OHIO LIFE INSURANCE EXAM QUESTIONS AND
ANSWERS LATEST UPDATED 2024/2025 ALL
ANSWERS 100% CORRECT VERIFIED/DETAILED
BEST RATED A+ FOR PASS
A life insurance company has transferred some of its risk to another insure. The insurer
assuming the risk is called - CORRECT ANSWERS
all of the following are examples of business continuation plan except - CORRECT ANSWERS
Deffered Compensation
All of these are valid options for an Adjustable Life Policy EXCEPT
The policy's premium can be increased or decreased
The policy's death benefit can be increased or decreased
A nonforfeiture option can be used to increase the death benefit
The policy's protection period can be modified - CORRECT ANSWERS A non forfeiture
option can be used to increase the death benefit
the superintendent determines an examination of an insurers books and record is necessary.
After receiving the notification, the insurer - CORRECT ANSWERS must not impede the
examination
the double indemnity prevision in a life insurance policy pertains to an insureds death
caused by a(n) - CORRECT ANSWERS accident
Which of these is not considered to be a risk factor in life insurance underwriting - CORRECT
ANSWERS number of children
the suicide clause of a life insurance policy states that if an insured commits suicide within
the stated period from the policy inception the insurer will only be liable fora return of
premiums paid - CORRECT ANSWERS minus indebtedness and without interest
A minor may receive a life inurance polciys death benefit only - CORRECT ANSWERS if the
minor has an appointed guardian
,OHIO LIFE INSURANCE EXAM QUESTIONS AND
ANSWERS LATEST UPDATED 2024/2025 ALL
ANSWERS 100% CORRECT VERIFIED/DETAILED
BEST RATED A+ FOR PASS
a life insruacne policy that has premiums fully paid up within a stated time period is called -
CORRECT ANSWERS limited payment insurance
When a qualified plan starts making payments to its recipient, which portion of the
distributions is taxable?
Principal
Contributions made by employee
Contributions made by employer
Gains - CORRECT ANSWERS Gains
Which of the following does a life insurance policy summary normally include - CORRECT
ANSWERS the policys cash value
a whole life policy option where extended term insurance is selected is called - CORRECT
ANSWERS nonforfeiture option
which of the following is a reinstatement condition - CORRECT ANSWERS proof of
insurability
a securities license is required for the life insurance producer to sell - CORRECT ANSWERS
variable life insurance
all of these characteristics of a universal life insurance policy except
flexible death benefit
fixed surrender value
flexible premiums
builds cash value - CORRECT ANSWERS fixed surrender value
, OHIO LIFE INSURANCE EXAM QUESTIONS AND
ANSWERS LATEST UPDATED 2024/2025 ALL
ANSWERS 100% CORRECT VERIFIED/DETAILED
BEST RATED A+ FOR PASS
a provision that allows a policyowner to temporarily give up ownership rights to secure a
loan is called a(n) - CORRECT ANSWERS collateral assignment
An insurance company needs to obtain personal information from a third party concerning
an applicant. Which law do all insurers and their producers need to comply with - CORRECT
ANSWERS Fair credit Reporting Act
If an insured dies during the grace period with no premiums paid
the policy would be payable, minus the premium amount
the policy would be payable only after the beneficiary makes past due premium payment
all past premiums will be refunded with interest
the claim would be denied - CORRECT ANSWERS the policy would be payable, minus the
premium amount
decreasing term life insurance is often used to - CORRECT ANSWERS provide coverage for a
home mortgage
What are an applicant's statements concerning occupation, hobbies, and personal health
history regarded as? - CORRECT ANSWERS representation
which of the following are the premium payments for a universal life policy not used for
death benefits
ANSWERS LATEST UPDATED 2024/2025 ALL
ANSWERS 100% CORRECT VERIFIED/DETAILED
BEST RATED A+ FOR PASS
A life insurance company has transferred some of its risk to another insure. The insurer
assuming the risk is called - CORRECT ANSWERS
all of the following are examples of business continuation plan except - CORRECT ANSWERS
Deffered Compensation
All of these are valid options for an Adjustable Life Policy EXCEPT
The policy's premium can be increased or decreased
The policy's death benefit can be increased or decreased
A nonforfeiture option can be used to increase the death benefit
The policy's protection period can be modified - CORRECT ANSWERS A non forfeiture
option can be used to increase the death benefit
the superintendent determines an examination of an insurers books and record is necessary.
After receiving the notification, the insurer - CORRECT ANSWERS must not impede the
examination
the double indemnity prevision in a life insurance policy pertains to an insureds death
caused by a(n) - CORRECT ANSWERS accident
Which of these is not considered to be a risk factor in life insurance underwriting - CORRECT
ANSWERS number of children
the suicide clause of a life insurance policy states that if an insured commits suicide within
the stated period from the policy inception the insurer will only be liable fora return of
premiums paid - CORRECT ANSWERS minus indebtedness and without interest
A minor may receive a life inurance polciys death benefit only - CORRECT ANSWERS if the
minor has an appointed guardian
,OHIO LIFE INSURANCE EXAM QUESTIONS AND
ANSWERS LATEST UPDATED 2024/2025 ALL
ANSWERS 100% CORRECT VERIFIED/DETAILED
BEST RATED A+ FOR PASS
a life insruacne policy that has premiums fully paid up within a stated time period is called -
CORRECT ANSWERS limited payment insurance
When a qualified plan starts making payments to its recipient, which portion of the
distributions is taxable?
Principal
Contributions made by employee
Contributions made by employer
Gains - CORRECT ANSWERS Gains
Which of the following does a life insurance policy summary normally include - CORRECT
ANSWERS the policys cash value
a whole life policy option where extended term insurance is selected is called - CORRECT
ANSWERS nonforfeiture option
which of the following is a reinstatement condition - CORRECT ANSWERS proof of
insurability
a securities license is required for the life insurance producer to sell - CORRECT ANSWERS
variable life insurance
all of these characteristics of a universal life insurance policy except
flexible death benefit
fixed surrender value
flexible premiums
builds cash value - CORRECT ANSWERS fixed surrender value
, OHIO LIFE INSURANCE EXAM QUESTIONS AND
ANSWERS LATEST UPDATED 2024/2025 ALL
ANSWERS 100% CORRECT VERIFIED/DETAILED
BEST RATED A+ FOR PASS
a provision that allows a policyowner to temporarily give up ownership rights to secure a
loan is called a(n) - CORRECT ANSWERS collateral assignment
An insurance company needs to obtain personal information from a third party concerning
an applicant. Which law do all insurers and their producers need to comply with - CORRECT
ANSWERS Fair credit Reporting Act
If an insured dies during the grace period with no premiums paid
the policy would be payable, minus the premium amount
the policy would be payable only after the beneficiary makes past due premium payment
all past premiums will be refunded with interest
the claim would be denied - CORRECT ANSWERS the policy would be payable, minus the
premium amount
decreasing term life insurance is often used to - CORRECT ANSWERS provide coverage for a
home mortgage
What are an applicant's statements concerning occupation, hobbies, and personal health
history regarded as? - CORRECT ANSWERS representation
which of the following are the premium payments for a universal life policy not used for
death benefits
