Life & Health Insurance –
Ohio Licensing Exam 2026
| Questions, Answers &
Rationales Study Guide
|Graded A+ | Guaranteed
success|
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Accelerated benefit Available only if the benefits are available during the insured's lifetime, benefit
amounts are fixed when accelerated, and the benefits, when paid, reduces the
death benefit
Accumulation at interest option A dividend option under which the policy owner allows dividends to accumulate
at interest with the company. Only the interest on the dividends is taxable as
income (participating policies only).
Actuary Once concerned with the application of probability and statistical theory to
insurance. This person sets expenses, and interest assumptions.
ADB Accidental death benefit, also known as double indemnity. There is another
variation called triple indemnity.
AD&D Accidental death and dismemberment insurance.
Administrator The person appointed by a court to settle a deceased's estate, sometimes called
and executor.
Adverse selection Selection against the insurance company. The tendency of poorer risks to want
insurance more often than standard risks.
Agent The individual appointed by an insurance company to solicit, negotiate, effect, or
countersign insurance contracts on its behalf.
Aleatory Something that depends upon chance or is random. It is derived from the Latin
idea of "rolling the dice."
Aleatory contract A contract in which both parties know that one or the other may receive more
than paid in. This payment is dependent upon a fortuitous event. For example. a
person pays the premium for a term policy for many years and does not die, thus,
a claim is never filed.
Alien company An insured organized and domiciled in a country other than the United States
Annuitant The one receiving the Annuity and on whose life expectancy the rates are figured.
Annuity 1. An amount of money, payable monthly or yearly, which liquidates a financial
asset. 2. An agreement by an insurer to make periodic payments that continue
during the survival of the annuitant(s) or for a specified period. Annuities are also
accumulations vehicles that function much like savings accounts.
Ohio Licensing Exam 2026
| Questions, Answers &
Rationales Study Guide
|Graded A+ | Guaranteed
success|
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Accelerated benefit Available only if the benefits are available during the insured's lifetime, benefit
amounts are fixed when accelerated, and the benefits, when paid, reduces the
death benefit
Accumulation at interest option A dividend option under which the policy owner allows dividends to accumulate
at interest with the company. Only the interest on the dividends is taxable as
income (participating policies only).
Actuary Once concerned with the application of probability and statistical theory to
insurance. This person sets expenses, and interest assumptions.
ADB Accidental death benefit, also known as double indemnity. There is another
variation called triple indemnity.
AD&D Accidental death and dismemberment insurance.
Administrator The person appointed by a court to settle a deceased's estate, sometimes called
and executor.
Adverse selection Selection against the insurance company. The tendency of poorer risks to want
insurance more often than standard risks.
Agent The individual appointed by an insurance company to solicit, negotiate, effect, or
countersign insurance contracts on its behalf.
Aleatory Something that depends upon chance or is random. It is derived from the Latin
idea of "rolling the dice."
Aleatory contract A contract in which both parties know that one or the other may receive more
than paid in. This payment is dependent upon a fortuitous event. For example. a
person pays the premium for a term policy for many years and does not die, thus,
a claim is never filed.
Alien company An insured organized and domiciled in a country other than the United States
Annuitant The one receiving the Annuity and on whose life expectancy the rates are figured.
Annuity 1. An amount of money, payable monthly or yearly, which liquidates a financial
asset. 2. An agreement by an insurer to make periodic payments that continue
during the survival of the annuitant(s) or for a specified period. Annuities are also
accumulations vehicles that function much like savings accounts.
