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