Ohio Life Exam 11-44 / Exam Questions with
Certified Solutions.
Terms in this set (107)
Which of the following 2) a denied license in another state
would be sufficient violation
to warrant rejection,
revocation, or suspension of
an insurance agent's license?
1) a moving violation ticket
2) a denied license in
another state
3) acting as a fiduciary 4)
an unintentional
misrepresentation of the
terms of a contract
3) reinsurance
What method do insurers
use to protect themselves
against catastrophic losses?
1) pro rata liability
2) risk management
3) reinsurance
4) indemnity
,All of the following are true 3) the premiums are invested in the insurer's general account
about variable products
EXCEPT:
1) the cash value is
notguaranteed
2) policy owners bear
theinvestment risk 3) the
premiums are invested in
the insurer's general account
4) the minimum death
benefit is guaranteed
4) there is a requirement to prove insurability on the part of
the participants
All of the following are
characteristics of a group
life insurance plan EXCEPT:
1) the participants receive a
Certificate of Insurance as
their proof of insurance 2) a
minimum number of
participants is required in
order to underwrite the plan
3) the cost of the plan is
determined by the average
age of the group 4) there is a
requirement to prove
insurability on the part of the
participants
,Which of the following allows 2) payor benefit
the insurer to relieve a minor
insured from premium
payments if the minor's
parents have died or become
disabled?
1) waiver of premium
2) payor benefit
3) humping juvenile4)
juvenile premium provision
Which of the following will 4) premium amounts and surrender values
be included in a policy
summary?
1) copies of illustrations
and application 2)
comparisons with similar
policies
3) primary and secondary
beneficiary designations 4)
premium amounts and
surrender values
A viatical settlement is 1) terminally ill insured
arranged between a viatical
company and a/an:
1) terminally ill insured
2) insurance producer
3) beneficiary
4) lender
, An insured owns a term 4) re-entry
policy with a guaranteed
renewable option. When the
end of the policy draws near,
the insured answers medical
questions in order to prove
insurability and qualifies for a
discounted premium rate.
Which option best describes
this scenario? 1) preferred
premium reduction
2) contract review
3) revision of
consideration 4) re-
entry
4) lump sum
If a settlement option is not
chosen by the policyowner
or the beneficiary, which
option will be used? 1) life
income
2) fixed period
3) fixed amount
4) lump sum
Certified Solutions.
Terms in this set (107)
Which of the following 2) a denied license in another state
would be sufficient violation
to warrant rejection,
revocation, or suspension of
an insurance agent's license?
1) a moving violation ticket
2) a denied license in
another state
3) acting as a fiduciary 4)
an unintentional
misrepresentation of the
terms of a contract
3) reinsurance
What method do insurers
use to protect themselves
against catastrophic losses?
1) pro rata liability
2) risk management
3) reinsurance
4) indemnity
,All of the following are true 3) the premiums are invested in the insurer's general account
about variable products
EXCEPT:
1) the cash value is
notguaranteed
2) policy owners bear
theinvestment risk 3) the
premiums are invested in
the insurer's general account
4) the minimum death
benefit is guaranteed
4) there is a requirement to prove insurability on the part of
the participants
All of the following are
characteristics of a group
life insurance plan EXCEPT:
1) the participants receive a
Certificate of Insurance as
their proof of insurance 2) a
minimum number of
participants is required in
order to underwrite the plan
3) the cost of the plan is
determined by the average
age of the group 4) there is a
requirement to prove
insurability on the part of the
participants
,Which of the following allows 2) payor benefit
the insurer to relieve a minor
insured from premium
payments if the minor's
parents have died or become
disabled?
1) waiver of premium
2) payor benefit
3) humping juvenile4)
juvenile premium provision
Which of the following will 4) premium amounts and surrender values
be included in a policy
summary?
1) copies of illustrations
and application 2)
comparisons with similar
policies
3) primary and secondary
beneficiary designations 4)
premium amounts and
surrender values
A viatical settlement is 1) terminally ill insured
arranged between a viatical
company and a/an:
1) terminally ill insured
2) insurance producer
3) beneficiary
4) lender
, An insured owns a term 4) re-entry
policy with a guaranteed
renewable option. When the
end of the policy draws near,
the insured answers medical
questions in order to prove
insurability and qualifies for a
discounted premium rate.
Which option best describes
this scenario? 1) preferred
premium reduction
2) contract review
3) revision of
consideration 4) re-
entry
4) lump sum
If a settlement option is not
chosen by the policyowner
or the beneficiary, which
option will be used? 1) life
income
2) fixed period
3) fixed amount
4) lump sum
