OHIO LIFE INSURANCE MAIN EXAMINATION 2026
QUESTIONS AND SOLUTIONS RATED A+
✔✔Donald is the primary insured of a life insurance policy and adds a children's term
rider. What is the advantage of adding this rider?
Can be converted to permanent coverage without evidence of insurability
Coverage can be different for each child
Premiums on this rider are not required until the limiting age is reached
Increases the policy's overall cash value - ✔✔can be converted to permanent coverage
without evidence of insurability
✔✔The statement which best describes the relationship between the premiums of a
whole life policy and the premium payment period is - ✔✔the short the payment period,
the higher the premium
✔✔the authority granted to a licensed producer is provided via the - ✔✔Law of agency
✔✔A life insurance rider that allows an individual to purchase insurance as they grow
older, regardless of insurability is called a(n) - ✔✔guaranteed insurability rider
✔✔a renewable term life insurance policy can be renewed - ✔✔at a predetermined date
or age, regardless of the insurers health
✔✔Dorian exercised a nonforfeiture option by using his life policy's cash value to
purchase an extended term insurance option. When the term insurance expires, -
✔✔protection ends
✔✔How soon can the benefit payments begin with a deferred annuity? - ✔✔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 -
✔✔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 Scott Jackson"
"To the child born of my union with Ned Jackson: Scott Jackson"
"To the children born of my union with Ned Jackson"
"To Ned Jackson" - ✔✔"To the children born of my union with Ned Jackson"
, ✔✔Ron has a life insurance policy with a face value of $100,000 and a cost of living
rider. If the consumer price index has gone up 4%, how much may Ron increase the
face value of the policy?
$400
$800
$2,000
$4,000 - ✔✔$4,000
✔✔A life insurance policyowner is allowed ___ days upon policy delivery to return the
policy for a full premium refund - ✔✔10
✔✔Which contract element is insurable interest a component of? - ✔✔Legal purpose
✔✔ohio requires that a licensee complete __ hours of continuing education on the
subject of ethics every reporting period - ✔✔3
✔✔Craig purchased a life insurance policy to enable his heirs to pay estate taxes. What
is this called?
Estate conservation
Liquidity maintenance
Survivor fund
Human value protection - ✔✔Estate conservation
✔✔Simon has purchased a fixed immediate annuity. His payment amount will be
dependent upon principal, interest, and the contract's - ✔✔income period
✔✔Which settlement option involves having the proceeds remain with the insurer and
earnings paid on a monthly basis of the beneficiary - ✔✔interest only
✔✔A provision in a whole life policy that allows a policyowner to terminate the policy in
return for a reduced paid-up policy of the same type is called a(n)
insuring clause
payor provision
reinstatement provision
QUESTIONS AND SOLUTIONS RATED A+
✔✔Donald is the primary insured of a life insurance policy and adds a children's term
rider. What is the advantage of adding this rider?
Can be converted to permanent coverage without evidence of insurability
Coverage can be different for each child
Premiums on this rider are not required until the limiting age is reached
Increases the policy's overall cash value - ✔✔can be converted to permanent coverage
without evidence of insurability
✔✔The statement which best describes the relationship between the premiums of a
whole life policy and the premium payment period is - ✔✔the short the payment period,
the higher the premium
✔✔the authority granted to a licensed producer is provided via the - ✔✔Law of agency
✔✔A life insurance rider that allows an individual to purchase insurance as they grow
older, regardless of insurability is called a(n) - ✔✔guaranteed insurability rider
✔✔a renewable term life insurance policy can be renewed - ✔✔at a predetermined date
or age, regardless of the insurers health
✔✔Dorian exercised a nonforfeiture option by using his life policy's cash value to
purchase an extended term insurance option. When the term insurance expires, -
✔✔protection ends
✔✔How soon can the benefit payments begin with a deferred annuity? - ✔✔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 -
✔✔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 Scott Jackson"
"To the child born of my union with Ned Jackson: Scott Jackson"
"To the children born of my union with Ned Jackson"
"To Ned Jackson" - ✔✔"To the children born of my union with Ned Jackson"
, ✔✔Ron has a life insurance policy with a face value of $100,000 and a cost of living
rider. If the consumer price index has gone up 4%, how much may Ron increase the
face value of the policy?
$400
$800
$2,000
$4,000 - ✔✔$4,000
✔✔A life insurance policyowner is allowed ___ days upon policy delivery to return the
policy for a full premium refund - ✔✔10
✔✔Which contract element is insurable interest a component of? - ✔✔Legal purpose
✔✔ohio requires that a licensee complete __ hours of continuing education on the
subject of ethics every reporting period - ✔✔3
✔✔Craig purchased a life insurance policy to enable his heirs to pay estate taxes. What
is this called?
Estate conservation
Liquidity maintenance
Survivor fund
Human value protection - ✔✔Estate conservation
✔✔Simon has purchased a fixed immediate annuity. His payment amount will be
dependent upon principal, interest, and the contract's - ✔✔income period
✔✔Which settlement option involves having the proceeds remain with the insurer and
earnings paid on a monthly basis of the beneficiary - ✔✔interest only
✔✔A provision in a whole life policy that allows a policyowner to terminate the policy in
return for a reduced paid-up policy of the same type is called a(n)
insuring clause
payor provision
reinstatement provision
