1|Page
Ohio Life insurance Exam / Questions with Correct
Answers, A+ Score Solutions.
A business will typically use which type of life insurance to cover
their employees - ...ANSWER✓✓✓group policy
a life insruacne policy that has premiums fully paid up within a
stated time period is called - ...ANSWER✓✓✓limited payment
insurance
A life insurance applicant in ohio may backdate the application
for up to __ months - ...ANSWER✓✓✓3
A life insurance company has transferred some of its risk to
another insure. The insurer assuming the risk is called -
...ANSWER✓✓✓
a life insurance policy that is subject to a contract interest rate is
referred to as - ...ANSWER✓✓✓universal life
,2|Page
A life insurance policyowner is allowed ___ days upon policy
delivery to return the policy for a full premium refund -
...ANSWER✓✓✓10
A life insurance rider that allows an individual to purchase
insurance as they grow older, regardless of insurability is called
a(n) - ...ANSWER✓✓✓guaranteed insurability rider
A minor may receive a life inurance polciys death benefit only -
...ANSWER✓✓✓if the minor has an appointed guardian
a modified endowment contract (MEC) is best described as -
...ANSWER✓✓✓A life insurance contract with accumulates cash
values higher than the IRS will allow
A non-admitted insurer - ...ANSWER✓✓✓is not afforded
protection by the guaranty fund
A partial surrender is allowed in which of the following life
policies? - ...ANSWER✓✓✓universal life
a policy owner can receive a percentage payment of the death
benefits prior to death by using what kind of contract -
...ANSWER✓✓✓Viatical settlement agreement
, 3|Page
A provision in a whole life policy that allows a policyowner to
terminate the policy in return for a reduced paid-up policy of the
same type is called a(n)
insuring clause
payor provision
reinstatement provision
nonforfeiture provision - ...ANSWER✓✓✓nonforfeiture provision
a provision that allows a policyowner to temporarily give up
ownership rights to secure a loan is called a(n) -
...ANSWER✓✓✓collateral assignment
a renewable term life insurance policy can be renewed -
...ANSWER✓✓✓at a predetermined date or age, regardless of the
insurers health
a securities license is required for the life insurance producer to
sell - ...ANSWER✓✓✓variable life insurance
Ohio Life insurance Exam / Questions with Correct
Answers, A+ Score Solutions.
A business will typically use which type of life insurance to cover
their employees - ...ANSWER✓✓✓group policy
a life insruacne policy that has premiums fully paid up within a
stated time period is called - ...ANSWER✓✓✓limited payment
insurance
A life insurance applicant in ohio may backdate the application
for up to __ months - ...ANSWER✓✓✓3
A life insurance company has transferred some of its risk to
another insure. The insurer assuming the risk is called -
...ANSWER✓✓✓
a life insurance policy that is subject to a contract interest rate is
referred to as - ...ANSWER✓✓✓universal life
,2|Page
A life insurance policyowner is allowed ___ days upon policy
delivery to return the policy for a full premium refund -
...ANSWER✓✓✓10
A life insurance rider that allows an individual to purchase
insurance as they grow older, regardless of insurability is called
a(n) - ...ANSWER✓✓✓guaranteed insurability rider
A minor may receive a life inurance polciys death benefit only -
...ANSWER✓✓✓if the minor has an appointed guardian
a modified endowment contract (MEC) is best described as -
...ANSWER✓✓✓A life insurance contract with accumulates cash
values higher than the IRS will allow
A non-admitted insurer - ...ANSWER✓✓✓is not afforded
protection by the guaranty fund
A partial surrender is allowed in which of the following life
policies? - ...ANSWER✓✓✓universal life
a policy owner can receive a percentage payment of the death
benefits prior to death by using what kind of contract -
...ANSWER✓✓✓Viatical settlement agreement
, 3|Page
A provision in a whole life policy that allows a policyowner to
terminate the policy in return for a reduced paid-up policy of the
same type is called a(n)
insuring clause
payor provision
reinstatement provision
nonforfeiture provision - ...ANSWER✓✓✓nonforfeiture provision
a provision that allows a policyowner to temporarily give up
ownership rights to secure a loan is called a(n) -
...ANSWER✓✓✓collateral assignment
a renewable term life insurance policy can be renewed -
...ANSWER✓✓✓at a predetermined date or age, regardless of the
insurers health
a securities license is required for the life insurance producer to
sell - ...ANSWER✓✓✓variable life insurance
