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Ohio Life, Accident & Health Insurance
Exam (Series 11-35), Life Insurance Policies
Questions and Answers
What type of policy is typically issued without proof of insurability
from the insured?
Ans: 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?
Ans: Limited-pay whole life
Who is entitled to the cash values in an insurance policy?
Ans: 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?
Ans: Variable
What happens to the premium in an annually renewable term life
policy?
Ans: Premium increases with each renewal
In a joint life policy, when is the death benefit paid?
Ans: Upon the first death
In term policies, what happens to the premium throughout the
policy?
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Ans: It remains level
In variable universal life insurance, to which policy component
does the term variable refer?
Ans: 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?
Ans: Evidence of insurability
In what type of life insurance policies can the Policyowner skip
premium payments without lapsing?
Ans: 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?
Ans: 20-year level term
What does "level" refer to in level term insurance?
Ans: Face amount
Between adjustable life and universal life policies, which one
provides more flexibility to the policyowner?
Ans: Universal life
What type of life insurance policy offers pure death protection?
Ans: Term
What type of policy issues certificates of insurance to the
insureds?
Ans: Group policy
What type of life insurance policy provides permanent protection?
© 2025 All rights reserved
Ohio Life, Accident & Health Insurance
Exam (Series 11-35), Life Insurance Policies
Questions and Answers
What type of policy is typically issued without proof of insurability
from the insured?
Ans: 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?
Ans: Limited-pay whole life
Who is entitled to the cash values in an insurance policy?
Ans: 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?
Ans: Variable
What happens to the premium in an annually renewable term life
policy?
Ans: Premium increases with each renewal
In a joint life policy, when is the death benefit paid?
Ans: Upon the first death
In term policies, what happens to the premium throughout the
policy?
© 2025 All rights reserved
, 2 | Page
Ans: It remains level
In variable universal life insurance, to which policy component
does the term variable refer?
Ans: 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?
Ans: Evidence of insurability
In what type of life insurance policies can the Policyowner skip
premium payments without lapsing?
Ans: 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?
Ans: 20-year level term
What does "level" refer to in level term insurance?
Ans: Face amount
Between adjustable life and universal life policies, which one
provides more flexibility to the policyowner?
Ans: Universal life
What type of life insurance policy offers pure death protection?
Ans: Term
What type of policy issues certificates of insurance to the
insureds?
Ans: Group policy
What type of life insurance policy provides permanent protection?
© 2025 All rights reserved
