OHIO LIFE/HEALTH INSURANCE STUDY GUIDE EXAM QUESTIONS
AND ANSWERS LATEST UPDATES 2026 WITH CORRECT
ANSWERS 100% WITH COMPLETE SOLUTIONS PASS
GUARANTEED | GRADED A+ |
Which element is NOT necessary for formation of a legally valid contract?
a. Agreement
b. Offer
c. Consideration
d. Payment of premium in full - ANSWER-d. Payment of premium in full
Who pays the costs of examination of an insurance company? - ANSWER-
Company being examined
When a party appears to have given up a particular right by acts or inaction
that another party has relied on, the legal basis for asserting the original
right may have been lost. This is known as the legal Doctrine of - ANSWER-
Estoppel
Which rider is added to a polic written on the life of a child to make sure the
premium is paid if the policy owner dies or becomes disabled? - ANSWER-
Payor Benefit rider
The interest adjusted cost comparison index - ANSWER-Is based upon the
living to cash in the policy at the 20th year
,The Superintendent, or someone appointed by the Superintendent, must
examine the financial affairs of a company at least once every _____ year(s). -
ANSWER-3
Which is NOT a dividend option on a Life Insurance policy issued by an
insurer?
a. Apply to premium when due
b. cash
c. Extended Term option
d. Paid-up additions - ANSWER-c. Extended Term option
Which type of Life Insurance offers only pure protection? - ANSWER-term
Taxes on accumulated interest in the cash value account of a Whole Life
policy, if required, are due - ANSWER-Upon cash surrender
Under contract law, the actions by a party may intentionally and voluntarily
give up a known right. When this occurs, it is known as a - ANSWER-Wavier
Universal Life policies do NOT provide which of the following?
a. The cash value invested in a separate account.
b. The choice of fixed or level premiums
c. Flexibility in premium payments
d. A minimum guaranteed interest rate on the cash value - ANSWER-a. The
cash value invested in a separate account.
, When determining the amount of Life Insurance a client needs, it is NOT
necessary to consider
a. Child's education
b. Final Expenses
c. Mortgage payoff
d. Self-maintenance costs - ANSWER-d. Self-maintenance costs
If the Superintendent believes that an agent is violating an insurance
regulation and that violation is about to cause substantial and material harm,
the Superintendent may issues a(n) - ANSWER-Cease and desist order
Which statement does NOT accurately describe accelerated benefits?
a. Accelerated benefits are added as a rider to some policies, but built into
others as a provision
b. Accelerated benefits are treated as a policy loan
c. Accelerated benefits pay a portion of the death benefit prior to death of
the insured
d. Accelerated benefits reduce the amount payable to the beneficiary -
ANSWER-b. Accelerated benefits are treated as a policy loan
When an insured sells or assigns a Life Insurance policy to another party to
get money to pay for terminal expenses, it is known as a(n) - ANSWER-
Viatical settlement
To calculate a net single premium, a Life Insurance company would subtract
which of the following from the cost of mortality? - ANSWER-Interest
AND ANSWERS LATEST UPDATES 2026 WITH CORRECT
ANSWERS 100% WITH COMPLETE SOLUTIONS PASS
GUARANTEED | GRADED A+ |
Which element is NOT necessary for formation of a legally valid contract?
a. Agreement
b. Offer
c. Consideration
d. Payment of premium in full - ANSWER-d. Payment of premium in full
Who pays the costs of examination of an insurance company? - ANSWER-
Company being examined
When a party appears to have given up a particular right by acts or inaction
that another party has relied on, the legal basis for asserting the original
right may have been lost. This is known as the legal Doctrine of - ANSWER-
Estoppel
Which rider is added to a polic written on the life of a child to make sure the
premium is paid if the policy owner dies or becomes disabled? - ANSWER-
Payor Benefit rider
The interest adjusted cost comparison index - ANSWER-Is based upon the
living to cash in the policy at the 20th year
,The Superintendent, or someone appointed by the Superintendent, must
examine the financial affairs of a company at least once every _____ year(s). -
ANSWER-3
Which is NOT a dividend option on a Life Insurance policy issued by an
insurer?
a. Apply to premium when due
b. cash
c. Extended Term option
d. Paid-up additions - ANSWER-c. Extended Term option
Which type of Life Insurance offers only pure protection? - ANSWER-term
Taxes on accumulated interest in the cash value account of a Whole Life
policy, if required, are due - ANSWER-Upon cash surrender
Under contract law, the actions by a party may intentionally and voluntarily
give up a known right. When this occurs, it is known as a - ANSWER-Wavier
Universal Life policies do NOT provide which of the following?
a. The cash value invested in a separate account.
b. The choice of fixed or level premiums
c. Flexibility in premium payments
d. A minimum guaranteed interest rate on the cash value - ANSWER-a. The
cash value invested in a separate account.
, When determining the amount of Life Insurance a client needs, it is NOT
necessary to consider
a. Child's education
b. Final Expenses
c. Mortgage payoff
d. Self-maintenance costs - ANSWER-d. Self-maintenance costs
If the Superintendent believes that an agent is violating an insurance
regulation and that violation is about to cause substantial and material harm,
the Superintendent may issues a(n) - ANSWER-Cease and desist order
Which statement does NOT accurately describe accelerated benefits?
a. Accelerated benefits are added as a rider to some policies, but built into
others as a provision
b. Accelerated benefits are treated as a policy loan
c. Accelerated benefits pay a portion of the death benefit prior to death of
the insured
d. Accelerated benefits reduce the amount payable to the beneficiary -
ANSWER-b. Accelerated benefits are treated as a policy loan
When an insured sells or assigns a Life Insurance policy to another party to
get money to pay for terminal expenses, it is known as a(n) - ANSWER-
Viatical settlement
To calculate a net single premium, a Life Insurance company would subtract
which of the following from the cost of mortality? - ANSWER-Interest
