EXCEL Practice Exam Graded A+
1. A licensed agent who lives in another state and transacts insurance in Ohio is called:
- A) Foreign agent
- B) Special agent
- C) ✔️ Nonresident agent
- D) Unauthorized agent
2. Which of these factors is NOT taken into account when determining an applicant's life insurance
needs?
- A) Social Security
- B) ✔️ Automobile
- C) Savings
- D) Pension
3. In contrast to a guaranteed renewable policy, a noncancellable policy:
- A) May cancel the policy only at renewal
- B) May raise premiums at policy renewal
- C) May raise premiums at any time
- D) ✔️ May never raise premiums
4. Underwriters can acquire information from all of the following sources EXCEPT:
- A) Medical Information Bureau (MIB)
- B) Consumer reports
- C) Attending physician's statements
- D) ✔️ Genetic testing
5. Which of these is considered to be a Living Benefit option in a life insurance policy?
, - A) Reinstatement
- B) Waiver of premium
- C) ✔️ Accelerated death benefit
- D) Payor benefit
6. All of the following doctors provide primary care to health insuring corporation (HIC) members
EXCEPT:
- A) Internists
- B) ✔️ Surgeons
- C) General practitioners
- D) Pediatricians
7. What is the name of the provision which states that a copy of the application must be attached to the
policy when issued?
- A) Policy Summary
- B) Buyer's Guide
- C) ✔️ Entire Contract
- D) Entire Policy
8. The open enrollment period for Medicare Supplements begins at age:
- A) 62
- B) ✔️ 65
- C) 67
- D) 70
9. To receive proceeds from a death benefit, a minor:
- A) Must be related to the insured
- B) Can only be named as contingent beneficiary
- C) Must be at least 16 years old
, - D) ✔️ Must have an appointed guardian
10. Index whole life insurance contains a securities component that acts as a(n):
- A) ✔️ Hedge against inflation
- B) Premium stabilizer
- C) Means to lowering taxes on earnings
- D) Incentive to purchase more coverage
11. Which settlement option involves having the proceeds remain with the insurer and earnings paid on
a monthly basis to the beneficiary?
- A) Interest only
- B) Dividends only
- C) Extended interest
- D) ✔️ Interest only
12. In Ohio, a life insurance policy can be backdated before the application date for up to:
- A) 10 days
- B) 30 days
- C) ✔️ 3 months
- D) 6 months
13. Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the
consumer price index has gone up 4%, how much may Ron increase the face value of the policy?
- A) $400
- B) $800
- C) $2,000
- D) ✔️ $4,000
, 14. Which of the following statements regarding an examination of an insurer's books and records by
the superintendent is true?
- A) An insurer has a right to delay an examination by the superintendent for a period of not more
than 15 days after notification
- B) ✔️ The insurer must not impede an examination and is required to assist in the examination
procedures
- C) Reports related to solicitors are not official records archived from insurance examinations
- D) The superintendent only has the authority to examine domestic insurers
15. Which of these factors help determine an insured's life insurance premium?
- A) Insured's salary
- B) Marital status
- C) Place of residence
- D) ✔️ Avocation (hobby)
16. A field underwriter's main task is:
- A) Assign a risk classification to the insured
- B) Report medical information to the Medical Information Bureau (MIB)
- C) ✔️ To ensure an applicant's medical information is accurate and complete
- D) To approve or decline an applicant
17. A long-term care policy typically provides all of the following levels of care EXCEPT:
- A) Skilled care
- B) Intermediate care
- C) ✔️ Acute care
- D) Custodial care
18. A life insurance policy which contains cash values that vary according to its investment performance
of stocks is called:
- A) Increasing Term Life
1. A licensed agent who lives in another state and transacts insurance in Ohio is called:
- A) Foreign agent
- B) Special agent
- C) ✔️ Nonresident agent
- D) Unauthorized agent
2. Which of these factors is NOT taken into account when determining an applicant's life insurance
needs?
- A) Social Security
- B) ✔️ Automobile
- C) Savings
- D) Pension
3. In contrast to a guaranteed renewable policy, a noncancellable policy:
- A) May cancel the policy only at renewal
- B) May raise premiums at policy renewal
- C) May raise premiums at any time
- D) ✔️ May never raise premiums
4. Underwriters can acquire information from all of the following sources EXCEPT:
- A) Medical Information Bureau (MIB)
- B) Consumer reports
- C) Attending physician's statements
- D) ✔️ Genetic testing
5. Which of these is considered to be a Living Benefit option in a life insurance policy?
, - A) Reinstatement
- B) Waiver of premium
- C) ✔️ Accelerated death benefit
- D) Payor benefit
6. All of the following doctors provide primary care to health insuring corporation (HIC) members
EXCEPT:
- A) Internists
- B) ✔️ Surgeons
- C) General practitioners
- D) Pediatricians
7. What is the name of the provision which states that a copy of the application must be attached to the
policy when issued?
- A) Policy Summary
- B) Buyer's Guide
- C) ✔️ Entire Contract
- D) Entire Policy
8. The open enrollment period for Medicare Supplements begins at age:
- A) 62
- B) ✔️ 65
- C) 67
- D) 70
9. To receive proceeds from a death benefit, a minor:
- A) Must be related to the insured
- B) Can only be named as contingent beneficiary
- C) Must be at least 16 years old
, - D) ✔️ Must have an appointed guardian
10. Index whole life insurance contains a securities component that acts as a(n):
- A) ✔️ Hedge against inflation
- B) Premium stabilizer
- C) Means to lowering taxes on earnings
- D) Incentive to purchase more coverage
11. Which settlement option involves having the proceeds remain with the insurer and earnings paid on
a monthly basis to the beneficiary?
- A) Interest only
- B) Dividends only
- C) Extended interest
- D) ✔️ Interest only
12. In Ohio, a life insurance policy can be backdated before the application date for up to:
- A) 10 days
- B) 30 days
- C) ✔️ 3 months
- D) 6 months
13. Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the
consumer price index has gone up 4%, how much may Ron increase the face value of the policy?
- A) $400
- B) $800
- C) $2,000
- D) ✔️ $4,000
, 14. Which of the following statements regarding an examination of an insurer's books and records by
the superintendent is true?
- A) An insurer has a right to delay an examination by the superintendent for a period of not more
than 15 days after notification
- B) ✔️ The insurer must not impede an examination and is required to assist in the examination
procedures
- C) Reports related to solicitors are not official records archived from insurance examinations
- D) The superintendent only has the authority to examine domestic insurers
15. Which of these factors help determine an insured's life insurance premium?
- A) Insured's salary
- B) Marital status
- C) Place of residence
- D) ✔️ Avocation (hobby)
16. A field underwriter's main task is:
- A) Assign a risk classification to the insured
- B) Report medical information to the Medical Information Bureau (MIB)
- C) ✔️ To ensure an applicant's medical information is accurate and complete
- D) To approve or decline an applicant
17. A long-term care policy typically provides all of the following levels of care EXCEPT:
- A) Skilled care
- B) Intermediate care
- C) ✔️ Acute care
- D) Custodial care
18. A life insurance policy which contains cash values that vary according to its investment performance
of stocks is called:
- A) Increasing Term Life
