Insurance License Exam - Ohio Health and Life Questions with 100% Correct Answers | Updated & Verified | 2024

immediate annuity - Jessica purchased an annuity with a single $175,000 premium payment, and payments began one month later. Based on these facts, what type of annuity did she purchase? Benefits are typically paid while the contract owner is alive - Compared with life insurance, which of the following statements regarding annuities is most correct? Mortality and interest assumptions - Actuaries calculate net single premiums based on which of the following? term life insurance policy - What is a life insurance policy that offers coverage for a specified, limited period with no cash value building up called? Jan's taxable income will be lower than David's - Jan and David both work for Acme Motors, have $50,000 of taxable income, and are in the 25 percent tax bracket. If Jan contributes to Acme's 401(k) plan this year and David does not, which of the following statements is true? suicide - All of the following are standard permanent exclusions found in life insurance policies EXCEPT:a need for current liquidity - A customer's investment objectives, risk tolerance, and time horizon affect suitability for annuity purchases. Which of the following indicates that a customer is not suited for an annuity? The corporation will buy the deceased owner's shares - Three equal partners in a corporation worth $3 million decide to set up a stock redemption agreement. The corporation buys and pays the premiums for life insurance policies to fund the agreement. What will happen if one of the owners dies? The surviving spouse may convert the policy without proving insurability - A married couple is insured under a joint life policy. The first spouse dies. What can the surviving spouse do with the policy? life with term certain - Jill is the beneficiary of her uncle's life insurance policy and is guaranteed to receive income payments for life. However, she is also guaranteed to receive payments for at least ten years. Under which settlement option is Jill receiving the life insurance proceeds? the master policy - What does the employer own under a group insurance plan? the viatical settlement broker - Which one of the following most typically arranges a viatical settlement agreement between the parties? the same premium applies to all of the insured's children, no matter how may are covered - Which of the following statements about children's term riders is CORRECT? both base the premium on a mortality charg