hio health and license insurance Exam | 200 Questions| Correct 100%PACKAGE DEAL

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 - ANSWER 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? T...

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

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

A life insurance company has transferred some of its risk to another insure. The insurer assuming the risk is called - ANSWER all of the following are examples of business continuation plan except - ANSWER Deffered Compensation All of these are valid options for an Adjustable Life Policy EXCE...

A person who is a nonsmoker, of average weight and in excellent health would most likely be in which risk classification? - ANSWER preferred

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? - ANSWER Qualified Long-Term Care plan All _____ policies must be guaranteed renewable. - ANSWER long-term care An attending physician's statement would...

Insurance: - ANSWER 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: - ANSWER The risk of loss from an individual or business entity to an insurance company, which in turn spreads ...

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

What is the name of the provision which states that a copy of the application must be attached to the policy when issued? - ANSWER Entire Contract Which of the following is INELIGIBLE to participate in a Section 125 Plan? - ANSWER An S-Corp Owner with a greater than 2% share The reinstatement ...

According to the law of large numbers, how would losses be affected if the number of similar insured units increases? - ANSWER Predictability of losses will be improved Which of the following can be defined as "the potential for loss"? - ANSWER Risk An insurer has a contractual agreement whi...

What type of report provides information about an applicant's hobbies, habits, and financial status? - ANSWER Investigative consumer report What are the three factors that determine the premium for a particular life insurance policy? - ANSWER Mortality, interest, expense How does the premium ...

Accidental Death Insurance - ANSWER A form of Health Insurance that provides payment if death of the insured results from an accident. Is often combined with dismemberment insurance Accumulation at Interest Option - ANSWER A dividend option under which the policy owner allows dividends to accumul...

Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary? - ANSWER Life income Someone needing custodial care at home would require which type of coverage? - ANSWER Long term care coverage Which of these is not considered a supplemental health insuri...

Which of these annuities require premium payments that vary from year to year? - ANSWER Flexible Premium Deferred Annuity A limited payment whole life policy provides lifetime protection - ANSWER lifetime protection Which of the following does Coordination of Benefits allow? - ANSWER Which of ...