Ohio life/health insurance study guide latest 2024 rated A+

Ohio life/health insurance study guide latest 2024 rated A+ Which statement best describes the tax responsibilities under a Business Overhead policy? - Answer ️️ -Premiums are deductible, benefits are taxed In which type of insurance company may stockholders share in the profits and losses of the insurer? - Answer ️️ -Stock In which company may policy owners receive policy dividends when there is a profit? - Answer ️️ -mutual The law of large numbers states that - Answer ️️ -Predictions become more accurate as the number of units being considered increases Premiums paid by sole proprietors for Individual Health Insurance coverage are - Answer ️️ - Fully deductible In Group Health Insurance, the contract is between the - Answer ️️ -Employer and the insurance company An agent is a representative of the - Answer ️️ -Insurance company What statement is TRUE regarding an agent sharing commissions? - Answer ️️ -An agent may share commissions with another agent who is licensed for that line of insurance Ohio Small Group policies may cover a maximum of ______ people? - Answer ️️ -50 Which term means that an insurance contract has unequal consideration between the policy owner and the company? - Answer ️️ -Aleatory The free look when replacing Long-Term Care insurance is ______ days? - Answer ️️ -30 Insurance is a means of ______ risk. - Answer ️️ -Transferring 1. The federal government enacted USC 1033 to do all of the following EXCEPT: