Insurance License Exam - Ohio Health
and Life Exam 2026 Questions and
Answers
immediate annuity - Correct answer-Jessica purchased an annuity with a single
$175,000 premium payment, and payments began one month later. Based on these
facts, what type of annuity did she purchase?
Benefits are typically paid while the contract owner is alive - Correct answer-
Compared with life insurance, which of the following statements regarding
annuities is most correct?
Mortality and interest assumptions - Correct answer-Actuaries calculate net single
premiums based on which of the following?
term life insurance policy - Correct answer-What is a life insurance policy that
offers coverage for a specified, limited period with no cash value building up
called?
Jan's taxable income will be lower than David's - Correct answer-Jan and David
both work for Acme Motors, have $50,000 of taxable income, and are in the 25
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,percent tax bracket. If Jan contributes to Acme's 401(k) plan this year and David
does not, which of the following statements is true?
suicide - Correct answer-All of the following are standard permanent exclusions
found in life insurance policies EXCEPT:
a need for current liquidity - Correct answer-A customer's investment objectives,
risk tolerance, and time horizon affect suitability for annuity purchases. Which of
the following indicates that a customer is not suited for an annuity?
The corporation will buy the deceased owner's shares - Correct answer-Three equal
partners in a corporation worth $3 million decide to set up a stock redemption
agreement. The corporation buys and pays the premiums for life insurance policies
to fund the agreement. What will happen if one of the owners dies?
The surviving spouse may convert the policy without proving insurability - Correct
answer-A married couple is insured under a joint life policy. The first spouse dies.
What can the surviving spouse do with the policy?
life with term certain - Correct answer-Jill is the beneficiary of her uncle's life
insurance policy and is guaranteed to receive income payments for life. However,
she is also guaranteed to receive payments for at least ten years. Under which
settlement option is Jill receiving the life insurance proceeds?
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, the master policy - Correct answer-What does the employer own under a group
insurance plan?
the viatical settlement broker - Correct answer-Which one of the following most
typically arranges a viatical settlement agreement between the parties?
the same premium applies to all of the insured's children, no matter how may are
covered - Correct answer-Which of the following statements about children's term
riders is CORRECT?
both base the premium on a mortality charge that reflects the insured's risk of death
- Correct answer-Which one of the following is most correct with respect to the
contract charges and fees charged by variable life and traditional whole life
policies?
she has a short investment timeline - Correct answer-Lisa is 70 years old and is
thinking about purchasing a fixed deferred annuity. Which of the following
indicates that she is not well suited for this product?
divisible surplus - Correct answer-What is technical term for that portion of an
insurance company's earnings that is available for distribution to policyowners in
the form of policy dividends?
©COPYRIGHT 2025, ALL RIGHTS RESERVE 3
and Life Exam 2026 Questions and
Answers
immediate annuity - Correct answer-Jessica purchased an annuity with a single
$175,000 premium payment, and payments began one month later. Based on these
facts, what type of annuity did she purchase?
Benefits are typically paid while the contract owner is alive - Correct answer-
Compared with life insurance, which of the following statements regarding
annuities is most correct?
Mortality and interest assumptions - Correct answer-Actuaries calculate net single
premiums based on which of the following?
term life insurance policy - Correct answer-What is a life insurance policy that
offers coverage for a specified, limited period with no cash value building up
called?
Jan's taxable income will be lower than David's - Correct answer-Jan and David
both work for Acme Motors, have $50,000 of taxable income, and are in the 25
©COPYRIGHT 2025, ALL RIGHTS RESERVE 1
,percent tax bracket. If Jan contributes to Acme's 401(k) plan this year and David
does not, which of the following statements is true?
suicide - Correct answer-All of the following are standard permanent exclusions
found in life insurance policies EXCEPT:
a need for current liquidity - Correct answer-A customer's investment objectives,
risk tolerance, and time horizon affect suitability for annuity purchases. Which of
the following indicates that a customer is not suited for an annuity?
The corporation will buy the deceased owner's shares - Correct answer-Three equal
partners in a corporation worth $3 million decide to set up a stock redemption
agreement. The corporation buys and pays the premiums for life insurance policies
to fund the agreement. What will happen if one of the owners dies?
The surviving spouse may convert the policy without proving insurability - Correct
answer-A married couple is insured under a joint life policy. The first spouse dies.
What can the surviving spouse do with the policy?
life with term certain - Correct answer-Jill is the beneficiary of her uncle's life
insurance policy and is guaranteed to receive income payments for life. However,
she is also guaranteed to receive payments for at least ten years. Under which
settlement option is Jill receiving the life insurance proceeds?
©COPYRIGHT 2025, ALL RIGHTS RESERVE 2
, the master policy - Correct answer-What does the employer own under a group
insurance plan?
the viatical settlement broker - Correct answer-Which one of the following most
typically arranges a viatical settlement agreement between the parties?
the same premium applies to all of the insured's children, no matter how may are
covered - Correct answer-Which of the following statements about children's term
riders is CORRECT?
both base the premium on a mortality charge that reflects the insured's risk of death
- Correct answer-Which one of the following is most correct with respect to the
contract charges and fees charged by variable life and traditional whole life
policies?
she has a short investment timeline - Correct answer-Lisa is 70 years old and is
thinking about purchasing a fixed deferred annuity. Which of the following
indicates that she is not well suited for this product?
divisible surplus - Correct answer-What is technical term for that portion of an
insurance company's earnings that is available for distribution to policyowners in
the form of policy dividends?
©COPYRIGHT 2025, ALL RIGHTS RESERVE 3
