Ohio Life and Health Practice Exam Questions and Correct Answers 100% 2024

Ohio Life and Health Practice Exam Questions and Correct Answers 100% 2024 An insured has a stop-loss limit of $5,000, a deductible of $500, and an 80/20 coinsurance. The insured incurs $25,000 of covered losses. How much will the insured have to pay? $500 $5,000 $5,400 $5,600 - CORRECT ANSWER-$5,000 Which of these is NOT subject to income taxation under Modified Endowment Contract (MEC) Loan against the cash value Policy withdrawal Policy Dividend Death Benefit - CORRECT ANSWER-Death benefit An indemnity plan Pays both the insured and health care provider Provides the insured a specific dollar amount for services Pays the health care provider directly for services rendered Is typically issued as a group plan - CORRECT ANSWER-provides the insured a specific dollar amount for services Chris is an insured bricklayer who severed his left hand in an automobile accident. Although his primary duty cannot be performed, Chris is also a substitute high school teacher. He collects a full disability income check every month. How does his policy define total disability? Recurrent Any occupation Own occupation Presumptive - CORRECT ANSWER-Own occupation A policyowner can receive an immediate payment before the insured dies by using a(n) viatical settlement contract buy-sell arrangement adhesion agreement spendthrift plan - CORRECT ANSWER-viatical settlement contract Signatures for an insurance application MUST be obtained by the producer from all of the following sources EXCEPT The producer The insured The policyowner The beneficiary - CORRECT ANSWER-The beneficiary All of the following are considered appropriate uses of life insurance for business purposes EXCEPT Attracting quality employees by offering a group life plan Funding an entity buy-sell agreement Protecting the business by covering key employees with life insurance Protecting the business by covering entry level employees with life insurance - CORRECT ANSWER-Protecting the business by covering entry level employees with life insurance Elizabeth is the beneficiary of a life insurance policy. She is receiving the death benefit in payments of $10,000 per month until the principal and interest has been paid out. Which option was chosen? Fixed period Fixed amount Life income Interest only - CORRECT ANSWER-Fixed amount Term insurance is appropriate for someone who Seeks living benefits for themselves Seeks a policy that builds cash value Seeks temporary protection and lower premiums Seeks permanent protection and higher premiums - CORRECT ANSWER-Seeks temporary protection and lower premiums