ohio life insurance exam
Questions and Answers (2024 /
2025) (Verified Answers)
Return of Premium Rider (increasing term insurance) -
CORRECT ANSWER insured buys an increasing amount of term
insurance that always equals the total amount of premiums paid
to date
Return of Cash Value Rider (increasing term insurance0 -
CORRECT ANSWER Pays an amount equal to the cash value
along with the face amount if the insured dies
Riders - CORRECT ANSWER cost extra, but none of the extra
premium goes toward cash value accumulation
Annuities - CORRECT ANSWER Do not create a new estate
they are designed to liquidate an estate through a series of
systematic payments
Traditional annuities - CORRECT ANSWER Fixed Annuities
because they guarantee a certain fixed interest rate backed by
the state life insurance guaranty fund
, Annuity Beneficiary - CORRECT ANSWER Receives the
remainder of what was guaranteed to the owner by the payout
option the owner selected
Single Premium Immediate Annuities (SPIA) - CORRECT
ANSWER purchased with a lump sum by the annuitant. amount
depends on age and gender of annuitant
Annuity Non- forfeture options - CORRECT ANSWER surrender
the annuity for cash
annuity becomes a paid- up annuity
Pure STraight life annuities - CORRECT ANSWER pays the
annuitant as long as they live but cease on death with no refund
Life income annuity with period certain - CORRECT ANSWER
guarantees benefits will be paid for a fixed minimum period of
time selected by the annuitant when he annuitizes
Refund Life annuities - CORRECT ANSWER little risk. The
insurance company promises to make a refund of the account
balance if the auunitant dies before collecting it all
Joint and Survivor Annuity - CORRECT ANSWER Pay survivor
amount.. after first party dies usually reduced
Joint lfie annuity - CORRECT ANSWER pay two people at the
same time and payments stop entirely when the first party dies
Fixed annuities - CORRECT ANSWER have a fixed rate of return
(usually 4% minimum) backed by the guaranty fund
Contingent Deferred Sales Charge (CDSC) - CORRECT
ANSWER discourages the owner from cashing in the policy in the
early years
Questions and Answers (2024 /
2025) (Verified Answers)
Return of Premium Rider (increasing term insurance) -
CORRECT ANSWER insured buys an increasing amount of term
insurance that always equals the total amount of premiums paid
to date
Return of Cash Value Rider (increasing term insurance0 -
CORRECT ANSWER Pays an amount equal to the cash value
along with the face amount if the insured dies
Riders - CORRECT ANSWER cost extra, but none of the extra
premium goes toward cash value accumulation
Annuities - CORRECT ANSWER Do not create a new estate
they are designed to liquidate an estate through a series of
systematic payments
Traditional annuities - CORRECT ANSWER Fixed Annuities
because they guarantee a certain fixed interest rate backed by
the state life insurance guaranty fund
, Annuity Beneficiary - CORRECT ANSWER Receives the
remainder of what was guaranteed to the owner by the payout
option the owner selected
Single Premium Immediate Annuities (SPIA) - CORRECT
ANSWER purchased with a lump sum by the annuitant. amount
depends on age and gender of annuitant
Annuity Non- forfeture options - CORRECT ANSWER surrender
the annuity for cash
annuity becomes a paid- up annuity
Pure STraight life annuities - CORRECT ANSWER pays the
annuitant as long as they live but cease on death with no refund
Life income annuity with period certain - CORRECT ANSWER
guarantees benefits will be paid for a fixed minimum period of
time selected by the annuitant when he annuitizes
Refund Life annuities - CORRECT ANSWER little risk. The
insurance company promises to make a refund of the account
balance if the auunitant dies before collecting it all
Joint and Survivor Annuity - CORRECT ANSWER Pay survivor
amount.. after first party dies usually reduced
Joint lfie annuity - CORRECT ANSWER pay two people at the
same time and payments stop entirely when the first party dies
Fixed annuities - CORRECT ANSWER have a fixed rate of return
(usually 4% minimum) backed by the guaranty fund
Contingent Deferred Sales Charge (CDSC) - CORRECT
ANSWER discourages the owner from cashing in the policy in the
early years
