Loma 281 Module 3 Questions And Answers 2023 With Complete Solution

Accidental death and dismemberment benefit {Ans: A supplemental life insurance policy benefit that provides an accidental death benefit and provides a dismemberment benefit payable if an accident causes the insured to lose any two limbs or sight in both eyes.}Community property state {Ans: A US state in which, by law, each spouse is entitled to an equal share of the income earned by the other and, under most circumstances, to an equal share of the property acquired by the other during the marriage.}Ownership of property {Ans: The sum of all the legal rights that exist in a given piece of property.}Extended term life insurance nonforfeiture option {Ans: A nonforfeiture option that permiuts the owner of a cash value life insurance policy to discontinue premium payments and use the policy's net cash surrender value as a net single premium to purchase term insurance for the full coverage amount provided under the original policy for as long a term as the net cash surrender value can provide.}Intangible property {Ans: Property that represents intangible legal rights that have value and can be enforced by the courts.}Facility of payment clause {Ans: A provision included in some life insurance