OHIO LIFE, ACCIDENT & HEALTH INSURANCE EXAM
(SERIES 11-35), LIFE INSURANCE POLICIES WITH ALL
CORRECT & 100% VERIFIED ANSWERS
What type of policy is typically issued without proof of insurability from the insured? Correct
answer-Group policy
A whole life policy that requires that the Policyowner only pays premiums for a specified number of
years is known as what type of policy? Correct answer-Limited-pay whole life
Who is entitled to the cash values in an insurance policy? Correct answer-The Policyowner
An insured receives a monthly summary for his life insurance policy. He notices that the cash value of
the policy is significantly lower this month than it was last month. What type of policy does the
insured have? Correct answer-Variable
What happens to the premium in an annually renewable term life policy? Correct answer-Premium
increases with each renewal
In a joint life policy, when is the death benefit paid? Correct answer-Upon the first death
In term policies, what happens to the premium throughout the policy? Correct answer-It remains
level
In variable universal life insurance, to which policy component does the term variable refer?
Correct answer-Cash value and death benefit
When the amount of insurance is increased in an adjustable life policy, what will the insurer require
from the insured? Correct answer-Evidence of insurability
In what type of life insurance policies can the Policyowner skip premium payments without lapsing?
Correct answer-Universal life
A policy states that the insurer will pay a specified face amount if the insured dies within the 20-year
premium paying period and nothing if he dies after. What type of policy is this? Correct answer-20-
year level term
What does "level" refer to in level term insurance? Correct answer-Face amount
Between adjustable life and universal life policies, which one provides more flexibility to the
policyowner? Correct answer-Universal life
What type of life insurance policy offers pure death protection? Correct answer-Term
What type of policy issues certificates of insurance to the insureds? Correct answer-Group policy
What type of life insurance policy provides permanent protection? Correct answer-Whole life
(SERIES 11-35), LIFE INSURANCE POLICIES WITH ALL
CORRECT & 100% VERIFIED ANSWERS
What type of policy is typically issued without proof of insurability from the insured? Correct
answer-Group policy
A whole life policy that requires that the Policyowner only pays premiums for a specified number of
years is known as what type of policy? Correct answer-Limited-pay whole life
Who is entitled to the cash values in an insurance policy? Correct answer-The Policyowner
An insured receives a monthly summary for his life insurance policy. He notices that the cash value of
the policy is significantly lower this month than it was last month. What type of policy does the
insured have? Correct answer-Variable
What happens to the premium in an annually renewable term life policy? Correct answer-Premium
increases with each renewal
In a joint life policy, when is the death benefit paid? Correct answer-Upon the first death
In term policies, what happens to the premium throughout the policy? Correct answer-It remains
level
In variable universal life insurance, to which policy component does the term variable refer?
Correct answer-Cash value and death benefit
When the amount of insurance is increased in an adjustable life policy, what will the insurer require
from the insured? Correct answer-Evidence of insurability
In what type of life insurance policies can the Policyowner skip premium payments without lapsing?
Correct answer-Universal life
A policy states that the insurer will pay a specified face amount if the insured dies within the 20-year
premium paying period and nothing if he dies after. What type of policy is this? Correct answer-20-
year level term
What does "level" refer to in level term insurance? Correct answer-Face amount
Between adjustable life and universal life policies, which one provides more flexibility to the
policyowner? Correct answer-Universal life
What type of life insurance policy offers pure death protection? Correct answer-Term
What type of policy issues certificates of insurance to the insureds? Correct answer-Group policy
What type of life insurance policy provides permanent protection? Correct answer-Whole life
