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

Ohio Health and life insurance exam with 100% correct answers

What type of report provides information about an applicant's hobbies, habits, and financial status? - CORRECT ANSWER-Investigative consumer report What are the three factors that determine the premium for a particular life insurance policy? - CORRECT ANSWER-Mortality, interest, expense How does the premium mode affect the total premium paid for insurance for the year? - CORRECT ANSWER-Higher frequency of payments will result in higher overall premium Can insurers advertise the existence ...

OHIO Life Insurance Exam Solved 100% Correct

Ohio Life Insurance Exam Questions and Answers (2024 / 2025) (Verified Answers) According to the entire contract provision, the entire contract includes all of the following EXCEPT - CORRECT ANSWER The premium payment (other answers any attachments, any endorsements, and the insurance policy) In most states, the policy becomes incontestable after - CORRECT ANSWER 2 years Consideration for an insurance policy includes - CORRECT ANSWER The statements made in the application and the pr...

OHIO LIFE INSURANCE EXAM 2024 WITH 100% CORRECT ANSWERS A life insurance company has transferred some of its risk to another insure. The insurer assuming the risk is called - correct answer all of the following are examples of business continuation plan except - correct 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 no...

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 th

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 Life Insurance Exam Questions and Correct Answers.OHIO Life Insurance Exam Questions and Correct Answers.

1 OHIO LIFE INSURANCE TERMS/ COMPLETE EXAM REVIEW/ VERIFIED/ Accelerated Benefits - -- Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits - -- A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Accidental Death Insurance - -- An insurance policy that provides payment if the insured's death is ...

1 OHIO LIFE INSURANCE PRACTICE EXAM REVIEW QUESTIONS AND ANSWERS, RATED A+ Which of these describes the result of a modified endowment contract that failed to meet the seven-pay test? Policy loans are disallowed The premium payments will be tax deductible Pre-death distributions are typically taxable Withdrawals will be prohibited - -Pre-death distributions are typically taxable Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called estate ...