Ohio Life Exam 11-44 exam with ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
correct answers ||\\||\\
Which of the following would be sufficient violation to ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
warrant rejection, revocation, or suspension of an ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
insurance agent's license? ||\\||\\ ||\\||\\
1) a moving violation ticket
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2) a denied license in another state
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
3) acting as a fiduciary
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
4) an unintentional misrepresentation of the terms of a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
contract - correct answers ✔✔2) a denied license in ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
another state ||\\||\\
What method do insurers use to protect themselves
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
against catastrophic losses? ||\\||\\ ||\\||\\
1) pro rata liability
||\\||\\ ||\\||\\ ||\\||\\
2) risk management
||\\||\\ ||\\||\\
3) reinsurance
||\\||\\
4) indemnity - correct answers ✔✔3) reinsurance
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
,All of the following are true about variable products
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
EXCEPT:
1) the cash value is not guaranteed
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2) policy owners bear the investment risk
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
3) the premiums are invested in the insurer's general
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
account
4) the minimum death benefit is guaranteed - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers ✔✔3) the premiums are invested in the insurer's ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
general account ||\\||\\
All of the following are characteristics of a group life
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
insurance plan EXCEPT: ||\\||\\ ||\\||\\ ||\\||\\
1) the participants receive a Certificate of Insurance as
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
their proof of insurance ||\\||\\ ||\\||\\ ||\\||\\
2) a minimum number of participants is required in order
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
to underwrite the plan
||\\||\\ ||\\||\\ ||\\||\\
3) the cost of the plan is determined by the average age of
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
the group ||\\||\\
,4) there is a requirement to prove insurability on the part
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
of the participants - correct answers ✔✔4) there is a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
requirement to prove insurability on the part of the ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
participants
Which of the following allows the insurer to relieve a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
minor insured from premium payments if the minor's
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
parents have died or become disabled? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
1) waiver of premium
||\\||\\ ||\\||\\ ||\\||\\
2) payor benefit
||\\||\\ ||\\||\\
3) humping juvenile
||\\||\\ ||\\||\\
4) juvenile premium provision - correct answers ✔✔2)
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
payor benefit||\\||\\
Which of the following will be included in a policy
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
summary?
1) copies of illustrations and application
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2) comparisons with similar policies
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
3) primary and secondary beneficiary designations
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
, 4) premium amounts and surrender values - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers ✔✔4) premium amounts and surrender values ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
A viatical settlement is arranged between a viatical
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
company and a/an: ||\\||\\ ||\\||\\
1) terminally ill insured
||\\||\\ ||\\||\\ ||\\||\\
2) insurance producer ||\\||\\ ||\\||\\
3) beneficiary ||\\||\\ ||\\||\\
4) lender - correct answers ✔✔1) terminally ill insured
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
An insured owns a term policy with a guaranteed
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
renewable option. When the end of the policy draws near, ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
the insured answers medical questions in order to prove
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
insurability and qualifies for a discounted premium rate. ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Which option best describes this scenario? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
1) preferred premium reduction
||\\||\\ ||\\||\\ ||\\||\\
2) contract review ||\\||\\ ||\\||\\
3) revision of consideration
||\\||\\ ||\\||\\ ||\\||\\
4) re-entry - correct answers ✔✔4) re-entry
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
correct answers ||\\||\\
Which of the following would be sufficient violation to ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
warrant rejection, revocation, or suspension of an ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
insurance agent's license? ||\\||\\ ||\\||\\
1) a moving violation ticket
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2) a denied license in another state
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
3) acting as a fiduciary
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
4) an unintentional misrepresentation of the terms of a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
contract - correct answers ✔✔2) a denied license in ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
another state ||\\||\\
What method do insurers use to protect themselves
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
against catastrophic losses? ||\\||\\ ||\\||\\
1) pro rata liability
||\\||\\ ||\\||\\ ||\\||\\
2) risk management
||\\||\\ ||\\||\\
3) reinsurance
||\\||\\
4) indemnity - correct answers ✔✔3) reinsurance
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
,All of the following are true about variable products
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
EXCEPT:
1) the cash value is not guaranteed
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2) policy owners bear the investment risk
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
3) the premiums are invested in the insurer's general
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
account
4) the minimum death benefit is guaranteed - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers ✔✔3) the premiums are invested in the insurer's ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
general account ||\\||\\
All of the following are characteristics of a group life
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
insurance plan EXCEPT: ||\\||\\ ||\\||\\ ||\\||\\
1) the participants receive a Certificate of Insurance as
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
their proof of insurance ||\\||\\ ||\\||\\ ||\\||\\
2) a minimum number of participants is required in order
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
to underwrite the plan
||\\||\\ ||\\||\\ ||\\||\\
3) the cost of the plan is determined by the average age of
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
the group ||\\||\\
,4) there is a requirement to prove insurability on the part
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
of the participants - correct answers ✔✔4) there is a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
requirement to prove insurability on the part of the ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
participants
Which of the following allows the insurer to relieve a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
minor insured from premium payments if the minor's
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
parents have died or become disabled? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
1) waiver of premium
||\\||\\ ||\\||\\ ||\\||\\
2) payor benefit
||\\||\\ ||\\||\\
3) humping juvenile
||\\||\\ ||\\||\\
4) juvenile premium provision - correct answers ✔✔2)
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
payor benefit||\\||\\
Which of the following will be included in a policy
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
summary?
1) copies of illustrations and application
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2) comparisons with similar policies
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
3) primary and secondary beneficiary designations
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
, 4) premium amounts and surrender values - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers ✔✔4) premium amounts and surrender values ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
A viatical settlement is arranged between a viatical
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
company and a/an: ||\\||\\ ||\\||\\
1) terminally ill insured
||\\||\\ ||\\||\\ ||\\||\\
2) insurance producer ||\\||\\ ||\\||\\
3) beneficiary ||\\||\\ ||\\||\\
4) lender - correct answers ✔✔1) terminally ill insured
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
An insured owns a term policy with a guaranteed
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
renewable option. When the end of the policy draws near, ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
the insured answers medical questions in order to prove
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
insurability and qualifies for a discounted premium rate. ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Which option best describes this scenario? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
1) preferred premium reduction
||\\||\\ ||\\||\\ ||\\||\\
2) contract review ||\\||\\ ||\\||\\
3) revision of consideration
||\\||\\ ||\\||\\ ||\\||\\
4) re-entry - correct answers ✔✔4) re-entry
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
