Ohio State Exam Life and Health Insurance authentic 100%(GRADED A+)Ohio State Exam Life and Health Insurance authentic 100%(GRADED A+)

What is the name of the provision which states that a copy of the application must be attached to the policy when issued? - ANSWER Entire Contract Which of the following is INELIGIBLE to participate in a Section 125 Plan? - ANSWER An S-Corp Owner with a greater than 2% share The reinstatement provision in a health insurance policy is - ANSWER mandatory A nonparticipating policy will - ANSWER not pay dividends Erica is 35 years old and owns an IRA. At what age can she begin to receive distributions without a tax penalty? - ANSWER 59 1/2 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 Who provides all preventative and routine medical care given to a health insuring corporation (HIC) member? - ANSWER Primary care physician An insured has a health plan that pays established amounts in accordance with a life of injuries, surgical procedures, or other losses. This list is called a - ANSWER benefit schedule How are contributions made to a Roth IRA handled for tax purposes? - ANSWER No tax deductible Inducement is BEST defined as - ANSWER offering to buy, sell, give, or allow a prospective insured employment, stock or special favors in exchange for an insurance transaction. Which type of life insurance policy pays the face amount at the end of the specified period if the insured is still alive? - ANSWER Endowment policy Which of the following describes a person who is NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies? - ANSWER Substandard risk Justin is receiving disability income benefits from a group policy paid for by his employer. How are these benefits treated for tax purposes? - ANSWER Taxable income Which of the following statements regarding Group Disability Income insurance is TRUE? - ANSWER It provides benefits for nonoccupational illnesses and injuries. Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered - ANSWER Noncanellable David submits a $500 claim for medical expenses. There is a past-due amount owed for insurance premiums of $200. As a result, the insurer only pays $300 for the claim. This deduction came as a result of which provision? - ANSWER unpaid provisionn Which type of beneficiary should be named if the insured wants to give explicit directions on how the policy proceeds should be paid? - ANSWER Individual Of the following dividend options, which of these is taxable? - ANSWER Accumulation at interest A provision that allows a policy owner to withdraw a policy's cash value interest-free is a(n) - ANSWER partial surrender A rollover from a Traditional IRA to another IRA MUST be done within ___ days to avoid tax consequences. - ANSWER 60 Which of the following is a requirement to obtaining an Ohio insurance agent license? - ANSWER At least 18 years old An employer is issued a group medical insurance policy. This single contract is known as a(n) - ANSWER master policy Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy? - ANSWER Interest only All of the following are examples of pure risk EXCEPT - ANSWER losing money at a casino A non-admitted insurer - ANSWER is not afforded protection by the guaranty fund. In contrast to a guaranteed renewable policy, a noncancellable policy - ANSWER may never raise premiums A beneficiary change can occur - ANSWER normally at any time during the policy term Insurance represents the process of risk - ANSWER transference Which situation would qualify an individual for receiving benefits from a qualified long-term care policy? - ANSWER Becoming cognitively impaired.