Ohio life and health practice Exam Prep Questions And Answers (202472025)
Ownership of a life insurance policy may be temporarily transferred with a(n) - ✔✔collateral
assignment
Which of the following statements is CORRECT regarding an individual applying for life or health
insurance? - ✔✔The applicant's medical history may be analyzed and reported
Which type of annuity guarantees a stated number of income payments, whether or not the
annuitant is still alive to receive them? - ✔✔life annuity certain
A type of insurer that is owned by its policyowners is called - ✔✔mutual
A whole life insurance policy accumulates cash value that becomes - ✔✔the policy loan value
which the insured may borrow against
What happens to interest earned if the annuitant dies before the payout start date? - ✔✔it is taxable
What dividend option would an insurer invest the policyowner's money and add any interest
earnings as the dividends accrue? - ✔✔Accumulation at Interest Option
Medicare Part A covers - ✔✔inpatient hospital stay
The election of COBRA for continuation of health coverage will - ✔✔maintain the same coverage
and increase premium
All of these are responsibilities of the superintendent EXCEPT - ✔✔endorsing insurers
Which disability policy provision would address any concerns of the value of the benefits
decreasing over time? - ✔✔cost of living benefit
, What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an
employee to do? - ✔✔in the event of employment termination, group health insurance can be kept
if the employee pays the premiums
Ambiguities in an insurance policy are always resolved in favor of the - ✔✔insured
Which of the following does Medicare Part D cover? - ✔✔prescription drugs
How do interest earnings accumulate in a deferred annuity? - ✔✔on a tax-deferred basis
A securities license is required for a life insurance producer to sell - ✔✔variable life insurance
What happens when an insurance policy is backdated? - ✔✔the policy's effective date is earlier
than the present
Ron has a new employer and wishes to enroll in the company's group health plan. In determining
whether his pre-existing health condition applies, Ron cannot have more than a ___ day gap
without previous health insurance. - ✔✔63
Jonas has disability insurance through his employer. The employer pays 75% of the premium, and
Jonas pays the other 25%. What is Jonas's tax liability for any benefits paid from the disability
plan? - ✔✔taxes must be paid on 75% of the benefits received
A health insurance policy where the insurer has the right to terminate the policy for reasons other
than the insured's health is called - ✔✔conditionally renewable
Pete the agent recently had his license suspended because he was found to be in violation of a state
insurance law. Due to this suspension, Pete - ✔✔may be assessed the administrative costs
sustained by the Department
Ownership of a life insurance policy may be temporarily transferred with a(n) - ✔✔collateral
assignment
Which of the following statements is CORRECT regarding an individual applying for life or health
insurance? - ✔✔The applicant's medical history may be analyzed and reported
Which type of annuity guarantees a stated number of income payments, whether or not the
annuitant is still alive to receive them? - ✔✔life annuity certain
A type of insurer that is owned by its policyowners is called - ✔✔mutual
A whole life insurance policy accumulates cash value that becomes - ✔✔the policy loan value
which the insured may borrow against
What happens to interest earned if the annuitant dies before the payout start date? - ✔✔it is taxable
What dividend option would an insurer invest the policyowner's money and add any interest
earnings as the dividends accrue? - ✔✔Accumulation at Interest Option
Medicare Part A covers - ✔✔inpatient hospital stay
The election of COBRA for continuation of health coverage will - ✔✔maintain the same coverage
and increase premium
All of these are responsibilities of the superintendent EXCEPT - ✔✔endorsing insurers
Which disability policy provision would address any concerns of the value of the benefits
decreasing over time? - ✔✔cost of living benefit
, What does the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 allow an
employee to do? - ✔✔in the event of employment termination, group health insurance can be kept
if the employee pays the premiums
Ambiguities in an insurance policy are always resolved in favor of the - ✔✔insured
Which of the following does Medicare Part D cover? - ✔✔prescription drugs
How do interest earnings accumulate in a deferred annuity? - ✔✔on a tax-deferred basis
A securities license is required for a life insurance producer to sell - ✔✔variable life insurance
What happens when an insurance policy is backdated? - ✔✔the policy's effective date is earlier
than the present
Ron has a new employer and wishes to enroll in the company's group health plan. In determining
whether his pre-existing health condition applies, Ron cannot have more than a ___ day gap
without previous health insurance. - ✔✔63
Jonas has disability insurance through his employer. The employer pays 75% of the premium, and
Jonas pays the other 25%. What is Jonas's tax liability for any benefits paid from the disability
plan? - ✔✔taxes must be paid on 75% of the benefits received
A health insurance policy where the insurer has the right to terminate the policy for reasons other
than the insured's health is called - ✔✔conditionally renewable
Pete the agent recently had his license suspended because he was found to be in violation of a state
insurance law. Due to this suspension, Pete - ✔✔may be assessed the administrative costs
sustained by the Department
