ohio life/health insurance study guide verified 100%In which company may policy owners receive policy dividends when there is a profit? - ANSWER mutual

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: a. Allow the federal Department of Insurance to indict individuals in violation of USC 1033 b. Allow the state Superintendent to refuse to issue or renew any license c. Prohibit convicted individuals from engaging in insurance business d. Pr