OHIO LIFE AND HEALTH PRACTICE EXAM

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OHIO LIFE AND HEALTH PRACTICE EXAM

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

-Format: Multiple-choice / Flashcard

Question 1: States that have "no loss no gain" laws require a replacing policy to

Answer:

pay for ongoing claims under the policy replaces Question 2: How many employees must an employer have for a terminated employee to be eligible for COBRA?

Answer:

20

Question 3: An agent's renewal date for his/her license is on or before

Answer:

the last day of the licensee's birth month Question 4: A policyowner can receive an immediate payment before the insured dies by using a(n) viatical settlement contract buy-sell arrangement adhesion agreement spendthrift plan

Answer:

viatical settlement contract

Question 5: Under group health insurance, a certificate of coverage is issued to the

• employer
• employee
• producer
• sponsor

Answer:

employee Question 6: An order issued by the superintendent that prohibits practice listed in the order is called a(n)

Answer:

cease and desist order Question 7: Which of these is NOT subject to income taxation under Modified Endowment Contract (MEC) Loan against the cash value Policy withdrawal Policy Dividend Death Benefit

Answer:

Death benefit

Question 8: A common exclusion with Vision plans is

Answer:

lasik surgery Question 9: Matt is applying for life insurance and requests a double indemnity rider. A double indemnity benefit will be payable to Matt's beneficiary if Matt

Answer:

dies instantly from a car accident

Question 10: When the principal gives the agent authority in writing, it's referred to as

Answer:

express authority Question 11: Variable life insurance and Universal life insurance are every similar. Which of these features are held exclusively by variable universal life insurance?

Answer:

Policyowner has the right to select the investment which will provide the greatest return Question 12: Which of these factors is NOT taken into account when determining an applicants life insurance needs

Answer:

automobile( In the process of determining an applicant's life insurance needs, an insurance producer takes into account all of these factors EXCEPT an applicant's automobile.) Question 13: Which of the following decisions would a Health Savings Account (HSA) owner NOT be able to make?The amount contributed by the employer The amount contributed by the owner The underlying account investments used The medical expenses paid for by the HSA

Answer:

The amount contributed by the employer Question 14: Kathy pays a monthly premium on her health insurance policy. How long is her grace period?

Answer:

10 days Question 15: A life insurance applicant in Ohio may backdate the application for up to ___ month(s)

Answer:

3

Question 16: The two major actions required for a policyholder to comply with the Reinstatement Clause are provide evidence of insurability, agree to a new incontestable period provide evidence of insurability, pay past due premiums pay past due premiums, agree to a new incontestable period pay past due premiums, agree to a reduction in coverage

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provide evidence of insurability, pay past due premiums Question 17: An insured has a health plan that pays established amounts in accordance with a lit of injuries, surgical procedures, or other losses. This list is called

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benefit schedule Question 18: Pat owns a 20-pay life policy with a paid-up dividend option. Which of the following statements is true?

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The policy may be paid up early by using policy dividends Question 19: Which of the following is a requirement for ANY change in an insurance application?

Answer:

Change must be initialed by the applicant

Question 20: A Renewable Term Life Insurance policy can be renewed

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at a predetermined date or age, regardless of the insured's health Question 21: A form of medical health insurance covering the treatment and care of gum disease is called

Answer:

Dental expense insurance Question 22: A spouse and child can be added to the primary insured's coverage as what kind of rider?Dependent term Guaranteed insurability primary term family term