LIFE, ACCIDENT AND HEALTH INSURANCE STATE EXAM-

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LIFE, ACCIDENT AND HEALTH INSURANCE STATE EXAM-

OH EXAM QUESTIONS

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount?The original face amount will be paid to the beneficiary The policy will be voided with no death benefits paid The death benefit paid will be what the premium would have purchased at the correct age The amount of premiums paid will be returned with interest

Answer:

c

Question 2: The waiver of premium does NOT include which provision?

Answer:

Al future premiums are waived if the insured recovers from the disability Question 3: an insurer is required to off which of the following to each long term care applicant at the time of purchase

Answer:

inflation protection feature

Question 4: what is not an element of a valid contract

Answer:

countersignature Question 5: how is the cost of a policy affected when a policy owner pays premiums more frequently?

Answer:

increases Question 6: according to the health insurance portability and accountability act, when can a group health policy renewal be denied?

Answer:

participation or contribution rules have been violated Question 7: time is covered under a group plan and would like to changed his coverage to an individual policy w the same insurer bc of employment termination. which of these describes the change that will take place?

Answer:

conversion

Question 8: if the annuitant dies before the annuity start date,

Answer:

the premiums paid plus interest earned will be given to the beneficiary

Question 9: legal purpose is a term used in contract law meaning

Answer:

there must be legal reasons for entering into the contract

Question 10: a health insurance policy will typically cover

Answer:

preventative health services

Question 11: loss of income insurance provides

Answer:

individual w means to replace wages

Question 12: decreasing term life insurance is often used to

Answer:

to provide coverage for a home mortgage Question 13: which type of disability would be less than total impairment and equal to permanent impairment?

Answer:

permanent partial disability

Question 14: an example of replacement is

Answer:

cancelling a term life policy to buy a whole life policy Question 15: premiums that exceed 7.5% of an insured adjusted gross income are tax deductible when paid for which of the following plans

Answer:

group disability income plan

Question 16: what can increase death benefit amount?

Answer:

cost of living, accidental death rider and guaranteed insurability but waiver of premium cannot

Question 17: renewable term life insurance policy can be renewed

Answer:

at a predetermined date or age, regardless of the insureds health Question 18: A person who is a nonsmoker, of average weight and in excellent health would most likely be in which risk classification?

Answer:

preferred Question 19: which of the following describes a person who is not acceptable by the insurer at a standard rates bc of health history, occupation or hobbies

Answer:

substandard risk

Question 20: Proceeds from a life insurance policy are protected from the beneficiary's creditors by which clause?

Answer:

spendthrift trust clause Question 21: the type of multiple protection coverage that pays on the death of the last persons is called

Answer:

survivorship life policy

Question 22: the open enrollment period for medicare part b is

Answer:

jan 1 through march 31 Question 23: which of these will have the highest monthly payout upon annutizationq

Answer:

straight life

Question 24: an agents appt may only be terminated by

Answer:

insurer

Question 25: ex of business continuation plan

Answer:

key person insurance, cross-purchase agreement, stock redemption plan BUT NOT deferred compensation Question 26: the free look period in ohio for individual health insurance policies is __ days

Answer:

10 Question 27: A Roth IRA owner must be at least what age in order to make tax-free withdrawals?59 1/2 and owned account for a minimum of 10 years 59 1/2 and owned account for a minimum of 5 years 70 1/2 and owned account for a minimum of 10 years 70 1/2 and owned account for a minimum of 5 years

Answer: