Ohio Life and Health Final Exam Graded A+

Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? - ANSWER-hospital indemnity What is the renewal date of a resident insurance agent's license? - ANSWER-On or before the last day of the licensee's birth month. A waiver of premium rider allows an insured to waive premium payments if the insured is? - ANSWER-completely and permanently disabled Long term care insurance applications must contain plain and unambiguous health questions. The exception to this rule would be applications for? - ANSWER-Guaranteed issue The entire contract includes the actual policy and the? - ANSWER-application An insurance company has just received a request for verification from a viatical settlement provider. The insurer is required to respond within ________ calendar days to this request. - ANSWER-30 Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Which of these statements is true? - ANSWER-The face amount and premium will remain constant over the 10-year period. A master contract and certificate of coverage can be found in which type of policy? - ANSWER-Group Which of the following is a reinstatement condition? - ANSWER-Proof of insurabiilty People with higher loss exposure have the tendency to purchase insurance more often than those at average risk. This is called? - ANSWER-adverse selection Which of these is a true statement regarding HIC's? - ANSWER-HIC's operate on a prepayment basis. When calculating the amount of life insurance needed for an income earner, what has to be determined when using the Needs Approach? A) The income earner's future projected income B) The family's financial objectives if the income earner were to die or become disabled C) The insurance company's financial rating D) The income earner's credit score - ANSWER-B) The family's financial objectives if the income earner were to die or become disabled An agent's license may only be suspended or revoked if the agent: