Ohio Life insurance Exam

Ohio Life insurance Exam Questions And Answers A life insurance company has transferred some of its risk to another insure. The insurer assuming the risk is called - all of the following are examples of business continuation plan except - 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 - 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 - must not impede the examination the double indemnity prevision in a life insurance policy pertains to an insureds death caused by a(n) - accident Which of these is not considered to be a risk factor in life insurance underwriting - 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 - minus indebtedness and without interest A minor may receive a life inurance polciys death benefit only - if the minor has an appointed guardian a life insruacne policy that has premiums fully paid up within a stated time period is called - 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 - Gains Which of the following does a life insurance policy summary normally include - the policys cash value a whole life policy option where extended term insurance is selected is called - nonforfeiture option which of the following is a reinstatement condition - proof of insurability a securities license is required for the life insurance producer to sell - 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 - fixed surrender value a provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n) - 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 - 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 - the policy would be payable, minus the premium amount decreasing term life insurance is often used to - provide coverage for a home mortgage What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? - representation which of the following are the premium payments for a universal life policy not used for death benefits cash value loading costs