ohio life insurance exam Questions and
Answers () (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 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" - CORRECT ANSWER "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 - CORRECT ANSWER $4,000
A life insurance policyowner is allowed ___ days upon policy
delivery to return the policy for a full premium refund - CORRECT
ANSWER 10
Which contract element is insurable interest a component of? -
CORRECT ANSWER Legal purpose
ohio requires that a licensee complete __ hours of continuing
education on the subject of ethics every reporting period -
CORRECT ANSWER 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 - CORRECT ANSWER Estate
conservation
Simon has purchased a fixed immediate annuity. His payment
amount will be dependent upon principal, interest, and the
contract's - CORRECT ANSWER income period
Which settlement option involves having the proceeds remain with
the insurer and earnings paid on a monthly basis of the
beneficiary - CORRECT ANSWER 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
nonforfeiture provision - CORRECT ANSWER nonforfeiture
provision
An annuity is primarily used to provide - CORRECT ANSWER
retirement income
the term which describes the fact that both parties of a contract
may NOT receive the same value is referred to as - CORRECT
ANSWER Aleatory
An insurance company has just received a request for verification
from a viatical settlement provider. The insurer is required to
respond with __ calendar days to this request - CORRECT
ANSWER 30
Over the course of a year, which premium payment mode is most
expensive?
Monthly
Quarterly
Semi-Annually
Annually - CORRECT ANSWER Monthly
an agent's renewal date for his/his license is on or before -
CORRECT ANSWER the last day of the licensee's birth month
Answers () (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 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" - CORRECT ANSWER "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 - CORRECT ANSWER $4,000
A life insurance policyowner is allowed ___ days upon policy
delivery to return the policy for a full premium refund - CORRECT
ANSWER 10
Which contract element is insurable interest a component of? -
CORRECT ANSWER Legal purpose
ohio requires that a licensee complete __ hours of continuing
education on the subject of ethics every reporting period -
CORRECT ANSWER 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 - CORRECT ANSWER Estate
conservation
Simon has purchased a fixed immediate annuity. His payment
amount will be dependent upon principal, interest, and the
contract's - CORRECT ANSWER income period
Which settlement option involves having the proceeds remain with
the insurer and earnings paid on a monthly basis of the
beneficiary - CORRECT ANSWER 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
nonforfeiture provision - CORRECT ANSWER nonforfeiture
provision
An annuity is primarily used to provide - CORRECT ANSWER
retirement income
the term which describes the fact that both parties of a contract
may NOT receive the same value is referred to as - CORRECT
ANSWER Aleatory
An insurance company has just received a request for verification
from a viatical settlement provider. The insurer is required to
respond with __ calendar days to this request - CORRECT
ANSWER 30
Over the course of a year, which premium payment mode is most
expensive?
Monthly
Quarterly
Semi-Annually
Annually - CORRECT ANSWER Monthly
an agent's renewal date for his/his license is on or before -
CORRECT ANSWER the last day of the licensee's birth month
