OHIO LIFE INSURANCE FINAL EXAM 2026 QUESTIONS AND
SOLUTIONS RATED A+
✔✔Kristi purchases an annuity that will pay her husband an income for 15 years. If he
dies, this income will become payable to their children for the remainder of the period.
Kristi has what kind of annuity? - ✔✔Temporary annuity certain
✔✔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) - ✔✔nonforfeiture
provision
✔✔Who is the individual paid on a fee-for-service basis? - ✔✔Provider
✔✔What is the contract called that is issued to an employer for a Group Medical
Insurance plan? - ✔✔Master policy
✔✔Which type of multiple protection policy pays on the death of the last person? -
✔✔Survivorship life policy
✔✔What is the purpose of a Disability Income Benefit? - ✔✔Provide money for living
expenses
✔✔How are annuities given favorable tax treatment? - ✔✔Gains are taxed at
distribution
✔✔Under the Affordable Care Act, a large employer that does NOT provide health
insurance and owes an employer mandate penalty MUST pay an annual penalty, which
is calculated by multiplying $2,000 by - ✔✔the number of full time employees minus 30
✔✔The superintendent is NOT responsible for - ✔✔endorsing insurers
✔✔What makes an insurance policy a unilateral contract? - ✔✔Only the insurer is
legally bound
✔✔All of the following are functions of an insuring clause EXCEPT - ✔✔Primarily
describes the free-look period
✔✔A policyowner can receive an immediate payment before the insured dies by using
a(n) - ✔✔viatical settlement contract
✔✔As classified by the Affordable Care Act (ACA), a Silver Plan offers - ✔✔70%
actuarial level of coverage provided
, ✔✔A cease and desist order issued by the superintendent against an agent -
✔✔prohibits a specific practice listed in the order
✔✔A Medicare Supplement basic benefit is - ✔✔the first 3 pints of blood per year
✔✔Which of the following does restorative dental treatment cover? - ✔✔Crowns
✔✔A Medicare supplement plan can be canceled by the insurer - ✔✔for nonpayment of
premiums
✔✔Joe is a Medicare participant who receives his benefits through a Managed Health
Care Plan. Which Medicare plan does he have? - ✔✔Part C
✔✔Which of the following is NOT considered advertising? - ✔✔An AM Best company
rating
✔✔Chris is an insured bricklayer who severed his left hand in an automobile accident.
Although his primary duty cannot be performed, Chris is also a substitute high school
teacher. He collects a full disability income check every month. How does his policy
define total disability? - ✔✔Own occupation
✔✔No existing agent's license will be revoked until - ✔✔the agent has been afforded a
right to a hearing on the charges
✔✔How are survivorship life insurance policies helpful in estate planning? - ✔✔Provide
funds to help pay taxes
✔✔A disability elimination period is best described as a - ✔✔time deductible
✔✔All of the following plans allow for employee contributions to be taken on a pre-tax
basis EXCEPT - ✔✔Health Reimbursement Arrangement Plan
✔✔Written notice for a health claim must be given to the insurer ___ days after the
occurrence of the loss. - ✔✔20
✔✔With a scheduled dental policy, how are covered expenses paid? - ✔✔Benefits are
limited to a specific maximum dollar amount per procedure
✔✔How many employees must an employer have for a terminated employee to be
eligible for COBRA? - ✔✔20
✔✔All of the following statements about HIC's are true EXCEPT - ✔✔Benefits usually
are provided on a reimbursement basis
SOLUTIONS RATED A+
✔✔Kristi purchases an annuity that will pay her husband an income for 15 years. If he
dies, this income will become payable to their children for the remainder of the period.
Kristi has what kind of annuity? - ✔✔Temporary annuity certain
✔✔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) - ✔✔nonforfeiture
provision
✔✔Who is the individual paid on a fee-for-service basis? - ✔✔Provider
✔✔What is the contract called that is issued to an employer for a Group Medical
Insurance plan? - ✔✔Master policy
✔✔Which type of multiple protection policy pays on the death of the last person? -
✔✔Survivorship life policy
✔✔What is the purpose of a Disability Income Benefit? - ✔✔Provide money for living
expenses
✔✔How are annuities given favorable tax treatment? - ✔✔Gains are taxed at
distribution
✔✔Under the Affordable Care Act, a large employer that does NOT provide health
insurance and owes an employer mandate penalty MUST pay an annual penalty, which
is calculated by multiplying $2,000 by - ✔✔the number of full time employees minus 30
✔✔The superintendent is NOT responsible for - ✔✔endorsing insurers
✔✔What makes an insurance policy a unilateral contract? - ✔✔Only the insurer is
legally bound
✔✔All of the following are functions of an insuring clause EXCEPT - ✔✔Primarily
describes the free-look period
✔✔A policyowner can receive an immediate payment before the insured dies by using
a(n) - ✔✔viatical settlement contract
✔✔As classified by the Affordable Care Act (ACA), a Silver Plan offers - ✔✔70%
actuarial level of coverage provided
, ✔✔A cease and desist order issued by the superintendent against an agent -
✔✔prohibits a specific practice listed in the order
✔✔A Medicare Supplement basic benefit is - ✔✔the first 3 pints of blood per year
✔✔Which of the following does restorative dental treatment cover? - ✔✔Crowns
✔✔A Medicare supplement plan can be canceled by the insurer - ✔✔for nonpayment of
premiums
✔✔Joe is a Medicare participant who receives his benefits through a Managed Health
Care Plan. Which Medicare plan does he have? - ✔✔Part C
✔✔Which of the following is NOT considered advertising? - ✔✔An AM Best company
rating
✔✔Chris is an insured bricklayer who severed his left hand in an automobile accident.
Although his primary duty cannot be performed, Chris is also a substitute high school
teacher. He collects a full disability income check every month. How does his policy
define total disability? - ✔✔Own occupation
✔✔No existing agent's license will be revoked until - ✔✔the agent has been afforded a
right to a hearing on the charges
✔✔How are survivorship life insurance policies helpful in estate planning? - ✔✔Provide
funds to help pay taxes
✔✔A disability elimination period is best described as a - ✔✔time deductible
✔✔All of the following plans allow for employee contributions to be taken on a pre-tax
basis EXCEPT - ✔✔Health Reimbursement Arrangement Plan
✔✔Written notice for a health claim must be given to the insurer ___ days after the
occurrence of the loss. - ✔✔20
✔✔With a scheduled dental policy, how are covered expenses paid? - ✔✔Benefits are
limited to a specific maximum dollar amount per procedure
✔✔How many employees must an employer have for a terminated employee to be
eligible for COBRA? - ✔✔20
✔✔All of the following statements about HIC's are true EXCEPT - ✔✔Benefits usually
are provided on a reimbursement basis
