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Ohio State Exam Life and Health Insurance Questions and Answers (2024 / 2025) (Verified Answers $15.49   Add to cart

Exam (elaborations)

Ohio State Exam Life and Health Insurance Questions and Answers (2024 / 2025) (Verified Answers

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Ohio State Exam Life and Health Insurance Questions and Answers (2024 / 2025) (Verified Answers) Refund Life annuities - CORRECT ANSWER little risk. The insurance company promises to make a refund of the account balance if the auunitant dies before collecting it all Joint and Survivor Annu...

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  • May 13, 2024
  • 15
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
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Ohio State Exam Life and Health Insurance
Questions and Answers () (Verified
Answers)



Refund Life annuities - CORRECT ANSWER little risk. The
insurance company promises to make a refund of the account
balance if the auunitant dies before collecting it all

Joint and Survivor Annuity - CORRECT ANSWER Pay survivor
amount.. after first party dies usually reduced

Joint lfie annuity - CORRECT ANSWER pay two people at the
same time and payments stop entirely when the first party dies

Fixed annuities - CORRECT ANSWER have a fixed rate of return
(usually 4% minimum) backed by the guaranty fund

Contingent Deferred Sales Charge (CDSC) - CORRECT
ANSWER discourages the owner from cashing in the policy in the
early years

Equity Fixed Annuity - CORRECT ANSWER These annuities
earn interest or provide benefits that are linked to an external
stock or bond index

Separate Account - CORRECT ANSWER allows investor to
choose an investment category, that is assigned according to the
risk tolerance and desire for performance of individuals

, To sell variable products - CORRECT ANSWER insurance must
pass the FINRA series 6 exam as well as the state life insurance
license exam

Variable products - CORRECT ANSWER regulated by the
Securities and Exchange Commission (SEC)

Securities Act of 1933 - CORRECT ANSWER Prospectus must
be given to prospect at time of sale , it regulates PRODUCTS

securities Act of 1934 - CORRECT ANSWER Regulates the
activities of securities salespeople.

Investment Company Act of 1940 - CORRECT ANSWER
Regulates variable annuities, mutual funds, and companies that
invest in other peoples money

Variable Whole Life (VLI)/ Variable Universal Life (VUL) -
CORRECT ANSWER no guaranteed cash value or coverage by
state guaranty fund

Assumed Interest Rate ( AIR) - CORRECT ANSWER estimate of
expected investment result for separate account assets
supporting variable life insurance

Variable Life Insurance - CORRECT ANSWER Requires all
premium payments be made for the life of the contract and are
FIXED

Variable Universal Life - CORRECT ANSWER payments can be
skipped as long as there is enough cash in the cash value
account to cover the monthly deduction cost

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