life, accident and health insurance state
exam- OHIO
A person who is a nonsmoker, of average weight and in excellent health would most likely be in which
risk classification? ANS: preferred
Preferred risk policies with reduced premiums are issued by insurance companies bc the insured has
ANS: better than average mortality
The waiver of premium does NOT include which provision? ANS: Al future premiums are waived if the
insured recovers from the disability
An advertisement for an insurance product may contain ANS: the insurer's name
A medicare supplement plan can be canceled by the insurer ANS: for nonpayment of premiums
The principle of insurable interest, in regards to a life insurance contract, is accurately described in
which statement? ANS: Insurable interest can be based on the love and affection of individuals related
by blood or law
Craig submits a %500 claim for medical expenses. With a past due premium of $100, the insurer pays
$400. which of the uniform optional provisions covers this situation? ANS: unpaid premium
An example of a health insuring corporation (HIC) specialty care provider is ANS: neurologist
an insurance company needs to obtain personal info from a 3rd part concerning an applicant. which law
do all insurers and their producers need to comply with? ANS: fair credit reporting act
,time is covered under a group plan and would like to changed his coverage to an individual policy w the
same insurer bc of employment termination. which of these describes the change that will take place?
ANS: conversion
an agents appt has been terminated by insurer. the insurer must then notify the superintendent within
how many days of the termination? ANS: 30
the suicide clause of a life insurance policy states that if an insured commits suicide w in a stated period
from the policy inception, the insurer will only be liable for a return of prisms paid ANS: minus
indebtedness and without interest
which of the following is considered to be an alternative to a life settlement? ANS: accelerated death
benefit rider
if the annuitant dies before the annuity start date, ANS: the premiums paid plus interest earned will be
given to the beneficiary
a life insurance policy that has premiums fully paid up within a stated time period is called ANS: limited
payment insurance
shopping for annuity that guarantees he cannot outlive the benefits. which of these benefit options
would he choose ANS: guaranteed lifetime withdrawal benefit
what is medicare part b known as ANS: supplementary medical insurance
field underwriting performed by the producer involves ANS: completing the application and collecting
initial premium
a life insurance policy which contains cash values that vary according to its investment performance of
stocks is called ANS: variable whole life
, a life insurance policy owner was injured in an automobile accident which results in total and permanent
disability. which rider would pay a monthly amount bc of this disability? ANS: disability income rider
pierre is covered by his employers group major medical plan. his employer pays for 75% of the premium
and he pays for 25%. how much would a 10000 benefit be taxable as income under this plan ANS: 0
what is not an element of a valid contract ANS: countersignature
a health insurance policy will typically cover ANS: preventative health services
which settlement option involves having the proceeds remain with the insurer and earnings paid on a
monthly basis to the beneficiary? ANS: interest only
all of the following are qualifications for establishing a health savings act (HSA) except ANS: enrolled in a
health plan with a prescription drug benefit
legal purpose is a term used in contract law meaning ANS: there must be legal reasons for entering into
the contract
donald is the primary insured of a life insurance policy and adds a children's term rider. what is the
advantage of adding this rider? ANS: can be converted to a permanent coverage
The factor used most often when underwriting a disability income policy is ANS: annual earnings
the free look period in ohio for individual health insurance policies is __ days ANS: 10
exam- OHIO
A person who is a nonsmoker, of average weight and in excellent health would most likely be in which
risk classification? ANS: preferred
Preferred risk policies with reduced premiums are issued by insurance companies bc the insured has
ANS: better than average mortality
The waiver of premium does NOT include which provision? ANS: Al future premiums are waived if the
insured recovers from the disability
An advertisement for an insurance product may contain ANS: the insurer's name
A medicare supplement plan can be canceled by the insurer ANS: for nonpayment of premiums
The principle of insurable interest, in regards to a life insurance contract, is accurately described in
which statement? ANS: Insurable interest can be based on the love and affection of individuals related
by blood or law
Craig submits a %500 claim for medical expenses. With a past due premium of $100, the insurer pays
$400. which of the uniform optional provisions covers this situation? ANS: unpaid premium
An example of a health insuring corporation (HIC) specialty care provider is ANS: neurologist
an insurance company needs to obtain personal info from a 3rd part concerning an applicant. which law
do all insurers and their producers need to comply with? ANS: fair credit reporting act
,time is covered under a group plan and would like to changed his coverage to an individual policy w the
same insurer bc of employment termination. which of these describes the change that will take place?
ANS: conversion
an agents appt has been terminated by insurer. the insurer must then notify the superintendent within
how many days of the termination? ANS: 30
the suicide clause of a life insurance policy states that if an insured commits suicide w in a stated period
from the policy inception, the insurer will only be liable for a return of prisms paid ANS: minus
indebtedness and without interest
which of the following is considered to be an alternative to a life settlement? ANS: accelerated death
benefit rider
if the annuitant dies before the annuity start date, ANS: the premiums paid plus interest earned will be
given to the beneficiary
a life insurance policy that has premiums fully paid up within a stated time period is called ANS: limited
payment insurance
shopping for annuity that guarantees he cannot outlive the benefits. which of these benefit options
would he choose ANS: guaranteed lifetime withdrawal benefit
what is medicare part b known as ANS: supplementary medical insurance
field underwriting performed by the producer involves ANS: completing the application and collecting
initial premium
a life insurance policy which contains cash values that vary according to its investment performance of
stocks is called ANS: variable whole life
, a life insurance policy owner was injured in an automobile accident which results in total and permanent
disability. which rider would pay a monthly amount bc of this disability? ANS: disability income rider
pierre is covered by his employers group major medical plan. his employer pays for 75% of the premium
and he pays for 25%. how much would a 10000 benefit be taxable as income under this plan ANS: 0
what is not an element of a valid contract ANS: countersignature
a health insurance policy will typically cover ANS: preventative health services
which settlement option involves having the proceeds remain with the insurer and earnings paid on a
monthly basis to the beneficiary? ANS: interest only
all of the following are qualifications for establishing a health savings act (HSA) except ANS: enrolled in a
health plan with a prescription drug benefit
legal purpose is a term used in contract law meaning ANS: there must be legal reasons for entering into
the contract
donald is the primary insured of a life insurance policy and adds a children's term rider. what is the
advantage of adding this rider? ANS: can be converted to a permanent coverage
The factor used most often when underwriting a disability income policy is ANS: annual earnings
the free look period in ohio for individual health insurance policies is __ days ANS: 10
