Ohio Life and Health Exam
Study Guide – Practice
Questions with Verified
Answers. GRADED A+. Latest
2026/2027 Update.
An insured has a stop-loss limit of $5,000, a deductible of $500, and an 80/20
coinsurance. The insured incurs $25,000 of covered losses. How much will the
insured have to pay?
$500
$5,000
$5,400
$5,600 - Answer✔✔-$5,000
Which of these is NOT subject to income taxation under Modified Endowment
Contract (MEC)
Loan against the cash value
Policy withdrawal
Policy Dividend
Death Benefit - Answer✔✔-Death benefit
,An indemnity plan
Pays both the insured and health care provider
Provides the insured a specific dollar amount for services
Pays the health care provider directly for services rendered
Is typically issued as a group plan - Answer✔✔-provides the insured a specific
dollar amount for services
Chris is an insured bricklayer who severed his left hand in an automobile
accident. Although his primary duty cannot be performed, Chris is also a
substitute high school teacher. He collects a full disability income check every
month. How does his policy define total disability?
Recurrent
Any occupation
Own occupation
Presumptive - Answer✔✔-Own occupation
A policyowner can receive an immediate payment before the insured dies by
using a(n)
viatical settlement contract
,buy-sell arrangement
adhesion agreement
spendthrift plan - Answer✔✔-viatical settlement contract
Signatures for an insurance application MUST be obtained by the producer
from all of the following sources EXCEPT
The producer
The insured
The policyowner
The beneficiary - Answer✔✔-The beneficiary
All of the following are considered appropriate uses of life insurance for
business purposes EXCEPT
Attracting quality employees by offering a group life plan
Funding an entity buy-sell agreement
Protecting the business by covering key employees with life insurance
Protecting the business by covering entry level employees with life insurance -
Answer✔✔-Protecting the business by covering entry level employees with life
insurance
, Elizabeth is the beneficiary of a life insurance policy. She is receiving the death
benefit in payments of $10,000 per month until the principal and interest has
been paid out. Which option was chosen?
Fixed period
Fixed amount
Life income
Interest only - Answer✔✔-Fixed amount
Term insurance is appropriate for someone who
Seeks living benefits for themselves
Seeks a policy that builds cash value
Seeks temporary protection and lower premiums
Seeks permanent protection and higher premiums - Answer✔✔-Seeks
temporary protection and lower premiums
Sole proprietors are permitted tax deductions for health cost paid from their
earnings in the amount of
cost that exceed 7 1/2 % of AGI
cost that exceed 10% of AGI
100% of cost
no deduction permitted - Answer✔✔-100 % of cost
If an agent is believed to be causing considerable harm, the superintendent
Study Guide – Practice
Questions with Verified
Answers. GRADED A+. Latest
2026/2027 Update.
An insured has a stop-loss limit of $5,000, a deductible of $500, and an 80/20
coinsurance. The insured incurs $25,000 of covered losses. How much will the
insured have to pay?
$500
$5,000
$5,400
$5,600 - Answer✔✔-$5,000
Which of these is NOT subject to income taxation under Modified Endowment
Contract (MEC)
Loan against the cash value
Policy withdrawal
Policy Dividend
Death Benefit - Answer✔✔-Death benefit
,An indemnity plan
Pays both the insured and health care provider
Provides the insured a specific dollar amount for services
Pays the health care provider directly for services rendered
Is typically issued as a group plan - Answer✔✔-provides the insured a specific
dollar amount for services
Chris is an insured bricklayer who severed his left hand in an automobile
accident. Although his primary duty cannot be performed, Chris is also a
substitute high school teacher. He collects a full disability income check every
month. How does his policy define total disability?
Recurrent
Any occupation
Own occupation
Presumptive - Answer✔✔-Own occupation
A policyowner can receive an immediate payment before the insured dies by
using a(n)
viatical settlement contract
,buy-sell arrangement
adhesion agreement
spendthrift plan - Answer✔✔-viatical settlement contract
Signatures for an insurance application MUST be obtained by the producer
from all of the following sources EXCEPT
The producer
The insured
The policyowner
The beneficiary - Answer✔✔-The beneficiary
All of the following are considered appropriate uses of life insurance for
business purposes EXCEPT
Attracting quality employees by offering a group life plan
Funding an entity buy-sell agreement
Protecting the business by covering key employees with life insurance
Protecting the business by covering entry level employees with life insurance -
Answer✔✔-Protecting the business by covering entry level employees with life
insurance
, Elizabeth is the beneficiary of a life insurance policy. She is receiving the death
benefit in payments of $10,000 per month until the principal and interest has
been paid out. Which option was chosen?
Fixed period
Fixed amount
Life income
Interest only - Answer✔✔-Fixed amount
Term insurance is appropriate for someone who
Seeks living benefits for themselves
Seeks a policy that builds cash value
Seeks temporary protection and lower premiums
Seeks permanent protection and higher premiums - Answer✔✔-Seeks
temporary protection and lower premiums
Sole proprietors are permitted tax deductions for health cost paid from their
earnings in the amount of
cost that exceed 7 1/2 % of AGI
cost that exceed 10% of AGI
100% of cost
no deduction permitted - Answer✔✔-100 % of cost
If an agent is believed to be causing considerable harm, the superintendent
