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PDF Download OHIO LIFE, ACCIDENT & HEALTH INSURANCE EXAM
(SERIES 11-35), LIFE INSURANCE POLICIES
Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -50 Questions and Answers
-Format: Multiple-choice / Flashcard
Question 1: Who owns a group life insurance contract?
Answer:
The employer Question 2: Under a 20-pay whole life policy, in order for the policy to pay the death benefit to a beneficiary, the premiums must be paid for what time period?
Answer:
For 20 years or until insured's death Question 3: What elements of an adjustable life policy can be changed by the pokicyowners?
Answer:
The amount and payment period of the premium, the face amount, and the period for protection
Question 4: What type of whole life policy generates immediate cash value?
Answer:
Single premium whole life
Question 5: Under Option B in a universal life policy, what happens to the death benefit?
Answer:
The death benefit increases each year by the amount that the cash value increases
Question 6: What type of life insurance policy offers pure death protection?
Answer:
Term Question 7: Universal life policies have two different types of interest rates. What are they?
Answer:
Guaranteed and current Question 8: What happens to the premium in an annually renewable term life policy?
Answer:
Premium increases with each renewal Question 9: What universal life option has a gradually increasing cash value and a level death benefit?
Answer:
Option A Question 10: Whole life policies provide protection until the insured reaches what age?
Answer:
100
Question 11: Who is insured under a juvenile life policy?
Answer:
A minor Question 12: What are the characteristics of the group that underwriters will consider before issuing a group life policy?
Answer:
Group's purpose, size, financial strength, and turnover
Question 13: When does an adjustable life policy accumulate cash value?
Answer:
When premiums are paid at more than the cost of the policy
Question 14: What type of premium is charged on a straight life policy?
Answer:
A level premium for life of insured Question 15: Whole life insurance policies mature when the insured reaches the age of 100. If the owner of a whole life policy dies at age 80, and there are no outstanding loans on the policy, what portion of the death benefit will be paid to the beneficiary?
Answer:
The full death benefit
Question 16: What are the living benefits of whole life insurance?
Answer:
Loan values
Question 17: When would a 20-pay whole life policy endow?
Answer:
When the insured reaches age 100 Question 18: The death protection component of a universal life policy is expressed as what type of coverage?
Answer:
Annually renewable term
Question 19: Who is entitled to the cash values in an insurance policy?
Answer:
The Policyowner
Question 20: In a joint life policy, when is the death benefit paid?
Answer:
Upon the first death
Question 21: In term policies, what happens to the premium throughout the policy?
Answer:
It remains level Question 22: What type of whole life insurance policies only requires a payment of premium at its inception, and in addition to providing insurance protection for the life of the insured, endows at the insured's age 100?
Answer:
Single premium whole life
Question 23: Group life insurance policies are generally written as
Answer:
Annually renewable term insurance Question 24: If an insured terminates membership in group life insurance, to what type of insurance can the insured convert the coverage?
Answer:
Whole life Question 25: An individual has just borrowed $10,000 on a 5-year note from his bank. The note is due in installments. What type of life insurance policy would be best suited for this situation?
Answer:
Decreasing term
Question 26: What type of life insurance is best suited to cover a mortgage?
Answer:
decreasing term Question 27: What is the main advantage of converting from group life insurance to individual coverage?
Answer:
Evidence of insurability is not required
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