OHIO HEALTH AND LIFE INSURANCE 2024 EXAM
ACTUAL EXAM COMPLETE 450 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
To qualify for appointment of agent - ANSWER: 18 YOA, US citizenship not required,
no minimum residency
Original certificate good for.... - ANSWER: 180 days
Renewal for license - ANSWER: beinnially on birth month, $5 fee
Types of risk - ANSWER: Pure risk - covered by insurance
Speculative risk - not covered (gambling)
How to handle risk - ANSWER: avoid it
retain it - self insurance
reduce it
share it
transfer it - buy insurance, spreads risk to large group
Mortality Rate - ANSWER: based on "law of large numbers"
by age 100 we assume everyone dies
females live longer
Principal - ANSWER: The insurance company
The agent represents the principal
Implied Authority - ANSWER: Needed to do job
Not written in contract
Expressed Authority - ANSWER: written out authority
ex. collecting premiums...
Apparent Authority - ANSWER: actions seem to be those of principal
ex. business cards, applications....
Change of name and address - ANSWER: 30 days to be reported
Fiduciary - ANSWER: financial trust
timely manner
agents cannot comingle
Amount of solicitors allowed to be hired - ANSWER: unlimited
, Brokers - ANSWER: Represent their client/insured person
Consultants - ANSWER: Sell their advice for a fee
Usually no commission stuff
Legal Contracts Require - ANSWER: competent parties
legal purpose
consideration
offer and acceptance
Adhesion - ANSWER: company has responsibility to write the policy and the client
has to comply (take it or leave it)
Aleatory - ANSWER: pay a little get a lot
Unilateral - ANSWER: One sided
Waiver - ANSWER: voluntarily gives up know right
ex. wont insure student pilots
Utmost Good Faith - ANSWER: both parties rely on honesty
Estoppel - ANSWER: once a right is waived, it can not be reasserted by the company
Term Insurance - ANSWER: no cash value
cheapest price for most coverage
can decrease or remain the same
Whole Life Insurance - ANSWER: permanent
creates cash value
endows for face value (savings and db together)
Limited Insurance - ANSWER: pay whole life premiums for less years
premiums stop at specified year
pays out till 100
Joint Life - ANSWER: pays at first death
Survivorship - ANSWER: pays at last death
used for estate problems
Juvenile Policies - ANSWER: covers under 15 years old
provide for final expenses
Endowment - ANSWER: provide certain cash value for college and retirement
Universal Life - ANSWER: term insurance and interest sensitive cash value accounts
ACTUAL EXAM COMPLETE 450 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
To qualify for appointment of agent - ANSWER: 18 YOA, US citizenship not required,
no minimum residency
Original certificate good for.... - ANSWER: 180 days
Renewal for license - ANSWER: beinnially on birth month, $5 fee
Types of risk - ANSWER: Pure risk - covered by insurance
Speculative risk - not covered (gambling)
How to handle risk - ANSWER: avoid it
retain it - self insurance
reduce it
share it
transfer it - buy insurance, spreads risk to large group
Mortality Rate - ANSWER: based on "law of large numbers"
by age 100 we assume everyone dies
females live longer
Principal - ANSWER: The insurance company
The agent represents the principal
Implied Authority - ANSWER: Needed to do job
Not written in contract
Expressed Authority - ANSWER: written out authority
ex. collecting premiums...
Apparent Authority - ANSWER: actions seem to be those of principal
ex. business cards, applications....
Change of name and address - ANSWER: 30 days to be reported
Fiduciary - ANSWER: financial trust
timely manner
agents cannot comingle
Amount of solicitors allowed to be hired - ANSWER: unlimited
, Brokers - ANSWER: Represent their client/insured person
Consultants - ANSWER: Sell their advice for a fee
Usually no commission stuff
Legal Contracts Require - ANSWER: competent parties
legal purpose
consideration
offer and acceptance
Adhesion - ANSWER: company has responsibility to write the policy and the client
has to comply (take it or leave it)
Aleatory - ANSWER: pay a little get a lot
Unilateral - ANSWER: One sided
Waiver - ANSWER: voluntarily gives up know right
ex. wont insure student pilots
Utmost Good Faith - ANSWER: both parties rely on honesty
Estoppel - ANSWER: once a right is waived, it can not be reasserted by the company
Term Insurance - ANSWER: no cash value
cheapest price for most coverage
can decrease or remain the same
Whole Life Insurance - ANSWER: permanent
creates cash value
endows for face value (savings and db together)
Limited Insurance - ANSWER: pay whole life premiums for less years
premiums stop at specified year
pays out till 100
Joint Life - ANSWER: pays at first death
Survivorship - ANSWER: pays at last death
used for estate problems
Juvenile Policies - ANSWER: covers under 15 years old
provide for final expenses
Endowment - ANSWER: provide certain cash value for college and retirement
Universal Life - ANSWER: term insurance and interest sensitive cash value accounts
