OHIO HEALTH AND LIFE INSURANCE STUDY TESTS 2025
QUESTIONS WITH ANSWERS GUARANTEE A+
✔✔Pre-death distributions from a modified endowment contract (MEC) receive different
tax treatment than other life insurance policies because - ✔✔the MEC tends to be an
investment vehicle
✔✔An employer with under 20 employees must allow a terminated employee to
continue accident and health coverage for a MINIMUM of ____months. - ✔✔12
✔✔How does one become eligible for Part D: Prescription Drug coverage? - ✔✔must
have Medicare
✔✔Which of these is NOT a legal reason for an HIC to release a subscriber's
confidential health information? - ✔✔Public interest
✔✔Amy has a group medical policy through her employer with a $500 deductible and a
90% coinsurance provision. She incurs $1,500 in covered health care services. How
much will her group insurance carrier pay? - ✔✔$900
✔✔Ken is a producer who has obtained Consumer Information Reports under false
pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may
be imposed on Ken? - ✔✔$5,000
✔✔Which of the following annuity payout options makes no additional payments
regardless of when the annuitant dies? - ✔✔Life only
✔✔Which of these ensures that proceeds of a life insurance policy will be free from the
attachment or seizure by the beneficiary's creditors? - ✔✔spendthrift clause
✔✔An indiviual who removes the risk of losing money in the stock market by never
purchasing stocks is said to be engaging in - ✔✔Risk avoidance
✔✔An insured individual and the policy's beneficiary die from the same accident. The
common disaster provision states the insurer will continue as if - ✔✔The insured
outlived the beneficiary
✔✔An example of elective cosmetic surgery would be - ✔✔removing excess fat from an
insured's waistline
✔✔As classified by the Affordable Care Act (ACA), a Silver Plan offers - ✔✔70%
actuarial level of coverage provided
, ✔✔Which of the following is NOT a common exclusion for a medical expense policy? -
✔✔Physical therapy
✔✔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
QUESTIONS WITH ANSWERS GUARANTEE A+
✔✔Pre-death distributions from a modified endowment contract (MEC) receive different
tax treatment than other life insurance policies because - ✔✔the MEC tends to be an
investment vehicle
✔✔An employer with under 20 employees must allow a terminated employee to
continue accident and health coverage for a MINIMUM of ____months. - ✔✔12
✔✔How does one become eligible for Part D: Prescription Drug coverage? - ✔✔must
have Medicare
✔✔Which of these is NOT a legal reason for an HIC to release a subscriber's
confidential health information? - ✔✔Public interest
✔✔Amy has a group medical policy through her employer with a $500 deductible and a
90% coinsurance provision. She incurs $1,500 in covered health care services. How
much will her group insurance carrier pay? - ✔✔$900
✔✔Ken is a producer who has obtained Consumer Information Reports under false
pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may
be imposed on Ken? - ✔✔$5,000
✔✔Which of the following annuity payout options makes no additional payments
regardless of when the annuitant dies? - ✔✔Life only
✔✔Which of these ensures that proceeds of a life insurance policy will be free from the
attachment or seizure by the beneficiary's creditors? - ✔✔spendthrift clause
✔✔An indiviual who removes the risk of losing money in the stock market by never
purchasing stocks is said to be engaging in - ✔✔Risk avoidance
✔✔An insured individual and the policy's beneficiary die from the same accident. The
common disaster provision states the insurer will continue as if - ✔✔The insured
outlived the beneficiary
✔✔An example of elective cosmetic surgery would be - ✔✔removing excess fat from an
insured's waistline
✔✔As classified by the Affordable Care Act (ACA), a Silver Plan offers - ✔✔70%
actuarial level of coverage provided
, ✔✔Which of the following is NOT a common exclusion for a medical expense policy? -
✔✔Physical therapy
✔✔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
