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Ohio Life And Health Insurance Exam Prep Questions And Answers ()
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Ohio Life And Health Insurance Exam Prep Questions And Answers(202472025)
An insured individual and the policy's beneficiary die from the same accident. The common
disaster provision states the insurer will continue as if - ✔✔the insured outlived the beneficiary
Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. What is this
called? - ✔✔Estate conservation
Legal purpose is a term used in contract law meaning - ✔✔there must be legal reasons for entering
into a contract
A whole life insurance policy accumulates cash value that becomes - ✔✔the policy loan value
which the insured may borrow against
Which of the following statements is CORRECT regarding an individual applying for life or health
insurance - ✔✔The applicants medical history may be analyzed
Which type of clause describes the following statement: "We have issued the policy in
consideration of the representations in your applications and payment of the first-term premium".
A. Premium Clause
B. Consideration Clause
C. Adhesion Clause
D. Contestability clause - ✔✔B. Consideration Clause
The term which describes the fact that both parties of a contract may NOT receive the same value
is referred to as:
A. Estoppel
B. Unilateral
C. Aleatory
D. Apparent - ✔✔C. Aleatory
, Simon has purchased a fixed immediate annuity. His payment amount will be dependent upon
principal, interest, and the contract's:
A. Surrender charge
B. Death benefit
C. Cash refund
D. Income period - ✔✔D. Income period
Insurance companies determine risk exposure by which of the following:
A. Insurable interest
B. Insurance exchanges
C. Law of large numbers and risk pooling
D. Population table data - ✔✔C. Law of large numbers and risk pooling
Which type of multiple protection policy pays on the death of the last person?:
A. Joint life policy
B. Survivorship life policy
C. Dual life policy
D. Multiple life policy - ✔✔B. Survivorship life policy
Which of these is a method of determining the level of funds required for ongoing support in the
event of the breadwinners death?:
A. Financial loss value
B. Human life value
C. Assessment value
D. Replacement value - ✔✔B. Human life value
How are annuities given favorable tax treatment?:
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