OHIO LIFE AND HEALTH INSURANCE EXAM
AND CORRECT DETAILED ANSWERS
An dinsured dindividual dand dthe dpolicy's dbeneficiary ddie dfrom dthe dsame daccident.
dThe dcommon ddisaster dprovision dstates dthe dinsurer dwill dcontinue das dif d-
dCORRECT✅✅the dinsured doutlived dthe dbeneficiary
Craig dpurchased da dlife dinsurance dpolicy dfor denabling dhis dheirs dto dpay destate
dtaxes. dWhat dis dthis dcalled? d- dCORRECT✅✅Estate dconservation
Legal dpurpose dis da dterm dused din dcontract dlaw dmeaning d- dCORRECT✅✅there
dmust dbe dlegal dreasons dfor dentering dinto da dcontract
A dwhole dlife dinsurance dpolicy daccumulates dcash dvalue dthat dbecomes d-
dCORRECT✅✅the dpolicy dloan dvalue dwhich dthe dinsured dmay dborrow dagainst
Which dof dthe dfollowing dstatements dis dCORRECT dregarding dan dindividual dapplying
dfor dlife dor dhealth dinsurance d- dCORRECT✅✅The dapplicants dmedical dhistory dmay
dbe danalyzed
Which dtype dof dclause ddescribes dthe dfollowing dstatement: d"We dhave dissued dthe
dpolicy din dconsideration dof dthe drepresentations din dyour dapplications dand dpayment
dof dthe dfirst-term dpremium".
A. dPremium dClause
B. dConsideration dClause
C. dAdhesion dClause
D. dContestability dclause d- dCORRECT✅✅B. dConsideration dClause
The dterm dwhich ddescribes dthe dfact dthat dboth dparties dof da dcontract dmay dNOT
dreceive dthe dsame dvalue dis dreferred dto das:
A. dEstoppel d
B. dUnilateral
C. dAleatory d
D. dApparent d- dCORRECT✅✅C. dAleatory
Simon dhas dpurchased da dfixed dimmediate dannuity. dHis dpayment damount dwill dbe
ddependent dupon dprincipal, dinterest, dand dthe dcontract's:
A. dSurrender dcharge
B. dDeath dbenefit
C. dCash drefund
D. dIncome dperiod d- dCORRECT✅✅D. dIncome dperiod
Insurance dcompanies ddetermine drisk dexposure dby dwhich dof dthe dfollowing:
, A. dInsurable dinterest
B. dInsurance dexchanges
C. dLaw dof dlarge dnumbers dand drisk dpooling
D. dPopulation dtable ddata d- dCORRECT✅✅C. dLaw dof dlarge dnumbers dand drisk
dpooling
Which dtype dof dmultiple dprotection dpolicy dpays don dthe ddeath dof dthe dlast dperson?:
A. dJoint dlife dpolicy
B. dSurvivorship dlife dpolicy
C. dDual dlife dpolicy d
D. dMultiple dlife dpolicy d- dCORRECT✅✅B. dSurvivorship dlife dpolicy
Which dof dthese dis da dmethod dof ddetermining dthe dlevel dof dfunds drequired dfor
dongoing dsupport din dthe devent dof dthe dbreadwinners ddeath?:
A. dFinancial dloss dvalue d
B. dHuman dlife dvalue d
C. dAssessment dvalue
D. dReplacement dvalue d- dCORRECT✅✅B. dHuman dlife dvalue
How dare dannuities dgiven dfavorable dtax dtreatment?:
A. dGains dare dtax ddeductible
B. dGains dare dtax dexempt dat ddistribution
C. dGains dare dtaxed dat ddistribution
D. dGains dare dconverted dto dtax dcredits d- dCORRECT✅✅C. dGains dare dtaxed dat
ddistribution
Naming da dcontingent dbeneficiary das d"all dsurviving dchildren" dis ddescribed dby dwhich
dterm?:
A. dContingent ddesignation
B. dPrimary dDesignation
C. dClass ddesignation
D. dTertiary ddesignation d- dCORRECT✅✅C. dClass ddesignation
Which dmarket dindex dis dnormally dassociated dwith dan dindexed dannuity's drate dof
dreturn? d- dCORRECT✅✅S&P d500 d(you dshould dknow dthis deasy)
Who dis drequired dto dnotify dthe dagent din dthe devent dof dappointment dtermination?:
A. dInsurer
B. dSuperintendent d
C. dGovernor
D. dAttorney dGeneral d- dCORRECT✅✅A. dInsurer
Under da dlife dinsurance dpolicy, dwhat ddoes dthe dinsuring dclause dstate?:
A. dThe dagents dobligation dto dprovide dthe dproper damount dof dcoverage
B. dThe dinsurers dobligation dto dreturn dall dpremiums dupon dapproved ddeath dclaim
C. dThe dinsurers dobligation dto dpay da ddeath dbenefit dupon dan dapproved ddeath dclaim
AND CORRECT DETAILED ANSWERS
An dinsured dindividual dand dthe dpolicy's dbeneficiary ddie dfrom dthe dsame daccident.
dThe dcommon ddisaster dprovision dstates dthe dinsurer dwill dcontinue das dif d-
dCORRECT✅✅the dinsured doutlived dthe dbeneficiary
Craig dpurchased da dlife dinsurance dpolicy dfor denabling dhis dheirs dto dpay destate
dtaxes. dWhat dis dthis dcalled? d- dCORRECT✅✅Estate dconservation
Legal dpurpose dis da dterm dused din dcontract dlaw dmeaning d- dCORRECT✅✅there
dmust dbe dlegal dreasons dfor dentering dinto da dcontract
A dwhole dlife dinsurance dpolicy daccumulates dcash dvalue dthat dbecomes d-
dCORRECT✅✅the dpolicy dloan dvalue dwhich dthe dinsured dmay dborrow dagainst
Which dof dthe dfollowing dstatements dis dCORRECT dregarding dan dindividual dapplying
dfor dlife dor dhealth dinsurance d- dCORRECT✅✅The dapplicants dmedical dhistory dmay
dbe danalyzed
Which dtype dof dclause ddescribes dthe dfollowing dstatement: d"We dhave dissued dthe
dpolicy din dconsideration dof dthe drepresentations din dyour dapplications dand dpayment
dof dthe dfirst-term dpremium".
A. dPremium dClause
B. dConsideration dClause
C. dAdhesion dClause
D. dContestability dclause d- dCORRECT✅✅B. dConsideration dClause
The dterm dwhich ddescribes dthe dfact dthat dboth dparties dof da dcontract dmay dNOT
dreceive dthe dsame dvalue dis dreferred dto das:
A. dEstoppel d
B. dUnilateral
C. dAleatory d
D. dApparent d- dCORRECT✅✅C. dAleatory
Simon dhas dpurchased da dfixed dimmediate dannuity. dHis dpayment damount dwill dbe
ddependent dupon dprincipal, dinterest, dand dthe dcontract's:
A. dSurrender dcharge
B. dDeath dbenefit
C. dCash drefund
D. dIncome dperiod d- dCORRECT✅✅D. dIncome dperiod
Insurance dcompanies ddetermine drisk dexposure dby dwhich dof dthe dfollowing:
, A. dInsurable dinterest
B. dInsurance dexchanges
C. dLaw dof dlarge dnumbers dand drisk dpooling
D. dPopulation dtable ddata d- dCORRECT✅✅C. dLaw dof dlarge dnumbers dand drisk
dpooling
Which dtype dof dmultiple dprotection dpolicy dpays don dthe ddeath dof dthe dlast dperson?:
A. dJoint dlife dpolicy
B. dSurvivorship dlife dpolicy
C. dDual dlife dpolicy d
D. dMultiple dlife dpolicy d- dCORRECT✅✅B. dSurvivorship dlife dpolicy
Which dof dthese dis da dmethod dof ddetermining dthe dlevel dof dfunds drequired dfor
dongoing dsupport din dthe devent dof dthe dbreadwinners ddeath?:
A. dFinancial dloss dvalue d
B. dHuman dlife dvalue d
C. dAssessment dvalue
D. dReplacement dvalue d- dCORRECT✅✅B. dHuman dlife dvalue
How dare dannuities dgiven dfavorable dtax dtreatment?:
A. dGains dare dtax ddeductible
B. dGains dare dtax dexempt dat ddistribution
C. dGains dare dtaxed dat ddistribution
D. dGains dare dconverted dto dtax dcredits d- dCORRECT✅✅C. dGains dare dtaxed dat
ddistribution
Naming da dcontingent dbeneficiary das d"all dsurviving dchildren" dis ddescribed dby dwhich
dterm?:
A. dContingent ddesignation
B. dPrimary dDesignation
C. dClass ddesignation
D. dTertiary ddesignation d- dCORRECT✅✅C. dClass ddesignation
Which dmarket dindex dis dnormally dassociated dwith dan dindexed dannuity's drate dof
dreturn? d- dCORRECT✅✅S&P d500 d(you dshould dknow dthis deasy)
Who dis drequired dto dnotify dthe dagent din dthe devent dof dappointment dtermination?:
A. dInsurer
B. dSuperintendent d
C. dGovernor
D. dAttorney dGeneral d- dCORRECT✅✅A. dInsurer
Under da dlife dinsurance dpolicy, dwhat ddoes dthe dinsuring dclause dstate?:
A. dThe dagents dobligation dto dprovide dthe dproper damount dof dcoverage
B. dThe dinsurers dobligation dto dreturn dall dpremiums dupon dapproved ddeath dclaim
C. dThe dinsurers dobligation dto dpay da ddeath dbenefit dupon dan dapproved ddeath dclaim
