Ohio Life and Health Practice Exam with correct answers

Ohio Life and Health Practice Exam ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




with correct answers ||\\||\\ ||\\||\\




An insured has a stop-loss limit of $5,000, a deductible of
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$500, and an 80/20 coinsurance. The insured incurs
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$25,000 of covered losses. How much will the insured ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




have to pay? ||\\||\\ ||\\||\\




$500
$5,000
$5,400
$5,600 - correct answers ✔✔$5,000 ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




Which of these is NOT subject to income taxation under
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Modified Endowment Contract (MEC) ||\\||\\ ||\\||\\ ||\\||\\




Loan against the cash value
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Policy withdrawal ||\\||\\ ||\\||\\




Policy Dividend ||\\||\\

,Death Benefit - correct answers ✔✔Death benefit ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




An indemnity plan ||\\||\\ ||\\||\\




Pays both the insured and health care provider
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Provides the insured a specific dollar amount for services ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




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Pays the health care provider directly for services
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rendered


Is typically issued as a group plan - correct answers
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✔✔provides the insured a specific dollar amount for ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




services


Chris is an insured bricklayer who severed his left hand in
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an automobile accident. Although his primary duty cannot
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be performed, Chris is also a substitute high school
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teacher. He collects a full disability income check every ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




month. How does his policy define total disability? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\

,Recurrent
Any occupation ||\\||\\




Own occupation ||\\||\\




Presumptive - correct answers ✔✔Own occupation ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




A policyowner can receive an immediate payment before
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the insured dies by using a(n)
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viatical settlement contract ||\\||\\ ||\\||\\




buy-sell arrangement ||\\||\\




adhesion agreement ||\\||\\




spendthrift plan - correct answers ✔✔viatical settlement ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




contract

, Signatures for an insurance application MUST be obtained ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




by the producer from all of the following sources EXCEPT
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The producer ||\\||\\




The insured ||\\||\\ ||\\||\\




The policyowner ||\\||\\




The beneficiary - correct answers ✔✔The beneficiary
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All of the following are considered appropriate uses of life
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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 - correct answers ✔✔Protecting the
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business by covering entry level employees with life ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\




insurance