Ohio Life, Accident & Health Insurance
Exam (Series 11-35), Life Insurance
Policies Correct 100%
What type of policy is typically issued without proof of insurability from the insured? -
ANSWER Group policy
A whole life policy that requires that the Policyowner only pays premiums for a specified
number of years is known as what type of policy? - ANSWER Limited-pay whole life
Who is entitled to the cash values in an insurance policy? - ANSWER The Policyowner
An insured receives a monthly summary for his life insurance policy. He notices that the
cash value of the policy is significantly lower this month than it was last month. What
type of policy does the insured have? - ANSWER Variable
What happens to the premium in an annually renewable term life policy? - ANSWER
Premium increases with each renewal
In a joint life policy, when is the death benefit paid? - ANSWER Upon the first death
In term policies, what happens to the premium throughout the policy? - ANSWER It
remains level
In variable universal life insurance, to which policy component does the term variable
refer? - ANSWER Cash value and death benefit
When the amount of insurance is increased in an adjustable life policy, what will the
insurer require from the insured? - ANSWER Evidence of insurability
In what type of life insurance policies can the Policyowner skip premium payments
without lapsing? - ANSWER Universal life
A policy states that the insurer will pay a specified face amount if the insured dies within
the 20-year premium paying period and nothing if he dies after. What type of policy is
this? - ANSWER 20-year level term
What does "level" refer to in level term insurance? - ANSWER Face amount
Between adjustable life and universal life policies, which one provides more flexibility to
the policyowner? - ANSWER Universal life
What type of life insurance policy offers pure death protection? - ANSWER Term
Exam (Series 11-35), Life Insurance
Policies Correct 100%
What type of policy is typically issued without proof of insurability from the insured? -
ANSWER Group policy
A whole life policy that requires that the Policyowner only pays premiums for a specified
number of years is known as what type of policy? - ANSWER Limited-pay whole life
Who is entitled to the cash values in an insurance policy? - ANSWER The Policyowner
An insured receives a monthly summary for his life insurance policy. He notices that the
cash value of the policy is significantly lower this month than it was last month. What
type of policy does the insured have? - ANSWER Variable
What happens to the premium in an annually renewable term life policy? - ANSWER
Premium increases with each renewal
In a joint life policy, when is the death benefit paid? - ANSWER Upon the first death
In term policies, what happens to the premium throughout the policy? - ANSWER It
remains level
In variable universal life insurance, to which policy component does the term variable
refer? - ANSWER Cash value and death benefit
When the amount of insurance is increased in an adjustable life policy, what will the
insurer require from the insured? - ANSWER Evidence of insurability
In what type of life insurance policies can the Policyowner skip premium payments
without lapsing? - ANSWER Universal life
A policy states that the insurer will pay a specified face amount if the insured dies within
the 20-year premium paying period and nothing if he dies after. What type of policy is
this? - ANSWER 20-year level term
What does "level" refer to in level term insurance? - ANSWER Face amount
Between adjustable life and universal life policies, which one provides more flexibility to
the policyowner? - ANSWER Universal life
What type of life insurance policy offers pure death protection? - ANSWER Term
