package deal for Ohio Life Insurance Exam questions and answers

The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called - cancelable Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Which of these statements is true? The poli...

Which statement best describes the tax responsibilities under a Business Overhead policy? - Premiums are deductible, benefits are taxed In which type of insurance company may stockholders share in the profits and losses of the insurer? - Stock In which company may policy owners receive policy ...

To qualify for appointment of agent - 18 YOA, US citizenship not required, no minimum residency Original certificate good for.... - 180 days Renewal for license - beinnially on birth month, $5 fee Types of risk - Pure risk - covered by insurance Speculative risk - not covered (gambling) ...

Premiums paid that exceed 7 1/2% of an insured's Adjusted Gross Income (AGI) are tax-deductible when paid for which of the following plans? - Qualified Long-Term Care plan All _____ policies must be guaranteed renewable. - long-term care An attending physician's statement would be appropriat...

A person who is a nonsmoker, of average weight and in excellent health would most likely be in which risk classification? - preferred Preferred risk policies with reduced premiums are issued by insurance companies bc the insured has - better than average mortality The waiver of premium does NO...

Which of the following is usually the owner of the annuity? - The annuitant Which of the following is not true of the straight life income option for annuities? - A beneficiary will receive any balance of the annuity upon the annuitant's death. When an insurance policy is taken out, if the ow...

Insurance: - A contract in which the insurance company agrees to indemnify the insured party against loss, damage or liability arising from an unknown event. Insurance Transfers: - The risk of loss from an individual or business entity to an insurance company, which in turn spreads costs of unexp...