Ohio Life Insurance Exam Questions with Complete Answers- 2024 Update.
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Course
Ohio Life Insurance
Institution
Ohio Life Insurance
Ohio Life Insurance Exam Questions with Complete Answers- 2024 Update.Ohio Life Insurance Exam Questions with Complete Answers- 2024 Update.Ohio Life Insurance Exam Questions with Complete Answers- 2024 Update.
Ohio Life Insurance Exam Questions with Complete
Answers- 2024 Update.
To qualify for appointment of agent - Correct Answer 18 YOA, US citizenship not
required, no minimum residency
Original certificate good for.... - Correct Answer 180 days
Renewal for license - Correct Answer biennially on birth month, $5 fee
Types of risk - Correct Answer Pure risk - covered by insurance
Speculative risk - not covered (gambling)
How to handle risk - Correct Answer avoid it
Retain it - self insurance
Reduce it
Share it
Transfer it - buy insurance, spreads risk to large group
Mortality Rate - Correct Answer based on "law of large numbers"
By age 100 we assume everyone dies
Females live longer
Principal - Correct answer the insurance company
The agent represents the principal
Implied Authority - Correct Answer needed to do job
Not written in contract
Expressed Authority - Correct Answer written out authority
Ex. collecting premiums...
Apparent Authority - Correct Answer actions seem to be those of principal
Ex. business cards, applications....
Change of name and address - Correct Answer 30 days to be reported
Adhesion - Correct Answer Company has responsibility to write the policy and the client
has to comply (take it or leave it)
Lavatory - Correct Answer pay a little get a lot
Unilateral - Correct Answer One sided
Waiver - Correct Answer voluntarily gives up know right
ex. won’t insure student pilots
Utmost Good Faith - Correct Answer both parties rely on honesty
Estoppel - Correct Answer once a right is waived, it cannot be reasserted by the
company
Term Insurance - Correct Answer no cash value
Cheapest price for most coverage
Can decrease or remain the same
Whole Life Insurance - Correct Answer permanent
Creates cash value
Endows for face value (savings and db. together)
Limited Insurance - Correct Answer pay whole life premiums for less years
Premiums stop at specified year
Pays out till 100
Joint Life - Correct Answer pays at first death
Survivorship - Correct Answer pays at last death
Used for estate problems
Juvenile Policies - Correct Answer covers under 15 years old
Provide for final expenses
Endowment - Correct Answer provide certain cash value for college and retirement
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