OHIO HEALTH AND LIFE INSURANCE EXAM
2026 COMPLETE QUESTIONS AND 100%
CORRECT ANSWERS
◉ Craig purchased a life insurance policy for enabling his heirs to
pay estate taxes. What is this called? Answer: Estate conservation
◉ Legal purpose is a term used in contract law meaning Answer:
there must be legal reasons for entering into a contract
◉ A whole life insurance policy accumulates cash value that
becomes Answer: the policy loan value which the insured may
borrow against
◉ Which of the following statements is CORRECT regarding an
individual applying for life or health insurance Answer: The
applicants medical history may be analyzed
◉ Which type of clause describes the following statement: "We have
issued the policy in consideration of the representations in your
applications and payment of the first-term premium".
A. Premium Clause
B. Consideration Clause
,C. Adhesion Clause
D. Contestability clause Answer: B. Consideration Clause
◉ The term which describes the fact that both parties of a contract
may NOT receive the same value is referred to as:
A. Estoppel
B. Unilateral
C. Aleatory
D. Apparent Answer: C. Aleatory
◉ Simon has purchased a fixed immediate annuity. His payment
amount will be dependent upon principal, interest, and the
contract's:
A. Surrender charge
B. Death benefit
C. Cash refund
D. Income period Answer: D. Income period
◉ Insurance companies determine risk exposure by which of the
following:
A. Insurable interest
B. Insurance exchanges
C. Law of large numbers and risk pooling
, D. Population table data Answer: C. Law of large numbers and risk
pooling
◉ Which type of multiple protection policy pays on the death of the
last person?:
A. Joint life policy
B. Survivorship life policy
C. Dual life policy
D. Multiple life policy Answer: B. Survivorship life policy
◉ Which of these is a method of determining the level of funds
required for ongoing support in the event of the breadwinners
death?:
A. Financial loss value
B. Human life value
C. Assessment value
D. Replacement value Answer: B. Human life value
◉ How are annuities given favorable tax treatment?:
A. Gains are tax deductible
B. Gains are tax exempt at distribution
C. Gains are taxed at distribution
2026 COMPLETE QUESTIONS AND 100%
CORRECT ANSWERS
◉ Craig purchased a life insurance policy for enabling his heirs to
pay estate taxes. What is this called? Answer: Estate conservation
◉ Legal purpose is a term used in contract law meaning Answer:
there must be legal reasons for entering into a contract
◉ A whole life insurance policy accumulates cash value that
becomes Answer: the policy loan value which the insured may
borrow against
◉ Which of the following statements is CORRECT regarding an
individual applying for life or health insurance Answer: The
applicants medical history may be analyzed
◉ Which type of clause describes the following statement: "We have
issued the policy in consideration of the representations in your
applications and payment of the first-term premium".
A. Premium Clause
B. Consideration Clause
,C. Adhesion Clause
D. Contestability clause Answer: B. Consideration Clause
◉ The term which describes the fact that both parties of a contract
may NOT receive the same value is referred to as:
A. Estoppel
B. Unilateral
C. Aleatory
D. Apparent Answer: C. Aleatory
◉ Simon has purchased a fixed immediate annuity. His payment
amount will be dependent upon principal, interest, and the
contract's:
A. Surrender charge
B. Death benefit
C. Cash refund
D. Income period Answer: D. Income period
◉ Insurance companies determine risk exposure by which of the
following:
A. Insurable interest
B. Insurance exchanges
C. Law of large numbers and risk pooling
, D. Population table data Answer: C. Law of large numbers and risk
pooling
◉ Which type of multiple protection policy pays on the death of the
last person?:
A. Joint life policy
B. Survivorship life policy
C. Dual life policy
D. Multiple life policy Answer: B. Survivorship life policy
◉ Which of these is a method of determining the level of funds
required for ongoing support in the event of the breadwinners
death?:
A. Financial loss value
B. Human life value
C. Assessment value
D. Replacement value Answer: B. Human life value
◉ How are annuities given favorable tax treatment?:
A. Gains are tax deductible
B. Gains are tax exempt at distribution
C. Gains are taxed at distribution
