©EVERLY 2025 ALL RIGHTS RESERVED
Ohio Life Insurance Exam Questions And
Answers 100% Pass
To qualify for appointment of agent - ANS 18 YOA, US citizenship not required, no minimum
residency
Original certificate good for.... - ANS 180 days
Renewal for license - ANS beinnially on birth month, $5 fee
Types of risk - ANS Pure risk - covered by insurance
Speculative risk - not covered (gambling)
How to handle risk - ANS avoid it
retain it - self insurance
reduce it
share it
transfer it - buy insurance, spreads risk to large group
Mortality Rate - ANS based on "law of large numbers"
by age 100 we assume everyone dies
females live longer
, ©EVERLY 2025 ALL RIGHTS RESERVED
Principal - ANS The insurance company
The agent represents the principal
Implied Authority - ANS Needed to do job
Not written in contract
Expressed Authority - ANS written out authority
ex. collecting premiums...
Apparent Authority - ANS actions seem to be those of principal
ex. business cards, applications....
Change of name and address - ANS 30 days to be reported
Fiduciary - ANS financial trust
timely manner
agents cannot comingle
Amount of solicitors allowed to be hired - ANS unlimited
Brokers - ANS Represent their client/insured person
Consultants - ANS Sell their advice for a fee
Usually no commission stuff
Ohio Life Insurance Exam Questions And
Answers 100% Pass
To qualify for appointment of agent - ANS 18 YOA, US citizenship not required, no minimum
residency
Original certificate good for.... - ANS 180 days
Renewal for license - ANS beinnially on birth month, $5 fee
Types of risk - ANS Pure risk - covered by insurance
Speculative risk - not covered (gambling)
How to handle risk - ANS avoid it
retain it - self insurance
reduce it
share it
transfer it - buy insurance, spreads risk to large group
Mortality Rate - ANS based on "law of large numbers"
by age 100 we assume everyone dies
females live longer
, ©EVERLY 2025 ALL RIGHTS RESERVED
Principal - ANS The insurance company
The agent represents the principal
Implied Authority - ANS Needed to do job
Not written in contract
Expressed Authority - ANS written out authority
ex. collecting premiums...
Apparent Authority - ANS actions seem to be those of principal
ex. business cards, applications....
Change of name and address - ANS 30 days to be reported
Fiduciary - ANS financial trust
timely manner
agents cannot comingle
Amount of solicitors allowed to be hired - ANS unlimited
Brokers - ANS Represent their client/insured person
Consultants - ANS Sell their advice for a fee
Usually no commission stuff
