Ohio life/health insurance study guide State Exam 2024

Ohio life/health insurance study guide State Exam 2024 Which statement best describes the tax responsibilities under a Business Overhead policy? - CORRECT ANSWER-Premiums are deductible, benefits are taxed In which type of insurance company may stockholders share in the profits and losses of the insurer? - CORRECT ANSWER-Stock In which company may policy owners receive policy dividends when there is a profit? - CORRECT ANSWER-mutual The law of large numbers states that - CORRECT ANSWER-Predictions become more accurate as the number of units being considered increases Premiums paid by sole proprietors for Individual Health Insurance coverage are - CORRECT ANSWER-Fully deductible In Group Health Insurance, the contract is between the - CORRECT ANSWEREmployer and the insurance company An agent is a representative of the - CORRECT ANSWER-Insurance company What statement is TRUE regarding an agent sharing commissions? - CORRECT 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? - CORRECT ANSWER-50 Which term means that an insurance contract has unequal consideration between the policy owner and the company? - CORRECT ANSWER-Aleatory The free look when replacing Long-Term Care insurance is ______ days? - CORRECT ANSWER-30 Insurance is a means of ______ risk. - CORRECT ANSWER-Transferring 1. The federal government enacted USC 1033 to do all of the following EXCEPT: a. Allow the federal Department of Insurance to indict individuals in violation of USC 1033 b. Allow the state Superintendent to refuse to issue or renew any license c. Prohibit convicted individuals from engaging in insurance business d. Prohibit embezzlement and/or false reporting of information in company books - CORRECT ANSWER-a. Allow the federal Department of Insurance to indict individuals in violation of USC 1033 Which is a true statement about Long-Term Care Insurance? - CORRECT ANSWERLong-Term Care Insurance does not cover acute care in the hospital HIV exams - CORRECT ANSWER-Require prior informed written consent from the applicant A Health Insurance policy providing family coverage must cover newborns - CORRECT ANSWER-From the moment of birth