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Ohio Life/Health Insurance Test Bank Newest
2025/2026 Complete All 300+ Questions And
Correct Answers |Already Graded A+||Brand
New Version!
Which of the following statements is CORRECT regarding an individual
applying for life or health insurance? - ANSWER-The applicant's
medical history may be analyzed and reported
All of these are valid policy dividend options for a life insurance
policyowner EXCEPT - ANSWER-accumulate without interest
A life insurance policyowner is allowed______ days upon policy
delivery to return the policy for a full premium refund - ANSWER-10
All of the following are considered to be nonforfeiture options available
to a policyowner EXCEPT - ANSWER-Reduction of premium
An interest-sensitive life insurance policyowner may be able to
withdraw the policy's cash value interest free. The provision that allows
this is called - ANSWER-Partial Surrender
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A life insurance applicant in Ohio may backdate the application for up to
_______ month(s) - ANSWER-3
Joanne has a $100,000 whole life policy with an accumulated $25,000 of
cash value. She would like to borrow $15,000 against the cash value.
Which of the following statements is TRUE? - ANSWER-Net death
benefit will be reduced if the loan is not repaid
Which of these is NOT considered a supplemental health insuring
corporation (HIC) service? - ANSWER-outpatient medical services
A client told an intentional lie to an insurer to receive a favorable
premium. This is an example of - ANSWER-fraud
Which of the following is INELIGIBLE to participate in section 125
plan? - ANSWER-An S- corp owner with greater than 2% share
Where would policy proceeds be paid if both the insured and primary
beneficiary were killed in the same accident? - ANSWER-contingent
beneficiary
What will the beneficiary receive if an annuitant dies during the
accumulation period? - ANSWER-The greater of the accumulated cash
value or the total premium paid
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Shirley has a Medigap policy, which is designed to pay costs associated
with - ANSWER-Medicare parts A and B
Major medical insurance will typically cover medical expenses that
result from - ANSWER-a negative reaction to a prescribed medication
Sole proprietors are permitted tax deductions for health costs paid from
their earnings in the amount of - ANSWER-100% of costs
Unmarried children who are incapable of self support and have proof of
incapacity are included under their parent's health coverage until -
ANSWER-policy termination
Kristi purchases an annuity that will pay her husband an income for 15
years. If he dies, this income will become payable to their children for
the remainder of the period. Kristi has what kind of annuity? -
ANSWER-Temporary annuity certain
Which type of coverage pays an amount per day for hospitalization
directly to the insured regardless of the insured's other health insurance?
- ANSWER-Hospital indemnity
Shawn, Mike, and Dave are brothers who have a $100,000 "first to die"
joint life policy covering all three of their lives. If Mike dies first, the
policy proceeds - ANSWER-will no longer provide insurance protection
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A 70- year old insured indiviual has suffered from a kidney failure for
the past 24 months. She is covered by her spouse's large- group
employer plan. How will Medicare be utilized in this situation? -
ANSWER-Will be the secondary insurer and pay for claims not fully
covered by the group plan
In an employer- sponsored contributory group Disability income plan,
the employer pays 60% of the premium and each employee pays 40% of
the premium. Any income benefits paid are taxed to the employee at -
ANSWER-60% of the benefit
When calculating the amount of life insurance needed for an income
earner, what has to be determined when using the Needs Approach? -
ANSWER-The family's financial objectives if the income earner were to
die or become disabled
"Maximum benefits" refer to the - ANSWER-upper limit of the total
lifetime benefits the insurance company will pay
When a decreasing term policy is purchased, it contains a decreasing
death benefit and - ANSWER-level premiums
What is a corridor in relation to a Universal Life insurance policy? -
ANSWER-The gap between the total death benefit and the policy's cash
value
Ohio Life/Health Insurance Test Bank Newest
2025/2026 Complete All 300+ Questions And
Correct Answers |Already Graded A+||Brand
New Version!
Which of the following statements is CORRECT regarding an individual
applying for life or health insurance? - ANSWER-The applicant's
medical history may be analyzed and reported
All of these are valid policy dividend options for a life insurance
policyowner EXCEPT - ANSWER-accumulate without interest
A life insurance policyowner is allowed______ days upon policy
delivery to return the policy for a full premium refund - ANSWER-10
All of the following are considered to be nonforfeiture options available
to a policyowner EXCEPT - ANSWER-Reduction of premium
An interest-sensitive life insurance policyowner may be able to
withdraw the policy's cash value interest free. The provision that allows
this is called - ANSWER-Partial Surrender
,2|Page
A life insurance applicant in Ohio may backdate the application for up to
_______ month(s) - ANSWER-3
Joanne has a $100,000 whole life policy with an accumulated $25,000 of
cash value. She would like to borrow $15,000 against the cash value.
Which of the following statements is TRUE? - ANSWER-Net death
benefit will be reduced if the loan is not repaid
Which of these is NOT considered a supplemental health insuring
corporation (HIC) service? - ANSWER-outpatient medical services
A client told an intentional lie to an insurer to receive a favorable
premium. This is an example of - ANSWER-fraud
Which of the following is INELIGIBLE to participate in section 125
plan? - ANSWER-An S- corp owner with greater than 2% share
Where would policy proceeds be paid if both the insured and primary
beneficiary were killed in the same accident? - ANSWER-contingent
beneficiary
What will the beneficiary receive if an annuitant dies during the
accumulation period? - ANSWER-The greater of the accumulated cash
value or the total premium paid
,3|Page
Shirley has a Medigap policy, which is designed to pay costs associated
with - ANSWER-Medicare parts A and B
Major medical insurance will typically cover medical expenses that
result from - ANSWER-a negative reaction to a prescribed medication
Sole proprietors are permitted tax deductions for health costs paid from
their earnings in the amount of - ANSWER-100% of costs
Unmarried children who are incapable of self support and have proof of
incapacity are included under their parent's health coverage until -
ANSWER-policy termination
Kristi purchases an annuity that will pay her husband an income for 15
years. If he dies, this income will become payable to their children for
the remainder of the period. Kristi has what kind of annuity? -
ANSWER-Temporary annuity certain
Which type of coverage pays an amount per day for hospitalization
directly to the insured regardless of the insured's other health insurance?
- ANSWER-Hospital indemnity
Shawn, Mike, and Dave are brothers who have a $100,000 "first to die"
joint life policy covering all three of their lives. If Mike dies first, the
policy proceeds - ANSWER-will no longer provide insurance protection
, 4|Page
A 70- year old insured indiviual has suffered from a kidney failure for
the past 24 months. She is covered by her spouse's large- group
employer plan. How will Medicare be utilized in this situation? -
ANSWER-Will be the secondary insurer and pay for claims not fully
covered by the group plan
In an employer- sponsored contributory group Disability income plan,
the employer pays 60% of the premium and each employee pays 40% of
the premium. Any income benefits paid are taxed to the employee at -
ANSWER-60% of the benefit
When calculating the amount of life insurance needed for an income
earner, what has to be determined when using the Needs Approach? -
ANSWER-The family's financial objectives if the income earner were to
die or become disabled
"Maximum benefits" refer to the - ANSWER-upper limit of the total
lifetime benefits the insurance company will pay
When a decreasing term policy is purchased, it contains a decreasing
death benefit and - ANSWER-level premiums
What is a corridor in relation to a Universal Life insurance policy? -
ANSWER-The gap between the total death benefit and the policy's cash
value
