Ohio Life Insurance Exam Questions and Answers
100% Verified Graded A+
1. To qualify for appointment of agent
Answer: 18 YOA, US citizenship not required, no minimum residency
2. Original certificate good for....
Answer: 180 days
3. Renewal for license
Answer: beinnially on birth month, $5 fee
4. Types of risk
Answer: Pure risk - covered by insurance
Speculative risk - not covered (gambling)
5. How to handle risk
Answer: avoid it retain it - self
insurance
reduce it
, share it
transfer it - buy insurance, spreads risk to large group
6. Mortality Rate
Answer: based on "law of large numbers" by age 100
we assume everyone dies
females live longer
7. Principal
Answer: The insurance company The
agent represents the principal
8. Implied Authority
Answer: Needed to do job Not written in
contract
9. Expressed Authority
Answer: written out authority ex. collecting
premiums...
10. Apparent Authority
Answer: actions seem to be those of principal ex. business cards,
applications....
11. Change of name and address
100% Verified Graded A+
1. To qualify for appointment of agent
Answer: 18 YOA, US citizenship not required, no minimum residency
2. Original certificate good for....
Answer: 180 days
3. Renewal for license
Answer: beinnially on birth month, $5 fee
4. Types of risk
Answer: Pure risk - covered by insurance
Speculative risk - not covered (gambling)
5. How to handle risk
Answer: avoid it retain it - self
insurance
reduce it
, share it
transfer it - buy insurance, spreads risk to large group
6. Mortality Rate
Answer: based on "law of large numbers" by age 100
we assume everyone dies
females live longer
7. Principal
Answer: The insurance company The
agent represents the principal
8. Implied Authority
Answer: Needed to do job Not written in
contract
9. Expressed Authority
Answer: written out authority ex. collecting
premiums...
10. Apparent Authority
Answer: actions seem to be those of principal ex. business cards,
applications....
11. Change of name and address
