LOMA 280 case studies
LOMA 280 · Put your knowledge to work in context.
LOMA 280, Principles of Insurance, is a foundational course in the LOMA professional-development catalog, which appears on LOMA.org under the Professional Development menu alongside the Course Catalog, the LOMA Glossary, and the Student Help Center. The course is aimed at people building a working knowledge of how insurance works - typically newer employees at insurance and financial-services companies, operations and service staff, and anyone preparing for further LOMA study such as the FLMI Level 1 Certificate in Insurance Fundamentals. The LOMA 280 case studies are 5 cases and about 2,732 words.
1Insurable Interest When the Deed Has Not Transferred
Marisol owns a bakery and signed a 10-year installment land contract to buy the building for 480,000. The seller keeps legal title until the final payment, but Marisol has possession, has paid 60,000 of principal, and has spent 25,000 on tenant improvements.
542 words, about 3 min2The Omitted Stress Test and the Contestability Period
Daniel applies for a $750,000 20-year term life policy. The application asks: 'In the past five years, have you had or been advised to have any diagnostic test, including stress testing?' Daniel answers no.
558 words, about 3 min3The Binder That Exceeded the Producer's Authority
Ridgeway Logistics operates seven trucks and has bought commercial auto coverage through broker Priya for six years. Priya's agency agreement with Northline Insurance allows her to issue binders for commercial auto fleets of five or fewer vehicles; fleets of six or more require home-office approval.
544 words, about 3 min4Coinsurance, Deductible, and a Signed Release
A homeowner policy on a house with a 400,000 replacement cost has a 300,000 dwelling limit, an 80% coinsurance clause, a 1,000 deductible, and replacement cost loss settlement. A kitchen fire causes 80,000 in replacement cost damage; the actual cash value of the damaged property is 65,000.
547 words, about 3 min5Conditional Receipt and a Check That Bounces
Elena applies for a 250,000 whole life policy and writes a personal check for the 1,800 annual premium. The agent gives her a conditional receipt that states: 'Coverage begins on the date of the application, provided the applicant is insurable under the insurer's rules and the premium is paid.' The insurer deposits the check; it is returned NSF.
541 words, about 3 min