Trang chủ LOMA280 byL2AutoClick -tháng 5 29, 2025 0 LOMA 280Chapter 1 Introduction to Risk and InsuranceRiskSpeculative RiskLoss, gain or no changePure Riskloss or no lossManage Financial RiskAvoiding the riskControlling the riskTransferring the riskPurchase insurance coverageAccepting the riskType of risksPersonal RiskProperty damage riskLiability riskType of Life Insurance ProductTerm life insuranceCash value life insuraceEndowment insuraceType of Health Insurance ProductMedical expense insuranceDisability income coverageLong-term care insuraceCharacteristics of Insurable RiskThe loss must occur by chanceThe loss must be definiteThe loss must be significantThe loss rate must be predictablemortality tablesmorbidity tablesThe loss must not be catastrophic to the insurerAntiselectionUnderwritingIdentifying risksClassifying RisksRisk Classstandard riskspreferred riskssubstandard risksdeclined risksInsurable InterestChapter 2 The Life and Hleath Insurance Industry36Chapter 3 The Insurance Contract18Chapter 4 Life Insurance PremiumsThe legal Reserve SystemEstablishing Premium RatesEnsure the premium rate areAdequateEquitableNot excessiveFactorsThe cost of benefitsOperating expensesInvestment earningThe Level Premium SystemChapter 5 Term life InsuranceNeeds met b Life InsurancePersonal NeedsDependents' SupportDebts and Final ExpensesBusiness NeedsBusiness Continuation InsuranceKey Person Life InsuranceBuy-Sell AgreementsEmployee BenefitsTerm Life Insurancethe death benefit is payable only ifthe insured dies during the policy termPlans of term life insurance coveragelevel term life insuranceDecreasing term life insuranceMortgage Life InsuranceJoint mortgage life insuranceCredit Life InsuranceFamily Income CoverageIncreasing Term Life InsuranceFeatures of term life insurance policiesRenewable term insurancewithout evidence of insurabilityattained ageyearly renewable term(YRT) insuranceConvertible Term InsuranceConvert to cash value life insurance without evidence of insurabilityConversion Typesattained age conversionoriginal age conversionReturn of premium(ROP) term insuranceChapter 6 Cash Value Life Insurance and Endowment InsurancewwwPremium payment periodsContinuous-Premium policiesLimited-Payment policiespaid-up policyno further premium payment but continues to provide coverageSingle-Premium PoliciesModified Whole Life InsuranceModified PremiumModified CoverageWhole Life Insurance Covering more than one InsuredJoint Whole Life InsuranceLast Survivor Life Insurancetwo people obtain insurance and cost is less than the Joint whole life InsuranceFamily PoliciesUniversal Life InsuranceSeparation of Policy ElementsMortality ChargesInterest RateExpensesDeath BenefitOption A Planthe amount of the death benefit is level equal to the face amountOption B PlanThe amount of the death benefit is equal to the policy face amount plus the amount of the cash valuePremiumsFlexible-premiumFixed-premiumIndexed Universal Life Insuranceoffer the possibility of additional earnings based on changes in a published indexfixed account & index accountVariable Life InsuranceVariable Universal Life InsuranceCompare above life insurance2Endowment Insurancematurity dateChapter 7 Supplemental BenefitsSupplemental Disability BenefitsThe waiver of premium for disability benefitThe waiver of premium for payor benefitThe disability income benefitAccident BenefitsAccidental Death BenefitAccidental Death and Dismemberment BenefitAccelerated Death BenefitsTerminal illness BenefitDread Disease BenefitLong-Term Care Insurance BenefitBenefits for Additional InsuredsSpouse Insurance RiderChildren's Insurance RiderSecond Insured RiderInsurability BenefitsGuaranteed Insurability BenefitPaid-Up Additions Option BenefitChapter 8 Individual Life Insurance Policy ProvisionsStandard Policy ProvisionsFree-Look ProvisionEntire Contract ProvisionClosed contractMost individual life insurance policies are close contractopen contractIncontestability ProvisionMaterial MisrepresentationGrace Period ProvisionReinstatement ProvisionMisstatement of Age or Sex ProvisionProvision Unique to Cash Value PoliciesPolicy Loans and Policy WithdrawalsNonforfeiture ProvisionCash Payment Nonforfeiture Optionsurrender chargenet cash surrender valueContinued Insurance Coverage nonforfeiture OptionsReduced Paid-Up InsuranceExtended Term InsuranceAutomatic Premium Loan OptionLife Insurance Policy Exclusionssuicide exclusion provisionwar exclusion clausehazardous activities exclusion provisionaviation exclusion provisionChapter 9 Life Insurance PolicyOwnership RightsNaming the BeneficiaryPrimary and Contingent BeneficiariesChanging the Beneficiaryright of revocationRevocable Beneficiaryvested interestIrrevocable BeneficiaryMode of Premium PaymentPolicy Dividendsparticipating policydividend optionscashpremium reductionpolicy loan repaymentaccumulation at interestpaid-up additional insuranceadditional term insurancenonparticipating policyTransfer of Policy OwnershipassignmentAbsolute AssignmentCollateral AssignmentAssignment ProvisionTransfer of Ownership by EndorsementDeath of the policyownerRight to Receive Policy ProceedsIdentifying who is entitled to policy proceedsNo Surviving BeneficiaryInsured and Beneficiary Die in a Common Disastersimultaneous death act: Insured is deemed to have survived the beneficiarysurvivorship clauseBeneficiary Wrongfully kills the insuredCalculating the Amount of the Policy Proceeds+death benefit payable+accidental death benefits payable+declared but unpaid policy dividends+accumulated policy dividends+paid-up additions+unearned premiums paid in advance-outstanding policy lands-premium due and unpaidPaying Policy Proceeds under a Settlement OptionInterest OptionFixed Period OptionFixed Amount OptionLife Income OptionChapter 10 Introduction to AnnuitiesTermIndividual annuityGroup annuityannuitantpayeebeneficiaryannuity start datepayout periodannuity periodTypes of Annuity ContractsImmediate and Deferred AnnuitiesSingle-Premium and Flexible-Premium AnnuitiesFixed and Variable Annuitiesfixedguaranteed minimum interest-crediting ratecurrent interest-crediting ratevariablesubaccounts and fixed accounts for variable deferred annuitiesAccumulation Units for variable deferred annuitiesOther Types of Fixed AnunuitiesDeferred Income Annuities and longevity annuityFixed Indexed AnnuitiesAnnuity Contract ProvisionStandard Annuity Contract Provisionsentire contract provisionfree-look provisionincontestability provisionmisstatement of age or sex provisiondividends provisionStandard deferred Annuity Contract Provisionswithdrawal provisionmarket-value-adjusted annuitydeath benefitChapter 11 Annuities and IndividualRetirement ArrangementsAnnuity OptionsLump-Sum DistributionFixed Period AnnuityFixed Amount AnnuityLife Annuitieslife only annuityjoint and survivor annuitylife income with period certain annuitylife income with refund annuityAnnuity Guarantee RidersGuaranteed Minimum Death Benefit RidersGuaranteed Living Benefit RidersGuaranteed lifetime withdrawal benefitGuaranteed minimum income benefitGuaranteed minimum withdrawal benefitGuaranteed minimum accumulation benefitFinancial Aspects of AnnuitiesDetermining Annuity Payment AmountsDetermining Annuity Payment for Fixed single premium immediate annuityangle premium/ 1000 * payout factorDetermining Annuity payments for Fixed Deferred annuityaccumulated value / 1000 * payout factorDetermining Annuity Payments for variable annuitiesaccumulated value / 1000 * payout factorFees and Charges for AnnuitiesContract fee and contract maintenance feeFront-end loadSurrender charge or contingent deferred sales chargeservice feeMortality and expense risks chargeFund operating expense chargeTaxation of AnnuitiesA qualified annuitytax-advantaged retirement plan or IRAtaxed in accordance with the tax law that apply to these plan or IRAA non qualified annuityIndividual Retirement Arragementindividual retirement account/individual retirement annuitytraditional individual retirement arrangement(traditional IRA) / Roth individual retirement arrangement (Roth IRA)Chapter 12 Health Insurance ProductMedical Expense Coveragetraditional medical expense insurance policiesbasic medical expense coveragefirst-dollar coveragemajor medical expense coverageexpense participation Requirementdeductiblecoinsurancemaximum out-of-pocket provisionExclusionCosmetic surgery/Military/self-inflicted injuries/treatment paid by government/dental/eye/corrective lenseother medical expense coverageDental expense coveragePrescription drug coverageVision care coveragegovernment-sponsored medical expense coverageMedicareto people age 65 and older and those with certain disabilitiesfrequently purchase supplemental Medicare coverageMedicardto low-income individuals and to certain elderly and disable individualsmanaged care planManaging Access to Health care servicesPrimary care providerManaging the Cost of Health care ServicescopaymentTypes of managed care planHealth maintenance organizationpreferred provider organizationpoint-of-service planconsumer-driven health planskey componentfinancial incentivesinformationsome are accompanied by a High-deductible health planFormshealth savings accountstax advantagedBoth employee and the employer can contributehealth reimbursement arrangementsemployer-sponsoredhealth care flexible spending accountsemployer0sonsoredCompare1The patient Protection and Affordable Care Acthealth insurance exchangeDisability Income CoverageTypesShort-term individual disability income coverageLong-term individual disability income coverageshort-term group disability income coveragelong-term group disability income coverageTotal DisablilityAny occupationCurrent Usual DefinitionOwn previous occupationPresumptive DisablitiesElimination PeriodBenefit AmountsIncome Benefit FormulaFlat benefit amountSupplemental Disability BenefitPartial Diability BenfefitsFuture purchase Option BenefitCost-of-living-adjustment BenefitExclusionSpecialized Types of Disability CoverageLong-Term care coverageImportant FeaturesBenefit TriggersElimination PeriodChapter 13 Principles of Group InsuranceContractsCertificate of InsuranceEligibility Provisionprobationary periodeligibility periodunderwritingGroup typesingle-employer grouplabor union groupmultiple-employer groupAssociation groupTrade AssociationProfessional assoiationPublic employee associationCommon interest associationDebtor-creditor groupCredit union groupDiscretionary groupRisk characteristicsthe reason for the group's existencethe size of the groupthe flow of new members into the groupthe stability of the groupParticipation LevelsDetermination of Benefit LevelsNature of the businessGroup Insurance PremiumsMethod of setting premium ratesManual ratingExperience RatingBlended RatingPremium amountPremium RefundChapter 14 Group Life Insurance andGroup Retirement PlansGroup Life InsuranceProvisionGrace Period Provisionincontestability provisionBeneficiary DesignationPortability ProvisionMisstatement of AgeSettlement OptionsPlans mainly are yearly renewable term(YRT)Group Term Life InsuranceAccidental Death and Dismemberment InsuranceGroup Cash Value Life InsuranceLevel Premium Whole Life PlansGroup Universal Life and Group Variable Universal Life PlansGroup Creditor Life InsuranceGroup Retirement PlansComponentsPlanCoverage,Eligibility,Participation and Vesting RequirementsBenefit FormulasDefined benefit formuladefined contribution formulaPlan administrationMethod for administeringThe funding vehicleTypes of PlansPension Plansemployee contribute401(K) Plansemployer and employee contributeProfit sharing plansEmployee stock ownership plans(ESOPs)Government-Sponsored Retirement Planthe policy is in force when the insured dies Chat with me
