Life and Health Insurance - Ohio Licensing Exam
CORRECT QUESTIONS & ANSWERS(LATEST UPDATE
2024)RATED A
Absolute Assignment - ANSWER The assignment by the policy owner of
all control and rights to a third party. This differs from collateral
assignment, which allows all the rights and control to revert to the
owner once a loan is paid off
Accident - ANSWER A fortuitous event; unforeseen and unintended
Accidental Death Insurance - ANSWER A form of health insurance that
provides payment if death of the insured results from accident.
, Accidental death insurance is often combined with dismemberment
insurance in a form called accidental death and dismemberment (AD&D)
Accident and Sickness - ANSWER Insurance against bodily injury,
disability, or death by accident or accidental means, or expense thereof,
or against disability or expense resulting from sickness and the
insurance relating thereto
Accident means - ANSWER The unexpected cause of an accidental bodily
injury. Under an accidental means definition, the mishap itself must be
accidental. If a person does something to contribute to the accident, the
claim would not be paid under this restrictive definition
,Accelerated benefit - ANSWER Available only if the benefits are available
during the insured's lifetime, benefit amounts are fixed when
accelerated, and the benefits, when paid, reduces the death benefit
Accumulation at interest option - ANSWER A dividend option under
which the policy owner allows dividends to accumulate at interest with
the company. Only the interest on the dividends is taxable as income
(participating policies only).
Actuary - ANSWER Once concerned with the application of probability
and statistical theory to insurance. This person sets expenses, and
interest assumptions.
, ADB - ANSWER Accidental death benefit, also known as double
indemnity. There is another variation called triple indemnity.
AD&D - ANSWER Accidental death and dismemberment insurance.
Assignment - ANSWER The transfer of rights in a policy to someone
other than the policy owner.
Attained age - ANSWER The present age of the insured. This is a factor
when a person converts term insurance to whole life insurance or buys
added disability under a GIR provision
CORRECT QUESTIONS & ANSWERS(LATEST UPDATE
2024)RATED A
Absolute Assignment - ANSWER The assignment by the policy owner of
all control and rights to a third party. This differs from collateral
assignment, which allows all the rights and control to revert to the
owner once a loan is paid off
Accident - ANSWER A fortuitous event; unforeseen and unintended
Accidental Death Insurance - ANSWER A form of health insurance that
provides payment if death of the insured results from accident.
, Accidental death insurance is often combined with dismemberment
insurance in a form called accidental death and dismemberment (AD&D)
Accident and Sickness - ANSWER Insurance against bodily injury,
disability, or death by accident or accidental means, or expense thereof,
or against disability or expense resulting from sickness and the
insurance relating thereto
Accident means - ANSWER The unexpected cause of an accidental bodily
injury. Under an accidental means definition, the mishap itself must be
accidental. If a person does something to contribute to the accident, the
claim would not be paid under this restrictive definition
,Accelerated benefit - ANSWER Available only if the benefits are available
during the insured's lifetime, benefit amounts are fixed when
accelerated, and the benefits, when paid, reduces the death benefit
Accumulation at interest option - ANSWER A dividend option under
which the policy owner allows dividends to accumulate at interest with
the company. Only the interest on the dividends is taxable as income
(participating policies only).
Actuary - ANSWER Once concerned with the application of probability
and statistical theory to insurance. This person sets expenses, and
interest assumptions.
, ADB - ANSWER Accidental death benefit, also known as double
indemnity. There is another variation called triple indemnity.
AD&D - ANSWER Accidental death and dismemberment insurance.
Assignment - ANSWER The transfer of rights in a policy to someone
other than the policy owner.
Attained age - ANSWER The present age of the insured. This is a factor
when a person converts term insurance to whole life insurance or buys
added disability under a GIR provision
