Ohio Life insurance Exam| 100 Questions| Correct 100%

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