ohio life/health insurance study guide correct 100%(Scored A+)

Which statement best describes the tax responsibilities under a Business Overhead policy? - ANSWER Premiums are deductible, benefits are taxed In which type of insurance company may stockholders share in the profits and losses of the insurer? - ANSWER Stock In which company may policy owners receive policy dividends when there is a profit? - ANSWER mutual The law of large numbers states that - ANSWER Predictions become more accurate as the number of units being considered increases Premiums paid by sole proprietors for Individual Health Insurance coverage are - ANSWER Fully deductible In Group Health Insurance, the contract is between the - ANSWER Employer and the insurance company An agent is a representative of the - ANSWER Insurance company What statement is TRUE regarding an agent sharing commissions? - ANSWER An agent may share commissions with another agent who is licensed for that line of insurance Ohio Small Group policies may cover a maximum of ______ people? - ANSWER 50