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OHIO LIFE EXAM 11-44
Qs and Ans - Expert- Explanation - ing score -100 Questions and Answers
-Format: Multiple-choice / Flashcard
Question 1: All of the following are true regarding the 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 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) 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
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