LIFE AND HEALTH INSURANCE -
OHIO LICENSING EXAM 2024/25
QUESTIONS & ANSWERS SOLVED
100% CORRECT!!
plan.
Contract Policy
Aleatory Contract
, Don't know?
2 of 269
Definition
A life insurance policy that has excessive premiums paid into it in the
first seven years, called the seven-pay test, and once a policy is
marked as MEC, it can never be reversed
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Collateral Assignment Conditional Receipt
MEC, Modified Endowment
Authorized Company
Contract
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3 of 269
Definition
A method of receiving life insurance proceeds other than in a lump
sum.
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, Fiduciary Rate
Settlement Option Controlled Business
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4 of 269
Definition
The minimum coverage requirements for health insurance under the
affordable care act. the qualified plans must be guarantee issue with
a no pre-existing conditions and no lifetime benefit maxiumums
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Mutual Insurance Company (insurer) Health Insurance Exchange (hix)
Essential Health Benefits
Individual mandate
(EHB)
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, 5 of 269
Definition
The continuation in full force and effect of a policy that is about to
expire.
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Renewal Premium
Surrender Agent
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6 of 269
Definition
A contract in which both parties know that one or the other may
receive more than paid in. This payment is dependent upon a
fortuitous event. For example. a person pays the premium for a term
policy for many years and does not die, thus, a claim is never filed.
Give this one a try later!
Aleatory contract Foreign company
Valued contract Insurable interest
OHIO LICENSING EXAM 2024/25
QUESTIONS & ANSWERS SOLVED
100% CORRECT!!
plan.
Contract Policy
Aleatory Contract
, Don't know?
2 of 269
Definition
A life insurance policy that has excessive premiums paid into it in the
first seven years, called the seven-pay test, and once a policy is
marked as MEC, it can never be reversed
Give this one a try later!
Collateral Assignment Conditional Receipt
MEC, Modified Endowment
Authorized Company
Contract
Don't know?
3 of 269
Definition
A method of receiving life insurance proceeds other than in a lump
sum.
Give this one a try later!
, Fiduciary Rate
Settlement Option Controlled Business
Don't know?
4 of 269
Definition
The minimum coverage requirements for health insurance under the
affordable care act. the qualified plans must be guarantee issue with
a no pre-existing conditions and no lifetime benefit maxiumums
Give this one a try later!
Mutual Insurance Company (insurer) Health Insurance Exchange (hix)
Essential Health Benefits
Individual mandate
(EHB)
Don't know?
, 5 of 269
Definition
The continuation in full force and effect of a policy that is about to
expire.
Give this one a try later!
Renewal Premium
Surrender Agent
Don't know?
6 of 269
Definition
A contract in which both parties know that one or the other may
receive more than paid in. This payment is dependent upon a
fortuitous event. For example. a person pays the premium for a term
policy for many years and does not die, thus, a claim is never filed.
Give this one a try later!
Aleatory contract Foreign company
Valued contract Insurable interest
