OHIO HEALTH AND LIFE INSURANCE ACTUAL
EXAM PAPER 2026 FULL QUESTIONS WITH
VERIFIED SOLUTIONS
◉ The term which describes the fact that both parties of a contract
may NOT receive the same value is referred to as:
A. Estoppel
B. Unilateral
C. Aleatory
D. Apparent Answer: C. Aleatory
◉ Simon has purchased a fixed immediate annuity. His payment
amount will be dependent upon principal, interest, and the
contract's:
A. Surrender charge
B. Death benefit
C. Cash refund
D. Income period Answer: D. Income period
◉ Insurance companies determine risk exposure by which of the
following:
A. Insurable interest
,B. Insurance exchanges
C. Law of large numbers and risk pooling
D. Population table data Answer: C. Law of large numbers and risk
pooling
◉ Which type of multiple protection policy pays on the death of the
last person?:
A. Joint life policy
B. Survivorship life policy
C. Dual life policy
D. Multiple life policy Answer: B. Survivorship life policy
◉ Which of these is a method of determining the level of funds
required for ongoing support in the event of the breadwinners
death?:
A. Financial loss value
B. Human life value
C. Assessment value
D. Replacement value Answer: B. Human life value
◉ How are annuities given favorable tax treatment?:
A. Gains are tax deductible
B. Gains are tax exempt at distribution
, C. Gains are taxed at distribution
D. Gains are converted to tax credits Answer: C. Gains are taxed at
distribution
◉ Naming a contingent beneficiary as "all surviving children" is
described by which term?:
A. Contingent designation
B. Primary Designation
C. Class designation
D. Tertiary designation Answer: C. Class designation
◉ Which market index is normally associated with an indexed
annuity's rate of return? Answer: S&P 500 (you should know this
easy)
◉ Who is required to notify the agent in the event of appointment
termination?:
A. Insurer
B. Superintendent
C. Governor
D. Attorney General Answer: A. Insurer
◉ Under a life insurance policy, what does the insuring clause state?:
EXAM PAPER 2026 FULL QUESTIONS WITH
VERIFIED SOLUTIONS
◉ The term which describes the fact that both parties of a contract
may NOT receive the same value is referred to as:
A. Estoppel
B. Unilateral
C. Aleatory
D. Apparent Answer: C. Aleatory
◉ Simon has purchased a fixed immediate annuity. His payment
amount will be dependent upon principal, interest, and the
contract's:
A. Surrender charge
B. Death benefit
C. Cash refund
D. Income period Answer: D. Income period
◉ Insurance companies determine risk exposure by which of the
following:
A. Insurable interest
,B. Insurance exchanges
C. Law of large numbers and risk pooling
D. Population table data Answer: C. Law of large numbers and risk
pooling
◉ Which type of multiple protection policy pays on the death of the
last person?:
A. Joint life policy
B. Survivorship life policy
C. Dual life policy
D. Multiple life policy Answer: B. Survivorship life policy
◉ Which of these is a method of determining the level of funds
required for ongoing support in the event of the breadwinners
death?:
A. Financial loss value
B. Human life value
C. Assessment value
D. Replacement value Answer: B. Human life value
◉ How are annuities given favorable tax treatment?:
A. Gains are tax deductible
B. Gains are tax exempt at distribution
, C. Gains are taxed at distribution
D. Gains are converted to tax credits Answer: C. Gains are taxed at
distribution
◉ Naming a contingent beneficiary as "all surviving children" is
described by which term?:
A. Contingent designation
B. Primary Designation
C. Class designation
D. Tertiary designation Answer: C. Class designation
◉ Which market index is normally associated with an indexed
annuity's rate of return? Answer: S&P 500 (you should know this
easy)
◉ Who is required to notify the agent in the event of appointment
termination?:
A. Insurer
B. Superintendent
C. Governor
D. Attorney General Answer: A. Insurer
◉ Under a life insurance policy, what does the insuring clause state?:
