for factors such as policy loans, that the owner of a cash value life insurance policy is entitled to receive upon surrendering the policy.}Last survivor life insurance {Ans: A variation of joint whole life insurance under which the policy benefit is paid only after both people insured by