OHIO LIFE, ACCIDENT AND HEALTH
INSURANCE EXAM 11-35 COMPLETE
PREPARATION GUIDE WITH POLICY AND
UNDERWRITING BASICS
◉ What document is required for an insurance company to transact
insurance?
Answer: Certificate of Authority
◉ In forming an insurance contract, when does acceptance usually
occur?
Answer: When the insurer approves a prepaid application
◉ If an insurer meets all the state's financial requirements and is
approved to transact business in the state, it is considered what kind
of insurer?
Answer: Authorized/Admitted
◉ A situation in which a person can only experience a loss and no
gains presents what type of risk?
Answer: Pure risk
, ◉ In the agent/insurer relationship, who is considered the
principal?
Answer: The insurer
◉ What two elements are necessary for a life insurance contract to
have a legal purpose?
Answer: Insurable interest & consent
◉ Whose responsibility is it to determine that all the questions on
an insurance application are answered?
Answer: The agent's
◉ In insurance, when is the offer usually made on a contract?
Answer: When the insurance application is submitted
◉ What is a warranty in an insurance contract?
Answer: Information that is guaranteed to be true
◉ If an applicant does not receive his or her insurance policy, who is
to be held responsible?
Answer: The agent
INSURANCE EXAM 11-35 COMPLETE
PREPARATION GUIDE WITH POLICY AND
UNDERWRITING BASICS
◉ What document is required for an insurance company to transact
insurance?
Answer: Certificate of Authority
◉ In forming an insurance contract, when does acceptance usually
occur?
Answer: When the insurer approves a prepaid application
◉ If an insurer meets all the state's financial requirements and is
approved to transact business in the state, it is considered what kind
of insurer?
Answer: Authorized/Admitted
◉ A situation in which a person can only experience a loss and no
gains presents what type of risk?
Answer: Pure risk
, ◉ In the agent/insurer relationship, who is considered the
principal?
Answer: The insurer
◉ What two elements are necessary for a life insurance contract to
have a legal purpose?
Answer: Insurable interest & consent
◉ Whose responsibility is it to determine that all the questions on
an insurance application are answered?
Answer: The agent's
◉ In insurance, when is the offer usually made on a contract?
Answer: When the insurance application is submitted
◉ What is a warranty in an insurance contract?
Answer: Information that is guaranteed to be true
◉ If an applicant does not receive his or her insurance policy, who is
to be held responsible?
Answer: The agent
