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