OHIO LIFE INSURANCE LICENSE
PRACTICE EXAM MISSED
QUESTIONS AND ANSWERS 2026 |
RATED A+ | NEW AND REVISED
The policyowner wants to make sure that upon his death, the life policy
will pay a portion of the proceeds annually to his spouse, but that the
principal will be paid to their children when they reach a certain age.
Which settlement option should the policyowner choose?
a)Fixed amount option
b)Interest only option
c)Life income with period certain
d)Joint and survivor - ANSWER- b) Interest only option
Which of the following is a true comparison between annuities and life
insurance?
a)Both provide a lifetime income.
b)Neither annuities nor life insurance subject to income taxes.
c)Both annuities and life insurance use mortality tables.
d)Annuities serve the same function as life insurance. - ANSWER- c)
Both annuities and life insurance use mortality tables
,The Director may examine books and records of all authorized insurers
in Ohio. Who is responsible for paying for the examination?
a)The Department of Insurance
b)The NAIC
c)The Director
d)The insurer - ANSWER- d) The insurer
Level term insurance provides a level death benefit and a level premium
during the policy term. If the policy renews at the end of a specified
period of time, the policy premium will be
a)Discounted.
b)Adjusted to the insured's age at the time of renewal.
c)Determined by the health of the insured.
d)Based on the issue age of the insured. - ANSWER- b) Adjusted to the
insured's age at the time of renewal
If a policy has an automatic premium loan provision, what happens if the
insured dies before the loan is paid back?
a)The policy beneficiary receives the full death benefit.
b)The policy beneficiary takes over the loan payments.
c)The policy is rendered null and void.
, d)The balance of the loan will be taken out of the death benefit. -
ANSWER- d) The balance of the loan will be taken out of the death
benefit
After being penalized previously for making false statements on
advertisements regarding the insurer's financial condition, the insurer
continues to knowingly commit the same offense. What is the maximum
penalty that may be imposed on the insurer?
a)$500
b)$1,000
c)$5,000
d)$10,000 - ANSWER- b) 1,000$
An insurance company receives an application with some information
missing and issues the policy anyway. What is this called?
a)Subrogation
b)Aleatory
c)Waiver
d)Estoppel - ANSWER- c) Waiver
What type of insurance would be used for a Return of Premium rider?
a)Annually Renewable Term
PRACTICE EXAM MISSED
QUESTIONS AND ANSWERS 2026 |
RATED A+ | NEW AND REVISED
The policyowner wants to make sure that upon his death, the life policy
will pay a portion of the proceeds annually to his spouse, but that the
principal will be paid to their children when they reach a certain age.
Which settlement option should the policyowner choose?
a)Fixed amount option
b)Interest only option
c)Life income with period certain
d)Joint and survivor - ANSWER- b) Interest only option
Which of the following is a true comparison between annuities and life
insurance?
a)Both provide a lifetime income.
b)Neither annuities nor life insurance subject to income taxes.
c)Both annuities and life insurance use mortality tables.
d)Annuities serve the same function as life insurance. - ANSWER- c)
Both annuities and life insurance use mortality tables
,The Director may examine books and records of all authorized insurers
in Ohio. Who is responsible for paying for the examination?
a)The Department of Insurance
b)The NAIC
c)The Director
d)The insurer - ANSWER- d) The insurer
Level term insurance provides a level death benefit and a level premium
during the policy term. If the policy renews at the end of a specified
period of time, the policy premium will be
a)Discounted.
b)Adjusted to the insured's age at the time of renewal.
c)Determined by the health of the insured.
d)Based on the issue age of the insured. - ANSWER- b) Adjusted to the
insured's age at the time of renewal
If a policy has an automatic premium loan provision, what happens if the
insured dies before the loan is paid back?
a)The policy beneficiary receives the full death benefit.
b)The policy beneficiary takes over the loan payments.
c)The policy is rendered null and void.
, d)The balance of the loan will be taken out of the death benefit. -
ANSWER- d) The balance of the loan will be taken out of the death
benefit
After being penalized previously for making false statements on
advertisements regarding the insurer's financial condition, the insurer
continues to knowingly commit the same offense. What is the maximum
penalty that may be imposed on the insurer?
a)$500
b)$1,000
c)$5,000
d)$10,000 - ANSWER- b) 1,000$
An insurance company receives an application with some information
missing and issues the policy anyway. What is this called?
a)Subrogation
b)Aleatory
c)Waiver
d)Estoppel - ANSWER- c) Waiver
What type of insurance would be used for a Return of Premium rider?
a)Annually Renewable Term
