OHIO HEALTH AND LIFE INSURANCE ACTUAL FINAL PAPER
2025 QUESTIONS WITH ANSWERS GUARANTEE A+
✔✔Which of the following is required for an insurer to conduct business in this state? -
✔✔Certificate of authority
✔✔____ is NOT an element of a valid contract - ✔✔countersignature
✔✔If an agent is believed to be causing considerable harm, the superintendent -
✔✔may issue a cease and desist order against the agent
✔✔The factor used most often when underwriting a disability income policy is -
✔✔annual earnings
✔✔Which contract element is insurable interest a component of? - ✔✔Legal purpose
✔✔The free- look provision gives the policyowner - ✔✔the right to return the policy for a
full refund within a specified number of days
✔✔A business will typically use which type of life insurance to cover their employees? -
✔✔Group policy
✔✔An insurance company has just received a request for verification from a viatical
settlement provider. The insurer is required to respond within ____ calendar days of this
request. - ✔✔30
✔✔Which of these annuities require premium payments that vary from year to year? -
✔✔flexible premium deferred annuity
✔✔Under a Modified Endowment Contract, what are the likely tax consequences? -
✔✔Pre-death destructions will become taxable
✔✔A dread disease policy is considered to be a type of - ✔✔limited health insurance
policy
✔✔Which of the following statements is CORRECT regarding an individual applying for
life or health insurance? - ✔✔The applicant's medical history may be analyzed and
reported
✔✔All of these are valid policy dividend options for a life insurance policyowner
EXCEPT - ✔✔accumulate without interest
, ✔✔A life insurance policyowner is allowed______ days upon policy delivery to return
the policy for a full premium refund - ✔✔10
✔✔All of the following are considered to be nonforfeiture options available to a
policyowner EXCEPT - ✔✔Reduction of premium
✔✔An interest-sensitive life insurance policyowner may be able to withdraw the policy's
cash value interest free. The provision that allows this is called - ✔✔Partial Surrender
✔✔A life insurance applicant in Ohio may backdate the application for up to _______
month(s) - ✔✔3
✔✔Joanne has a $100,000 whole life policy with an accumulated $25,000 of cash
value. She would like to borrow $15,000 against the cash value. Which of the following
statements is TRUE? - ✔✔Net death benefit will be reduced if the loan is not repaid
✔✔Which of these is NOT considered a supplemental health insuring corporation (HIC)
service? - ✔✔outpatient medical services
✔✔A client told an intentional lie to an insurer to receive a favorable premium. This is an
example of - ✔✔fraud
✔✔Which of the following is INELIGIBLE to participate in section 125 plan? - ✔✔An S-
corp owner with greater than 2% share
✔✔Where would policy proceeds be paid if both the insured and primary beneficiary
were killed in the same accident? - ✔✔contingent beneficiary
✔✔What will the beneficiary receive if an annuitant dies during the accumulation
period? - ✔✔The greater of the accumulated cash value or the total premium paid
✔✔Shirley has a Medigap policy, which is designed to pay costs associated with -
✔✔Medicare parts A and B
✔✔Major medical insurance will typically cover medical expenses that result from - ✔✔a
negative reaction to a prescribed medication
✔✔Sole proprietors are permitted tax deductions for health costs paid from their
earnings in the amount of - ✔✔100% of costs
✔✔Unmarried children who are incapable of self support and have proof of incapacity
are included under their parent's health coverage until - ✔✔policy termination
2025 QUESTIONS WITH ANSWERS GUARANTEE A+
✔✔Which of the following is required for an insurer to conduct business in this state? -
✔✔Certificate of authority
✔✔____ is NOT an element of a valid contract - ✔✔countersignature
✔✔If an agent is believed to be causing considerable harm, the superintendent -
✔✔may issue a cease and desist order against the agent
✔✔The factor used most often when underwriting a disability income policy is -
✔✔annual earnings
✔✔Which contract element is insurable interest a component of? - ✔✔Legal purpose
✔✔The free- look provision gives the policyowner - ✔✔the right to return the policy for a
full refund within a specified number of days
✔✔A business will typically use which type of life insurance to cover their employees? -
✔✔Group policy
✔✔An insurance company has just received a request for verification from a viatical
settlement provider. The insurer is required to respond within ____ calendar days of this
request. - ✔✔30
✔✔Which of these annuities require premium payments that vary from year to year? -
✔✔flexible premium deferred annuity
✔✔Under a Modified Endowment Contract, what are the likely tax consequences? -
✔✔Pre-death destructions will become taxable
✔✔A dread disease policy is considered to be a type of - ✔✔limited health insurance
policy
✔✔Which of the following statements is CORRECT regarding an individual applying for
life or health insurance? - ✔✔The applicant's medical history may be analyzed and
reported
✔✔All of these are valid policy dividend options for a life insurance policyowner
EXCEPT - ✔✔accumulate without interest
, ✔✔A life insurance policyowner is allowed______ days upon policy delivery to return
the policy for a full premium refund - ✔✔10
✔✔All of the following are considered to be nonforfeiture options available to a
policyowner EXCEPT - ✔✔Reduction of premium
✔✔An interest-sensitive life insurance policyowner may be able to withdraw the policy's
cash value interest free. The provision that allows this is called - ✔✔Partial Surrender
✔✔A life insurance applicant in Ohio may backdate the application for up to _______
month(s) - ✔✔3
✔✔Joanne has a $100,000 whole life policy with an accumulated $25,000 of cash
value. She would like to borrow $15,000 against the cash value. Which of the following
statements is TRUE? - ✔✔Net death benefit will be reduced if the loan is not repaid
✔✔Which of these is NOT considered a supplemental health insuring corporation (HIC)
service? - ✔✔outpatient medical services
✔✔A client told an intentional lie to an insurer to receive a favorable premium. This is an
example of - ✔✔fraud
✔✔Which of the following is INELIGIBLE to participate in section 125 plan? - ✔✔An S-
corp owner with greater than 2% share
✔✔Where would policy proceeds be paid if both the insured and primary beneficiary
were killed in the same accident? - ✔✔contingent beneficiary
✔✔What will the beneficiary receive if an annuitant dies during the accumulation
period? - ✔✔The greater of the accumulated cash value or the total premium paid
✔✔Shirley has a Medigap policy, which is designed to pay costs associated with -
✔✔Medicare parts A and B
✔✔Major medical insurance will typically cover medical expenses that result from - ✔✔a
negative reaction to a prescribed medication
✔✔Sole proprietors are permitted tax deductions for health costs paid from their
earnings in the amount of - ✔✔100% of costs
✔✔Unmarried children who are incapable of self support and have proof of incapacity
are included under their parent's health coverage until - ✔✔policy termination
