OHIO LIFE INSURANCE EXAM WITH ALL CORRECT &
100% VERIFIED ANSWERS|UPDATED TO PASS
To qualify for appointment of agent Correct answer-18 YOA, US citizenship not required, no
minimum residency
Original certificate good for.... Correct answer-180 days
Renewal for license Correct answer-beinnially on birth month, $5 fee
Types of risk Correct answer-Pure risk - covered by insurance
Speculative risk - not covered (gambling)
How to handle risk Correct answer-avoid it
retain it - self insurance
reduce it
share it
transfer it - buy insurance, spreads risk to large group
Mortality Rate Correct answer-based on "law of large numbers"
by age 100 we assume everyone dies
females live longer
Principal Correct answer-The insurance company
The agent represents the principal
Implied Authority Correct answer-Needed to do job
Not written in contract
Expressed Authority Correct answer-written out authority
ex. collecting premiums...
Apparent Authority Correct answer-actions seem to be those of principal
ex. business cards, applications....
Change of name and address Correct answer-30 days to be reported
Fiduciary Correct answer-financial trust
timely manner
agents cannot comingle
Amount of solicitors allowed to be hired Correct answer-unlimited
Brokers Correct answer-Represent their client/insured person
Consultants Correct answer-Sell their advice for a fee
Usually no commission stuff
Legal Contracts Require Correct answer-competent parties
100% VERIFIED ANSWERS|UPDATED TO PASS
To qualify for appointment of agent Correct answer-18 YOA, US citizenship not required, no
minimum residency
Original certificate good for.... Correct answer-180 days
Renewal for license Correct answer-beinnially on birth month, $5 fee
Types of risk Correct answer-Pure risk - covered by insurance
Speculative risk - not covered (gambling)
How to handle risk Correct answer-avoid it
retain it - self insurance
reduce it
share it
transfer it - buy insurance, spreads risk to large group
Mortality Rate Correct answer-based on "law of large numbers"
by age 100 we assume everyone dies
females live longer
Principal Correct answer-The insurance company
The agent represents the principal
Implied Authority Correct answer-Needed to do job
Not written in contract
Expressed Authority Correct answer-written out authority
ex. collecting premiums...
Apparent Authority Correct answer-actions seem to be those of principal
ex. business cards, applications....
Change of name and address Correct answer-30 days to be reported
Fiduciary Correct answer-financial trust
timely manner
agents cannot comingle
Amount of solicitors allowed to be hired Correct answer-unlimited
Brokers Correct answer-Represent their client/insured person
Consultants Correct answer-Sell their advice for a fee
Usually no commission stuff
Legal Contracts Require Correct answer-competent parties
