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Ohio Life Insurance Exam Study Guide 2024 Q&A

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2023/2024 Written for academic year
Institution Life Health And Accidental Insurance Ohio
Course Life health and accidental insurance Ohio
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Ohio Life Insurance Exam Study Guide 2024 Q&A To qualify for appointment of agent - CORRECT ANSWER-18 YOA, US citizenship not required, no minimum residency Original certificate good for.... - CORRECT ANSWER-180 days Renewal for license - CORRECT ANSWER-beinnially on birth month, $5 fee Types of risk - CORRECT ANSWER-Pure risk - covered by insurance Speculative risk - not covered (gambling) How to handle risk - CORRECT ANSWER-avoid it retain it - self insurance reduce it share it transfer it - buy insurance, spreads risk to large group Mortality Rate - CORRECT ANSWER-based on "law of large numbers" by age 100 we assume everyone dies females live longer Principal - CORRECT ANSWER-The insurance company The agent represents the principal Implied Authority - CORRECT ANSWER-Needed to do job Not written in contract Expressed Authority - CORRECT ANSWER-written out authority ex. collecting premiums... Apparent Authority - CORRECT ANSWER-actions seem to be those of principal ex. business cards, applications.... Change of name and address - CORRECT ANSWER-30 days to be reported Fiduciary - CORRECT ANSWER-financial trust timely manner agents cannot comingle Amount of solicitors allowed to be hired - CORRECT ANSWER-unlimited

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