Life Insurance Applications (LIA) study guide
Life Insurance Applications (LIA) · Work through your exam, one topic at a time.
LIA is listed here as an exam name with the aliases "LIA" and "LOMA 307 Life Insurance Applications", and its five domains are treated as equally weighted at 20% each. That split is an estimate, not an official weighting, because no authoritative source page was available at retrieval time: the LOMA 307 course URL returned a 404 error, and the LOMA home page contains general organizational content rather than exam specifications. The Life Insurance Applications (LIA) study guide has 5 sections and about 1,810 words.
01Life Insurance Products and Features
Candidates must distinguish term , whole life , universal life , and variable products by three tests: premium flexibility, cash value ownership, and who bears investment risk. Term insurance is pure protection with no cash value; level term locks the premium for a stated period, while annually renewable term (ART) rises each year.
391 words, about 2 min02Life Insurance Policy Provisions, Options, and Riders
Standard provisions define the contract's mechanics. The free-look period lets the owner return the policy for a full refund (typically 10-30 days).
354 words, about 2 min03Life Insurance Underwriting and Risk Selection
Underwriting classifies risk so premiums match expected mortality. The application supplies personal, medical, and financial data; the agent's report captures the producer's observations; attending physician statements , paramedical exams , blood and urine tests , and the Medical Information Bureau (MIB) report supplement it.
358 words, about 2 min04Life Insurance Premiums, Dividends, and Policy Values
A gross premium equals the net premium (mortality minus interest) plus loading (expenses, contingencies, profit). Mortality charges rise with age; interest assumptions reduce the premium.
332 words, about 2 min05Life Insurance Applications, Delivery, and Policyowner Service
The application is the basis of the contract. It includes general information, medical history, and the producer's report, and the owner and insured sign it.
375 words, about 2 min