Ohio Life insurance Exam Prep Questions And Answers (202472025)
A life insurance company has transferred some of its risk to another insure. The insurer assuming
the risk is called - ✔✔
all of the following are examples of business continuation plan except - ✔✔Deffered
Compensation
All of these are valid options for an Adjustable Life Policy EXCEPT
The policy's premium can be increased or decreased
The policy's death benefit can be increased or decreased
A nonforfeiture option can be used to increase the death benefit
The policy's protection period can be modified - ✔✔A non forfeiture option can be used to
increase the death benefit
the superintendent determines an examination of an insurers books and record is necessary. After
receiving the notification, the insurer - ✔✔must not impede the examination
the double indemnity prevision in a life insurance policy pertains to an insureds death caused by
a(n) - ✔✔accident
Which of these is not considered to be a risk factor in life insurance underwriting - ✔✔number of
children
the suicide clause of a life insurance policy states that if an insured commits suicide within the
stated period from the policy inception the insurer will only be liable fora return of premiums paid
- ✔✔minus indebtedness and without interest
A minor may receive a life inurance polciys death benefit only - ✔✔if the minor has an appointed
guardian
, a life insruacne policy that has premiums fully paid up within a stated time period is called -
✔✔limited payment insurance
When a qualified plan starts making payments to its recipient, which portion of the distributions
is taxable?
Principal
Contributions made by employee
Contributions made by employer
Gains - ✔✔Gains
Which of the following does a life insurance policy summary normally include - ✔✔the policys
cash value
a whole life policy option where extended term insurance is selected is called - ✔✔nonforfeiture
option
which of the following is a reinstatement condition - ✔✔proof of insurability
a securities license is required for the life insurance producer to sell - ✔✔variable life insurance
all of these characteristics of a universal life insurance policy except
flexible death benefit
fixed surrender value
flexible premiums
builds cash value - ✔✔fixed surrender value
a provision that allows a policyowner to temporarily give up ownership rights to secure a loan is
called a(n) - ✔✔collateral assignment
A life insurance company has transferred some of its risk to another insure. The insurer assuming
the risk is called - ✔✔
all of the following are examples of business continuation plan except - ✔✔Deffered
Compensation
All of these are valid options for an Adjustable Life Policy EXCEPT
The policy's premium can be increased or decreased
The policy's death benefit can be increased or decreased
A nonforfeiture option can be used to increase the death benefit
The policy's protection period can be modified - ✔✔A non forfeiture option can be used to
increase the death benefit
the superintendent determines an examination of an insurers books and record is necessary. After
receiving the notification, the insurer - ✔✔must not impede the examination
the double indemnity prevision in a life insurance policy pertains to an insureds death caused by
a(n) - ✔✔accident
Which of these is not considered to be a risk factor in life insurance underwriting - ✔✔number of
children
the suicide clause of a life insurance policy states that if an insured commits suicide within the
stated period from the policy inception the insurer will only be liable fora return of premiums paid
- ✔✔minus indebtedness and without interest
A minor may receive a life inurance polciys death benefit only - ✔✔if the minor has an appointed
guardian
, a life insruacne policy that has premiums fully paid up within a stated time period is called -
✔✔limited payment insurance
When a qualified plan starts making payments to its recipient, which portion of the distributions
is taxable?
Principal
Contributions made by employee
Contributions made by employer
Gains - ✔✔Gains
Which of the following does a life insurance policy summary normally include - ✔✔the policys
cash value
a whole life policy option where extended term insurance is selected is called - ✔✔nonforfeiture
option
which of the following is a reinstatement condition - ✔✔proof of insurability
a securities license is required for the life insurance producer to sell - ✔✔variable life insurance
all of these characteristics of a universal life insurance policy except
flexible death benefit
fixed surrender value
flexible premiums
builds cash value - ✔✔fixed surrender value
a provision that allows a policyowner to temporarily give up ownership rights to secure a loan is
called a(n) - ✔✔collateral assignment
