Ohio Life, Accident & Health Insurance Exam Questions and Answers Latest 2024 (Series 11-35), Life Insurance Basics

What type of report provides information about an applicant's hobbies, habits, and financial status? - CORRECT ANSWER-Investigative consumer report What are the three factors that determine the premium for a particular life insurance policy? - CORRECT ANSWER-Mortality, interest, expense How does the premium mode affect the total premium paid for insurance for the year? - CORRECT ANSWER-Higher frequency of payments will result in higher overall premium Can insurers advertise the existence of the guaranty association during solicitation and sale of insurance policies? - CORRECT ANSWER-No, advertising the existence of the guaranty association for the purposes of solicitation and sale of insurance policies by the insurer is an illegal business practice What is the term that describes the frequency and amount of the premium payment - CORRECT ANSWER-Premium mode If an applicant for a life insurance policy and the potential insured are two different people, what would be the underwriter's main concern? - CORRECT ANSWER-The existence of insurable interest A business is the owner and beneficiary of a key-person life policy. When the business collects the policy benefit, how is it taxed? - CORRECT ANSWER-The benefit is received tax free What document describes the specific information about a policy? - CORRECT ANSWER-Policy summary Mortality tables are used by insurance companies to predict what? - CORRECT ANSWER-Life expec