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

Ohio Life insurance Exam Questions and answers latest update

OHIO LIFE INSURANCE EXAM

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...

1 OHIO LIFE INSURANCE EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE/ key person insurance - -life insurance policy a business owner purchases on a key employee Human life value (in determining amount of personal life insurance) - -Enough insurance to cover the loss of the income assuming the insured died. Needs Approach ((in determining amount of personal life insurance) - -Needs considered include outstanding indebtedness, mortgages, educational needs of various family members, fede...

ohio life insurance exam Questions and Answers (2024 / 2025) (Verified Answers) Return of Premium Rider (increasing term insurance) - CORRECT ANSWER insured buys an increasing amount of term insurance that always equals the total amount of premiums paid to date Return of Cash Value Rider (increasing term insurance0 - CORRECT ANSWER Pays an amount equal to the cash value along with the face amount if the insured dies Riders - CORRECT ANSWER cost extra, but none of the extra premiu...

All Ohio Life Insurance Practice Exams With Verified Questions And Answers Rated A+ All Ohio Life Insurance Practice Exams With Verified Questions And Answers Rated A+

1 OHIO LIFE INSURANCE – BASICS: COMPLETE EXAM REVIEW QUESTIONS AND ANSWERS/ Beneficiary - -A person who receives the benefits of an insurance policy Death Benefit - -The amount paid upon the death of the insured in a life insurance policy Cash value - -Equity amount accumulated in a permanent life insurance Estate - -A person's net worth Illustrations - -Presentation or depiction of non-guaranteed elements of a life insurance policy Life Insurance - -Coverage on human life Liquidatio...

All Ohio Life Insurance Exam Questions and Answers 100% Pass A condition increasing chance of loss, e.g. icy roads. - Answer- Hazard Immediate event causing loss, e.g. earthquake. - Answer- Peril Potential for loss. - Answer- Risk Presents chance for loss or gain, e.g. gambling. - Answer- Speculative Risk Insurable risk with potential for loss only, e.g. illness. - Answer- Pure Risk Criteria for insurable risk, e.g. definite and measurable loss. - Answer- Elements of Insurable Risk Cert...

A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called - CORRECT ANSWERall of the following are examples of business continuity plan except - CORRECT ANSWER-Deferred Compensation All of these are valid options for an Adjustable Life Policy EXCEPT The policy's premium can be increased or decreased The policy's death benefit can be increased or decreased A nonforfeiture option can be used to increase the death benefit The poli...

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