Ohio Life insurance Exam Questions
Correctly Answered And Graded A+
A life insurance company has transferred some of its risk to another insure. The
insurer assuming the risk is called Answer -
all of the following are examples of business continuation plan except Answer -
Deffered Compensation
All of these are valid options for an Adjustable Life Policy EXCEPT
The policy's premium can be increased or decreased
The policy's death benefit can be increased or decreased
A nonforfeiture option can be used to increase the death benefit
The policy's protection period can be modified Answer - A non forfeiture option can
be used to increase the death benefit
the superintendent determines an examination of an insurers books and record is
necessary. After receiving the notification, the insurer Answer - must not impede the
examination
the double indemnity prevision in a life insurance policy pertains to an insureds death
caused by a(n) Answer - accident
Which of these is not considered to be a risk factor in life insurance underwriting
Answer - number of children
the suicide clause of a life insurance policy states that if an insured commits suicide
within the stated period from the policy inception the insurer will only be liable fora
return of premiums paid Answer - minus indebtedness and without interest
A minor may receive a life inurance polciys death benefit only Answer - if the minor
has an appointed guardian
a life insruacne policy that has premiums fully paid up within a stated time period is
called Answer - limited payment insurance
When a qualified plan starts making payments to its recipient, which portion of the
distributions is taxable?
Principal
Contributions made by employee
Contributions made by employer
Gains Answer - Gains
Which of the following does a life insurance policy summary normally include Answer
- the policys cash value
, a whole life policy option where extended term insurance is selected is called
Answer - nonforfeiture option
which of the following is a reinstatement condition Answer - proof of insurability
a securities license is required for the life insurance producer to sell Answer -
variable life insurance
all of these characteristics of a universal life insurance policy except
flexible death benefit
fixed surrender value
flexible premiums
builds cash value Answer - fixed surrender value
a provision that allows a policyowner to temporarily give up ownership rights to
secure a loan is called a(n) Answer - collateral assignment
An insurance company needs to obtain personal information from a third party
concerning an applicant. Which law do all insurers and their producers need to
comply with Answer - Fair credit Reporting Act
If an insured dies during the grace period with no premiums paid
the policy would be payable, minus the premium amount
the policy would be payable only after the beneficiary makes past due premium
payment
all past premiums will be refunded with interest
the claim would be denied Answer - the policy would be payable, minus the premium
amount
decreasing term life insurance is often used to Answer - provide coverage for a
home mortgage
What are an applicant's statements concerning occupation, hobbies, and personal
health history regarded as? Answer - representation
which of the following are the premium payments for a universal life policy not used
for
death benefits
cash value
loading costs
separate account investments Answer - separate account investments
Correctly Answered And Graded A+
A life insurance company has transferred some of its risk to another insure. The
insurer assuming the risk is called Answer -
all of the following are examples of business continuation plan except Answer -
Deffered Compensation
All of these are valid options for an Adjustable Life Policy EXCEPT
The policy's premium can be increased or decreased
The policy's death benefit can be increased or decreased
A nonforfeiture option can be used to increase the death benefit
The policy's protection period can be modified Answer - A non forfeiture option can
be used to increase the death benefit
the superintendent determines an examination of an insurers books and record is
necessary. After receiving the notification, the insurer Answer - must not impede the
examination
the double indemnity prevision in a life insurance policy pertains to an insureds death
caused by a(n) Answer - accident
Which of these is not considered to be a risk factor in life insurance underwriting
Answer - number of children
the suicide clause of a life insurance policy states that if an insured commits suicide
within the stated period from the policy inception the insurer will only be liable fora
return of premiums paid Answer - minus indebtedness and without interest
A minor may receive a life inurance polciys death benefit only Answer - if the minor
has an appointed guardian
a life insruacne policy that has premiums fully paid up within a stated time period is
called Answer - limited payment insurance
When a qualified plan starts making payments to its recipient, which portion of the
distributions is taxable?
Principal
Contributions made by employee
Contributions made by employer
Gains Answer - Gains
Which of the following does a life insurance policy summary normally include Answer
- the policys cash value
, a whole life policy option where extended term insurance is selected is called
Answer - nonforfeiture option
which of the following is a reinstatement condition Answer - proof of insurability
a securities license is required for the life insurance producer to sell Answer -
variable life insurance
all of these characteristics of a universal life insurance policy except
flexible death benefit
fixed surrender value
flexible premiums
builds cash value Answer - fixed surrender value
a provision that allows a policyowner to temporarily give up ownership rights to
secure a loan is called a(n) Answer - collateral assignment
An insurance company needs to obtain personal information from a third party
concerning an applicant. Which law do all insurers and their producers need to
comply with Answer - Fair credit Reporting Act
If an insured dies during the grace period with no premiums paid
the policy would be payable, minus the premium amount
the policy would be payable only after the beneficiary makes past due premium
payment
all past premiums will be refunded with interest
the claim would be denied Answer - the policy would be payable, minus the premium
amount
decreasing term life insurance is often used to Answer - provide coverage for a
home mortgage
What are an applicant's statements concerning occupation, hobbies, and personal
health history regarded as? Answer - representation
which of the following are the premium payments for a universal life policy not used
for
death benefits
cash value
loading costs
separate account investments Answer - separate account investments
