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Ohio Life, Accident, & Health Questions
and Correct Answers/ Latest Update /
Already Graded
Guaranteed Renewable
Ans: The insurer must renew the policy as long as the
policyholder pays the premium on time.
The insurer cannot refuse to renew or cancel the policy for
health reasons or claims history.
The insurer can raise premiums but only by class or group, not
individually.
Common in group health insurance and some individual
policies.
Noncancelable
Ans: The insurer cannot cancel or refuse to renew the policy for
any reason as long as premiums are paid.
Premiums cannot be increased during the term or at renewal.
Offers the most protection and stability for the insured.
Usually seen in disability income insurance, less common in
health insurance.
Conditionally Renewable
All rights reserved © 2025/ 2026 |
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Ans: The insurer may refuse to renew the policy for certain
specific reasons defined in the contract (such as movin g out of a
service area or reaching a certain age).
The insurer cannot refuse renewal because of health status or
claims, except for the stated conditions.
The policy will specify the conditions under which renewal can
be denied.
Optionally Renewable
Ans: The insurer has the option to renew or not at each
renewal date.
The insurer can refuse to renew the policy for any reason,
including health or claims.
Usually requires notice to the insured prior to nonrenewal.
Less favorable for the insured because coverage isn't
guaranteed long-term.
Cancel-At-Any-Time (Cancellable)
Ans: The insurer can cancel the policy at any time for any
reason (typically with notice).
Very uncommon for individual health insurance nowadays.
Usually seen in short-term or limited policies.
All rights reserved © 2025/ 2026 |
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Conversion
Ans: takes place when an insured individual changes his or her
Group Health Insurance to an individual policy with the same
insurer at the termination of employment.
Unpaid Provision
Ans: permits an insurer to deduct any unpaid premium (usually
due during the grace period) from the benefit.
10 Days
Ans: The grace period for monthly premium payments
No Loss No Gain
Ans: Legislation requires that when health insuran ce is
replaced, ongoing claims under the former policy must continue
to be paid under the new policy.
exclusion for the medical condition
Ans: An underwriter determines that an applicant's risk should
be recategorized due to a health issue. This p olicy may be
issued with a(n):
All rights reserved © 2025/ 2026 |
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Absolute Assignment
Ans: When the policyowner gives complete and permanent
ownership of a life or health insurance policy to someone
else.👉 The new owner controls the policy and gets all benefits.
Accidental Death Benefit (Multiple Indemnity) Rider
Ans: An extra feature added to a life insurance policy that pays
more money (usually double or triple the face amount) if the
insured dies because of an accident.👉 Think of it as bonus
coverage for accidental death.
Accelerated Benefits Rider
Ans: Lets you get part of your life insurance money early if
you're seriously ill or terminally ill.👉 It helps cover things like
medical bills while you're still alive.
Accumulate Interest Option
Ans: Instead of getting your policy payout right away, the
insurance company holds the money and pays you interest on
it.👉 You can withdraw the money later, and the interest earned
is taxable.
All rights reserved © 2025/ 2026 |
Ohio Life, Accident, & Health Questions
and Correct Answers/ Latest Update /
Already Graded
Guaranteed Renewable
Ans: The insurer must renew the policy as long as the
policyholder pays the premium on time.
The insurer cannot refuse to renew or cancel the policy for
health reasons or claims history.
The insurer can raise premiums but only by class or group, not
individually.
Common in group health insurance and some individual
policies.
Noncancelable
Ans: The insurer cannot cancel or refuse to renew the policy for
any reason as long as premiums are paid.
Premiums cannot be increased during the term or at renewal.
Offers the most protection and stability for the insured.
Usually seen in disability income insurance, less common in
health insurance.
Conditionally Renewable
All rights reserved © 2025/ 2026 |
, Page |2
Ans: The insurer may refuse to renew the policy for certain
specific reasons defined in the contract (such as movin g out of a
service area or reaching a certain age).
The insurer cannot refuse renewal because of health status or
claims, except for the stated conditions.
The policy will specify the conditions under which renewal can
be denied.
Optionally Renewable
Ans: The insurer has the option to renew or not at each
renewal date.
The insurer can refuse to renew the policy for any reason,
including health or claims.
Usually requires notice to the insured prior to nonrenewal.
Less favorable for the insured because coverage isn't
guaranteed long-term.
Cancel-At-Any-Time (Cancellable)
Ans: The insurer can cancel the policy at any time for any
reason (typically with notice).
Very uncommon for individual health insurance nowadays.
Usually seen in short-term or limited policies.
All rights reserved © 2025/ 2026 |
, Page |3
Conversion
Ans: takes place when an insured individual changes his or her
Group Health Insurance to an individual policy with the same
insurer at the termination of employment.
Unpaid Provision
Ans: permits an insurer to deduct any unpaid premium (usually
due during the grace period) from the benefit.
10 Days
Ans: The grace period for monthly premium payments
No Loss No Gain
Ans: Legislation requires that when health insuran ce is
replaced, ongoing claims under the former policy must continue
to be paid under the new policy.
exclusion for the medical condition
Ans: An underwriter determines that an applicant's risk should
be recategorized due to a health issue. This p olicy may be
issued with a(n):
All rights reserved © 2025/ 2026 |
, Page |4
Absolute Assignment
Ans: When the policyowner gives complete and permanent
ownership of a life or health insurance policy to someone
else.👉 The new owner controls the policy and gets all benefits.
Accidental Death Benefit (Multiple Indemnity) Rider
Ans: An extra feature added to a life insurance policy that pays
more money (usually double or triple the face amount) if the
insured dies because of an accident.👉 Think of it as bonus
coverage for accidental death.
Accelerated Benefits Rider
Ans: Lets you get part of your life insurance money early if
you're seriously ill or terminally ill.👉 It helps cover things like
medical bills while you're still alive.
Accumulate Interest Option
Ans: Instead of getting your policy payout right away, the
insurance company holds the money and pays you interest on
it.👉 You can withdraw the money later, and the interest earned
is taxable.
All rights reserved © 2025/ 2026 |
