OHIO LIFE INSURANCE STUDY GUIDE 2026 QUESTIONS
AND SOLUTIONS RATED A+
✔✔decreasing term life insurance is often used to - ✔✔provide coverage for a home
mortgage
✔✔What are an applicant's statements concerning occupation, hobbies, and personal
health history regarded as? - ✔✔representation
✔✔which of the following are the premium payments for a universal life policy not used
for
death benefits
cash value
loading costs
separate account investments - ✔✔separate account investments
✔✔a modified endowment contract (MEC) is best described as - ✔✔A life insurance
contract with accumulates cash values higher than the IRS will allow
✔✔Matt is applying for life insurance and requests a double indemnity rider. A double
indemnity benefit will be payable to Matt's beneficiary if Matt - ✔✔dies instantly from a
car accident
✔✔an agents license has been suspended for non-renewal. The agent may apply for
reinstatement - ✔✔within 12 months of the license renewal date
✔✔Which of these is not considered to be a common life insurance nonforfeiture option
cash surrender
extended term insurance
reduced paid-up insurance
life income annuity - ✔✔life income annuity
✔✔which of these is a method of determining the level of funds required for ongoing
support in the event of the breadwinners death - ✔✔human life value
✔✔All of these are valid policy dividend options for a life insurance policyowner
EXCEPT
cash outlay to the policy owner
accumulate without interest
reduction in policy premium
buy additional insurance coverage - ✔✔accumulate without interest
, ✔✔all of the following are responsibilities of the superintendent except
administering oaths
subpoena a witness
approving policy forms
endorsing insurers - ✔✔endorsing insurers
✔✔all of the following may be an unfair claims practice except
turning down a claim without providing the basis of denial
denying an insured fraudulent claim
failing to promptly acknowledge pertinent communications concerning claims
failing to effectuate prompt, fair and equitable settlements of a claim - ✔✔denying an
insured fraudulent claim
✔✔An error was made on Mary's life insurance application. Which of the following areas
are errors commonly made on applications for which the incontestable clause does
NOT apply?
Marital status
Age
Address
Income - ✔✔Age
✔✔which of the following is NOT a federal requirement for a qualified plan -
✔✔employee must be able to make unlimited contributions
✔✔The taxable portion of each annuity payment is calculated using which method? -
✔✔exclusion ratio
✔✔Which of the following is considered to be an act of misrepresentation - ✔✔falsifying
the terms, benefits, advantages or conditions of an insurance policy
✔✔Shirley has a $500,000 10-year non-renewable level term life policy. If she dies 15
years after the policy's inception date, how much will her beneficiary receive? -
✔✔Nothing
✔✔What is the purpose of the Medical Information Bureau (MIB) - ✔✔to help
underwriters evaluate risk
AND SOLUTIONS RATED A+
✔✔decreasing term life insurance is often used to - ✔✔provide coverage for a home
mortgage
✔✔What are an applicant's statements concerning occupation, hobbies, and personal
health history regarded as? - ✔✔representation
✔✔which of the following are the premium payments for a universal life policy not used
for
death benefits
cash value
loading costs
separate account investments - ✔✔separate account investments
✔✔a modified endowment contract (MEC) is best described as - ✔✔A life insurance
contract with accumulates cash values higher than the IRS will allow
✔✔Matt is applying for life insurance and requests a double indemnity rider. A double
indemnity benefit will be payable to Matt's beneficiary if Matt - ✔✔dies instantly from a
car accident
✔✔an agents license has been suspended for non-renewal. The agent may apply for
reinstatement - ✔✔within 12 months of the license renewal date
✔✔Which of these is not considered to be a common life insurance nonforfeiture option
cash surrender
extended term insurance
reduced paid-up insurance
life income annuity - ✔✔life income annuity
✔✔which of these is a method of determining the level of funds required for ongoing
support in the event of the breadwinners death - ✔✔human life value
✔✔All of these are valid policy dividend options for a life insurance policyowner
EXCEPT
cash outlay to the policy owner
accumulate without interest
reduction in policy premium
buy additional insurance coverage - ✔✔accumulate without interest
, ✔✔all of the following are responsibilities of the superintendent except
administering oaths
subpoena a witness
approving policy forms
endorsing insurers - ✔✔endorsing insurers
✔✔all of the following may be an unfair claims practice except
turning down a claim without providing the basis of denial
denying an insured fraudulent claim
failing to promptly acknowledge pertinent communications concerning claims
failing to effectuate prompt, fair and equitable settlements of a claim - ✔✔denying an
insured fraudulent claim
✔✔An error was made on Mary's life insurance application. Which of the following areas
are errors commonly made on applications for which the incontestable clause does
NOT apply?
Marital status
Age
Address
Income - ✔✔Age
✔✔which of the following is NOT a federal requirement for a qualified plan -
✔✔employee must be able to make unlimited contributions
✔✔The taxable portion of each annuity payment is calculated using which method? -
✔✔exclusion ratio
✔✔Which of the following is considered to be an act of misrepresentation - ✔✔falsifying
the terms, benefits, advantages or conditions of an insurance policy
✔✔Shirley has a $500,000 10-year non-renewable level term life policy. If she dies 15
years after the policy's inception date, how much will her beneficiary receive? -
✔✔Nothing
✔✔What is the purpose of the Medical Information Bureau (MIB) - ✔✔to help
underwriters evaluate risk
