OHIO LIFE INSURANCE EXAM

PDF Download

OHIO LIFE INSURANCE EXAM

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -63 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Original certificate good for....

Answer:

180 days

Question 2: Return of Premium Rider

Answer:

increases policy equal to the amount of premiums paid

Question 3: Absolute

Answer:

Forever

Question 4: Juvenile Policies

Answer:

covers under 15 years old provide for final expenses

Question 5: Human Life value

Answer:

Lost income multiplying their income by their expected working years

Question 6: Implied Authority

Answer:

Needed to do job Not written in contract

Question 7: Survivorship

Answer:

pays at last death used for estate problems

Question 8: Expressed Authority

Answer:

written out authority ex. collecting premiums...

Question 9: Reinstatement

Answer:

may be reinstated for 3 years, paying back premiums and interest

Question 10: Disability Rider

Answer:

can pay disability income if insured is disabled

Question 11: Universal Life Level A

Answer:

Level Risk lowers as cash value rises

Question 12: Consultants

Answer:

Sell their advice for a fee Usually no commission stuff

Question 13: How to handle risk

Answer:

avoid it retain it - self insurance reduce it share it transfer it - buy insurance, spreads risk to large group

Question 14: Backdates

Answer:

up to 3 months to lower premiums with lower age

Question 15: Aleatory

Answer:

pay a little get a lot

Question 16: Variable Life Insurace

Answer:

use separate accounts with investment risk death benefit guaranteed cash value not guaranteed State life license and federal securities license

Question 17: Amount of solicitors allowed to be hired

Answer:

unlimited

Question 18: Waiver

Answer:

voluntarily gives up know right ex. wont insure student pilots

Question 19: Grace period for unpaid premiums

Answer:

31 days life and variable 61 universal

Question 20: Warranty

Answer:

100% true

Question 21: Riders that increase death benefit

Answer:

COLA Return of premium Accidental Death Guaranteed Insurance Rider

Question 22: Fiduciary

Answer:

financial trust timely manner agents cannot comingle

Question 23: Contested

Answer:

if all information on application is not correct or complete it can be contested False statement may be criminal or fraud

Question 24: Estoppel

Answer:

once a right is waived, it can not be reasserted by the company

Question 25: Mortality Rate

Answer:

based on "law of large numbers" by age 100 we assume everyone dies females live longer

Question 26: 3 parts of application

Answer:

facts medical information agents report