Ohio Life and Health Practice Exam
Answered 100% Correct
A beneficiary change can occur - ANSWER-normally at any time during the policy term
A beneficiary change can occur - ANSWER-normally at any time during the policy term
A beneficiary has just received a claim payment fora life insurance policy. Which of the
following is TRUE regarding the federal income tax liability owed? - ANSWER-No
federal income tax is owed on life insurance proceeds
A closed network plan offers a a primary physician copay of $25. If a subscriber
chooses a primary care physician outside of the network, the subscriber will likely pay -
ANSWER-100% of the billed amount
A common exclusion with Vision plans is - ANSWER-lasik surgery
A dread disease policy is considered to be a type of - ANSWER-limited health insurance
policy
A form of medical health insurance covering the treatment and care of gum disease is
called - ANSWER-Dental expense insurance
A group Disability Income plan that pays tax-free benefits to covered employees is
considered - ANSWER-Fully contributory
A health care provider claim may be settled using which of the following payment
methods - ANSWER-fee-for-service
A hospital or medical expense policy will typically cover dental treatment expenses
under which circumstance? - ANSWER-Dental treatment is needed to repair an injury
A life insurance applicant in Ohio may backdate the application for up to ___ month(s) -
ANSWER-3
a life insurance applicant in ohio may backdate the application for up to __months -
ANSWER-3
A life insurance policy normally contains a provision that restricts coverage in the event
of death under all of the following situations EXCEPT - ANSWER-Fare-paying
passenger
a life insurance policy that is subject to a contract interest rate is referred to as -
ANSWER-universal life
,A life insurance policy that is subject to a contract interest rate is referred to as -
ANSWER-Universal Life
A life insurance policyowner is allowed __ days upon policy delivery to return the policy
for a full premium refund.
7
10
14
30 - ANSWER-10
A limited payment whole life policy provides - ANSWER-lifetime protection
A medical provider that accepts medicare assignment must - ANSWER-accept payment
based upon a defined medicare schedule as payment in full
A medicare supplement policy is - ANSWER-designed to fill in the gaps of Part A AND
Part B medicare
A Medicare Supplement policy must NOT contain benefits which - ANSWER-duplicate
Medicare benefits
a minor may receive a life insurance policy's death benefit ONLY - ANSWER-if the
minor has an appointed guardian
A nonparticipating company is sometimes called a(n) - ANSWER-stock insurer
A partial surrender is allowed in which of the following life policies?
adjustable whole life
Universal life
Decreasing term life
Limited whole life - ANSWER-universal lifw
A policyowner can receive an immediate payment before the insured dies by using a(n)
viatical settlement contract
buy-sell arrangement
adhesion agreement
spendthrift plan - ANSWER-viatical settlement contract
, A provision in a whole life policy that allows a policyowner to terminate the policy in
return for a reduced paid-up policy of the same type is called a(n)
insuring clause
payor provision
reinstatement provision
nonforfeiture provision - ANSWER-nonforfeiture provision
A provision that allows a policyowner to temporarily give up ownership right to secure a
loan is called a(n) - ANSWER-collateral assignmenrt
A provision that allows a policyowner to withdraw a policy's cash value interest free is
a(n) - ANSWER-partial surrender
A rehabilitation benefit is intended to - ANSWER-prepare the insured to return to
employment
A Renewable Term Life Insurance policy can be renewed - ANSWER-at a
predetermined date or age, regardless of the insured's health
a rider that assure premiums will be paid on a juvenile policy until the child reaches a
specific age is called a(n) - ANSWER-payor rider
A rollover from a traditional IRA to another IRA must be done within __ days to avoid tax
consequences - ANSWER-60 days
A spouse and child can be added to the primary insured's coverage as what kind of
rider?
Dependent term
Guaranteed insurability
primary term
family term - ANSWER-Family term
Advertisements for accident and health policies that ONLY cover stated illness MUST
display a statement that the
A. The premium guarantee
B. policy is limited
C. A schedule of payments
D. The policy exclusions - ANSWER-policy is limited
Answered 100% Correct
A beneficiary change can occur - ANSWER-normally at any time during the policy term
A beneficiary change can occur - ANSWER-normally at any time during the policy term
A beneficiary has just received a claim payment fora life insurance policy. Which of the
following is TRUE regarding the federal income tax liability owed? - ANSWER-No
federal income tax is owed on life insurance proceeds
A closed network plan offers a a primary physician copay of $25. If a subscriber
chooses a primary care physician outside of the network, the subscriber will likely pay -
ANSWER-100% of the billed amount
A common exclusion with Vision plans is - ANSWER-lasik surgery
A dread disease policy is considered to be a type of - ANSWER-limited health insurance
policy
A form of medical health insurance covering the treatment and care of gum disease is
called - ANSWER-Dental expense insurance
A group Disability Income plan that pays tax-free benefits to covered employees is
considered - ANSWER-Fully contributory
A health care provider claim may be settled using which of the following payment
methods - ANSWER-fee-for-service
A hospital or medical expense policy will typically cover dental treatment expenses
under which circumstance? - ANSWER-Dental treatment is needed to repair an injury
A life insurance applicant in Ohio may backdate the application for up to ___ month(s) -
ANSWER-3
a life insurance applicant in ohio may backdate the application for up to __months -
ANSWER-3
A life insurance policy normally contains a provision that restricts coverage in the event
of death under all of the following situations EXCEPT - ANSWER-Fare-paying
passenger
a life insurance policy that is subject to a contract interest rate is referred to as -
ANSWER-universal life
,A life insurance policy that is subject to a contract interest rate is referred to as -
ANSWER-Universal Life
A life insurance policyowner is allowed __ days upon policy delivery to return the policy
for a full premium refund.
7
10
14
30 - ANSWER-10
A limited payment whole life policy provides - ANSWER-lifetime protection
A medical provider that accepts medicare assignment must - ANSWER-accept payment
based upon a defined medicare schedule as payment in full
A medicare supplement policy is - ANSWER-designed to fill in the gaps of Part A AND
Part B medicare
A Medicare Supplement policy must NOT contain benefits which - ANSWER-duplicate
Medicare benefits
a minor may receive a life insurance policy's death benefit ONLY - ANSWER-if the
minor has an appointed guardian
A nonparticipating company is sometimes called a(n) - ANSWER-stock insurer
A partial surrender is allowed in which of the following life policies?
adjustable whole life
Universal life
Decreasing term life
Limited whole life - ANSWER-universal lifw
A policyowner can receive an immediate payment before the insured dies by using a(n)
viatical settlement contract
buy-sell arrangement
adhesion agreement
spendthrift plan - ANSWER-viatical settlement contract
, A provision in a whole life policy that allows a policyowner to terminate the policy in
return for a reduced paid-up policy of the same type is called a(n)
insuring clause
payor provision
reinstatement provision
nonforfeiture provision - ANSWER-nonforfeiture provision
A provision that allows a policyowner to temporarily give up ownership right to secure a
loan is called a(n) - ANSWER-collateral assignmenrt
A provision that allows a policyowner to withdraw a policy's cash value interest free is
a(n) - ANSWER-partial surrender
A rehabilitation benefit is intended to - ANSWER-prepare the insured to return to
employment
A Renewable Term Life Insurance policy can be renewed - ANSWER-at a
predetermined date or age, regardless of the insured's health
a rider that assure premiums will be paid on a juvenile policy until the child reaches a
specific age is called a(n) - ANSWER-payor rider
A rollover from a traditional IRA to another IRA must be done within __ days to avoid tax
consequences - ANSWER-60 days
A spouse and child can be added to the primary insured's coverage as what kind of
rider?
Dependent term
Guaranteed insurability
primary term
family term - ANSWER-Family term
Advertisements for accident and health policies that ONLY cover stated illness MUST
display a statement that the
A. The premium guarantee
B. policy is limited
C. A schedule of payments
D. The policy exclusions - ANSWER-policy is limited
