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

To qualify for appointment of agent Answer - 18 YOA, US citizenship not required, no minimum residency Original certificate good for.... Answer - 180 days Renewal for license Answer - beinnially on birth month, $5 fee Types of risk Answer - Pure risk - covered by insurance Speculative risk - not covered (gambling) How to handle risk Answer - avoid it retain it - self insurance reduce it share it transfer it - buy insurance, spreads risk to large group Mortality Rate Answer -...

OHIO LIFE INSURANCE PRACTICE EXAM

A life insurance company has transferred some of its risk to another insure. The insurer assuming the risk is called - ANSWER all of the following are examples of business continuation plan except - ANSWER Deffered 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 policy's ...

Ohio Life Insurance Exam Study Guide 2024 Q&A 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-beinnially 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 t...

Insurance: - 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: - 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: - ANSWER-A direct response marketing system effectively bypasses the insurance agent. Business is conducted over the phone...

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...

Ohio Life Insurance Exam Questions & Answers 2023-24 To qualify for appointment of agent - ANSWER-18 YOA, US citizenship not required, no minimum residency Original certificate good for.... - ANSWER-180 days Renewal for license - ANSWER-beinnially on birth month, $5 fee Types of risk - ANSWER-Pure risk - covered by insurance Speculative risk - not covered (gambling) How to handle risk - ANSWER-avoid it retain it - self insurance reduce it share it transfer it - buy insuran...

A life insurance company has transferred some of its risk to another insure. The insurer assuming the risk is called - ANSWER all of the following are examples of business continuation plan except - ANSWER Deffered 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 policy's ...

1 OHIO LIFE INSURANCE EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE/ To qualify for appointment of agent - -18 YOA, US citizenship not required, no minimum residency Original certificate good for.... - -180 days Renewal for license - -beinnially on birth month, $5 fee Types of risk - -Pure risk - covered by insurance Speculative risk - not covered (gambling) How to handle risk - -avoid it retain it - self insurance reduce it share it transfer it - buy insurance, spreads risk to l...

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.