Ohio Life Insurance Exam Questions With 100% Correct Answers.

To qualify for appointment of agent - Answer-18 YOA, US citizenship not required, no minimum residency Original certificate good for.... - Answer-180 days Renewal for license - Answer-beinnially on birth month, $5 fee Types of risk - Answer-Pure risk - covered by insurance Speculative risk - not covered (gambling) How to handle risk - Answer-avoid it retain it - self insurance reduce it share it transfer it - buy insurance, spreads risk to large group Mortality Rate - Answer-based on "law of large numbers" by age 100 we assume everyone dies females live longer Principal - Answer-The insurance company The agent represents the principal Implied Authority - Answer-Needed to do job Not written in contract Expressed Authority - Answer-written out authority ex. collecting premiums...Apparent Authority - Answer-actions seem to be those of principal ex. business cards, applications.... Change of name and address - Answer-30 days to be reported