Ohio life insurance 2024 - Study guides, Class notes & Summaries

OHIO LIFE/HEALTH INSURANCE EXAM 2024 WITH 100% CORRECT ANSWERS Which statement best describes the tax responsibilities under a Business Overhead policy? - correct answer Premiums are deductible, benefits are taxed In which type of insurance company may stockholders share in the profits and losses of the insurer? - correct answer Stock In which company may policy owners receive policy dividends when there is a profit? - correct answer mutual The law of large numbers states that - c...

Ohio Health and life insurance exam Exam Questions and Answers (2024 / 2025) (Verified Answers) How soon can the benefit payments begin with a deferred annuity? - CORRECT ANSWER A minimum of 12 months after date of purchase Which of these factors is NOT taken into consideration when determining the cost of a long- term care policy? - CORRECT ANSWER Personal income An agent is legally permitted to share his/her commissions - CORRECT ANSW

Ohio Health and life insurance exam Exam Questions and Answers (2024 / 2025) (Verified Answers) The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called - CORRECT answer cancelable How soon can the benefit payments begin with a deferred annuity? - CORRECT answer A minimum of 12 months after date of purchase Which

Ohio Health and life insurance exam | Questions and Correct Answers | Latest Update 2024/2025 | Graded A+ The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called - Answer -cancelable Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Which of these statements is true? The policy automatically converts to whole life after the 10-year period - Answer -The fa...

OHIO LIFE AND HEALTH STATE EXAM 2024 What type of policy would only provide coverage for specific type of illnesses? - correct answer Dread disease insurance Justin is receiving disability income benefits from a group policy paid for by his employer. How are these benefits treated for tax purposes? - correct answer taxable income And insurance company needs to obtain personal information from a third-party concerning an applicant. Which law do you all ensures in there producers need ...

ohio life insurance exam Questions and Answers (2024 / 2025) (Verified Answers) How soon can the benefit payments begin with a deferred annuity? - CORRECT ANSWER a minimum of 12 months after date of purchase which of these is considered to be a living benefit option in a life insurance policy - CORRECT ANSWER Accelerated death benefit An example of naming a beneficiary by class would be "To the children born of my union with Ned Jackson: David Jackson, Jennifer Jackson, and Scot...

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 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 part...

Study Guide for OHIO Life Insurance Exam 2024 Final Q&A Insurance: - CORRECT ANSWER-A contract in which the insurance company agrees to indemnify the insured party against loss, damage or liability arising from an unknown event. Insurance Transfers: - CORRECT ANSWER-The risk of loss from an individual or business entity to an insurance company, which in turn spreads costs of unexpected losses to many individuals. Direct response marketing: - CORRECT ANSWER-A direct response marketin...

Ohio Health & Life Insurance Exam Prep 2024 Q&A Medical Expense Insurance - CORRECT ANSWER-Covers medical care and services Disability income insurance - CORRECT ANSWER-replaces income lost when disability keeps the insured from working Long-term care insurance - CORRECT ANSWER-covers long-term care in a nursing home, at home, or at an extended health care facility. Medicare supplement insurance - CORRECT ANSWER-Policy that provides coverage to supplement Medicare coverage Limited Be...

OHIO LIFE ONLY EXAM 2024 WITH 100% CORRECT ANSWERS Which annuity payout option allows the policyowner to choose a pre-determined number of benefit payments? - correct answer Period certain What happens when an insurance policy is backdated? - correct answer The policy's probation period is earlier than the present What is an insurer required to do when faced with an error made under the Misstatement of Age provision? - correct answer Pay age-corrected benefits An insurer will acc...