ohio life/health insurance study guide
Correct 100%
Which statement best describes the tax responsibilities under a Business Overhead
policy? - ANSWER Premiums are deductible, benefits are taxed
In which type of insurance company may stockholders share in the profits and losses of
the insurer? - ANSWER Stock
In which company may policy owners receive policy dividends when there is a profit? -
ANSWER mutual
The law of large numbers states that - ANSWER Predictions become more accurate as
the number of units being considered increases
Premiums paid by sole proprietors for Individual Health Insurance coverage are -
ANSWER Fully deductible
In Group Health Insurance, the contract is between the - ANSWER Employer and the
insurance company
An agent is a representative of the - ANSWER Insurance company
What statement is TRUE regarding an agent sharing commissions? - 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? - ANSWER 50
Which term means that an insurance contract has unequal consideration between the
policy owner and the company? - ANSWER Aleatory
The free look when replacing Long-Term Care insurance is ______ days? - ANSWER
30
Insurance is a means of ______ risk. - 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 -
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? - ANSWER Long-Term
Care Insurance does not cover acute care in the hospital
HIV exams - ANSWER Require prior informed written consent from the applicant
A Health Insurance policy providing family coverage must cover newborns - ANSWER
From the moment of birth
The Disability policy probationary period - ANSWER Applies only to sickness
An insurance agent license in Ohio must be renewed every _____ year(s) - ANSWER 2
For how long may a temporary insurance agent license be issued? - ANSWER Up to
180 days
A customer who wants coverage for medical bills for a broken leg should buy -
ANSWER Medical Expense
Regarding Disability Income benefits under Social Security, - ANSWER The claimant
must not be able to perform any substantial, gainful work
Ohio Small Group policies may cover a minimum of _____ people. - ANSWER 2
A Medicare Part A claim begins on the date of - ANSWER Hospitalization
Under the Legal Actions provision, the insured cannot sue for non-payment of a valid
claim until after 60 days, in order to - ANSWER Give the insurer time to investigate the
claim
Premiums paid for Individual Disability Income policies are - ANSWER Not tax
deductible
Key Employee Disability Income Insurance - ANSWER Is a form of 3rd party ownership
Regarding continuation of Health Insurance after termination of employment at a
company with more than 20 employees, - ANSWER It is also referred to as the COBRA
regulation
The reinstatement provision - ANSWER Requires the policy owner to pay all premiums
in arrears for the policy to be reinstated.
Correct 100%
Which statement best describes the tax responsibilities under a Business Overhead
policy? - ANSWER Premiums are deductible, benefits are taxed
In which type of insurance company may stockholders share in the profits and losses of
the insurer? - ANSWER Stock
In which company may policy owners receive policy dividends when there is a profit? -
ANSWER mutual
The law of large numbers states that - ANSWER Predictions become more accurate as
the number of units being considered increases
Premiums paid by sole proprietors for Individual Health Insurance coverage are -
ANSWER Fully deductible
In Group Health Insurance, the contract is between the - ANSWER Employer and the
insurance company
An agent is a representative of the - ANSWER Insurance company
What statement is TRUE regarding an agent sharing commissions? - 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? - ANSWER 50
Which term means that an insurance contract has unequal consideration between the
policy owner and the company? - ANSWER Aleatory
The free look when replacing Long-Term Care insurance is ______ days? - ANSWER
30
Insurance is a means of ______ risk. - 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 -
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? - ANSWER Long-Term
Care Insurance does not cover acute care in the hospital
HIV exams - ANSWER Require prior informed written consent from the applicant
A Health Insurance policy providing family coverage must cover newborns - ANSWER
From the moment of birth
The Disability policy probationary period - ANSWER Applies only to sickness
An insurance agent license in Ohio must be renewed every _____ year(s) - ANSWER 2
For how long may a temporary insurance agent license be issued? - ANSWER Up to
180 days
A customer who wants coverage for medical bills for a broken leg should buy -
ANSWER Medical Expense
Regarding Disability Income benefits under Social Security, - ANSWER The claimant
must not be able to perform any substantial, gainful work
Ohio Small Group policies may cover a minimum of _____ people. - ANSWER 2
A Medicare Part A claim begins on the date of - ANSWER Hospitalization
Under the Legal Actions provision, the insured cannot sue for non-payment of a valid
claim until after 60 days, in order to - ANSWER Give the insurer time to investigate the
claim
Premiums paid for Individual Disability Income policies are - ANSWER Not tax
deductible
Key Employee Disability Income Insurance - ANSWER Is a form of 3rd party ownership
Regarding continuation of Health Insurance after termination of employment at a
company with more than 20 employees, - ANSWER It is also referred to as the COBRA
regulation
The reinstatement provision - ANSWER Requires the policy owner to pay all premiums
in arrears for the policy to be reinstated.
