Insurance License Exam - Ohio Health
and Life Questions with 100% Correct
Answers | Updated & Verified | 2024
one-half(50%) of the total tax - ✔✔The FICA tax is split between an employee and employer, with
the employee paying how much?
only married couples may buy it - ✔✔All the following statements regarding about joint life
insurance are correct, EXCEPT:
a domestic insurer without a certificate of authority - ✔✔Which of the following is a non-
admitted insurance company?
The net single premium for a traditional life insurance policy is the amount charged to the policyowner. -
✔✔Which statement about the net single premium for a traditional life insurance policy is NOT correct?
a physical hazard - ✔✔Dan, age 43, is applying for an individual health insurance policy. The application
asks about his current health and whether he has any known medical conditions. Dan discloses that he is
partially blind, which would be considered which of the following?
,its purpose is to liquidate a fund and protect against outliving one's income - ✔✔Among the variety of
life insurance products, what of the following is a unique advantage of an annuity?
straight life - ✔✔Which of the following life insurance settlement options is the least complicated?
until the policy is paid up - ✔✔Joe, age 35, has a limited payment life insurance policy that will be
paid up at age 60. Under the waiver of premium rider with this policy, should Joe become totally and
permanently disabled tomorrow, premiums will be waived
$7,000 - ✔✔Cal bought a $100,000 universal life policy ten years ago. He has paid $8,000 in
premiums into the policy. He now decides to surrender the policy for its full $15,000 cash value. What
amount is taxable?
nonforfeiture benefits - ✔✔What kind of benefits under life insurance policies provide for a
minimum amount to be paid if the policyholder defaults on premiums?
Sally Grant - ✔✔Who is the primary beneficiary in the following beneficiary designation: "Sally
Grant, wife of the insured, if she survives the insured; otherwise in equal shares to surviving children
of the insured, if any; otherwise to Frank Grant, brother of the insured."
the labor union owns the policy for the benefit of John and the other group members - ✔✔As a
union member, John is covered by his group policy. Which of the following best describes the
relationship between John, the union, and the policy?
collateral assignment - ✔✔Allen wants to use his life insurance policy as security for a loan, using
the policy's cash value as the pledge. What is this called?
, lower cost - ✔✔what is the main appeal of joint life insurance?
the agent - ✔✔which of the following is not a party to an annuity
they fund a viatical settlement on behalf of the viatical settlement provider - ✔✔All of the
following statements regarding viatical settlement brokers are correct, EXCEPT:
risk avoidance - ✔✔Robin breaks a leg while snow skiing. Considering herself lucky it was only a leg,
she decides she will never again attempt snow skiing. Which of the following is Robin using as a means
of risk management?
the policy will pay the death benefit - ✔✔Tim is applying for life insurance, and Agent Angeles issues
him a receipt conditioned on Tim's passing a physical exam to meet underwriting standards. Tim passes
the physical exam but dies before the policy is issued. Which of the following is a correct statement?
insist that Ben be truthful and avoid misrepresentation - ✔✔During Agent Ann's meeting with her
insurance customer, Ben, she sees that he is chain smoking. Yet he indicates on his application that he is
a nonsmoker. What should Ann do during this stage of the application process?
concealment - ✔✔Steven is filling out an application for life insurance. The application asked whether
he had ever had heart problems. Steven intentionally skips this question even though he had heart
surgery three years ago because he is afraid his application will be denied. What is the term for Steven's
failure to give his entire medical history?
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