OHIO LIFE EXAM 11-44

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OHIO LIFE EXAM 11-44

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

-Format: Multiple-choice / Flashcard

Question 1: All of the following are true regarding the guaranteed insurability rider

EXCEPT:

1) the insured may purchase additional insurance up to the amount specified in the base policy 2) it allows the insured to purchase additional amounts of insurance without proving insurability only at specified dates or events 3) this rider is available to all insureds with no additional premium 4) the insured may purchase additional coverage at the attained age

Answer:

3) this rider is available to all insureds with no additional premium Question 2: A viatical settlement is arranged between a viatical company and a/an: 1) terminally ill insured 2) insurance producer 3) beneficiary 4) lender

Answer:

1) terminally ill insured

Question 3: An insured owns a term policy with a guaranteed renewable option. When the end of the policy draws near, the insured answers medical questions in order to prove insurability and qualifies for a discounted premium rate. Which option best describes this scenario?1) preferred premium reduction 2) contract review 3) revision of consideration 4) re-entry

Answer:

4) re-entry Question 4: An applicant wants to buy a policy that has a cash value element. Which type should she buy?1) permanent 2) stock 3) investment 4) term

Answer:

4) term

Question 5: How many hours of continuing education must be completed in ethics?

1) 3 2) 5 3) 12 4) 2

Answer:

1) 3

Question 6: The maximum duration of a temporary license in this state is: 1) 30 days 2) 90 days 3) 180 days 4) 1 year

Answer:

3) 180 days Question 7: in terms of parties to a contract, which of the following does NOT describe a competent party?1) the person must be mentally competent to understand the contract 2) the person must have at least completed secondary education 3) the person must not be under the influence of drugs or alcohol 4) the person must be of legal age

Answer:

2) the person must have at least completed secondary education Question 8: The rider in a whole life policy that allows the company to forgo collecting the

premium if the insured is disabled is called:

1) waiver of cost of insurance 2) payor benefit 3) waiver of premium 4) guaranteed insurability

Answer:

3) waiver of premium

Question 9: The hearing for a cease and desist order must occur within how many days of the order date?1) 15 2) 30 3) 45 4) 60

Answer:

1) 15 Question 10: What is the waiting period on a Waiver of Premium rider in life insurance policies?1) 30 days 2) 3 months 3) 5 months 4) 6 months

Answer:

4) 6 months

Question 11: Insurance is a contract by

which one seeks to protect another from:

1) exposure 2) uncertainty 3) hazards 4) loss

Answer:

4) loss