ohio life/health insurance study guide
Exam 2026 Questions and Answers
Which statement best describes the tax responsibilities under a Business Overhead
policy? - Correct answer-Premiums are deductible, benefits are taxed
In which type of insurance company may stockholders share in the profits and
losses of the insurer? - Correct answer-Stock
In which company may policy owners receive policy dividends when there is a
profit? - Correct answer-mutual
The law of large numbers states that - Correct answer-Predictions become more
accurate as the number of units being considered increases
Premiums paid by sole proprietors for Individual Health Insurance coverage are -
Correct answer-Fully deductible
In Group Health Insurance, the contract is between the - Correct answer-Employer
and the insurance company
An agent is a representative of the - Correct answer-Insurance company
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,What statement is TRUE regarding an agent sharing commissions? - Correct
answer-An agent may share commissions with another agent who is licensed for
that line of insurance
Ohio Small Group policies may cover a maximum of ______ people? - Correct
answer-50
Which term means that an insurance contract has unequal consideration between
the policy owner and the company? - Correct answer-Aleatory
The free look when replacing Long-Term Care insurance is ______ days? - Correct
answer-30
Insurance is a means of ______ risk. - Correct answer-Transferring
1. The federal government enacted USC 1033 to do all of the following EXCEPT:
a. Allow the federal Department of Insurance to indict individuals in violation of
USC 1033
b. Allow the state Superintendent to refuse to issue or renew any license
c. Prohibit convicted individuals from engaging in insurance business
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, d. Prohibit embezzlement and/or false reporting of information in company books -
Correct answer-a. Allow the federal Department of Insurance to indict individuals
in violation of USC 1033
Which is a true statement about Long-Term Care Insurance? - Correct answer-
Long-Term Care Insurance does not cover acute care in the hospital
HIV exams - Correct answer-Require prior informed written consent from the
applicant
A Health Insurance policy providing family coverage must cover newborns -
Correct answer-From the moment of birth
The Disability policy probationary period - Correct answer-Applies only to
sickness
An insurance agent license in Ohio must be renewed every _____ year(s) - Correct
answer-2
For how long may a temporary insurance agent license be issued? - Correct
answer-Up to 180 days
A customer who wants coverage for medical bills for a broken leg should buy -
Correct answer-Medical Expense
©COPYRIGHT 2025, ALL RIGHTS RESERVE 3
Exam 2026 Questions and Answers
Which statement best describes the tax responsibilities under a Business Overhead
policy? - Correct answer-Premiums are deductible, benefits are taxed
In which type of insurance company may stockholders share in the profits and
losses of the insurer? - Correct answer-Stock
In which company may policy owners receive policy dividends when there is a
profit? - Correct answer-mutual
The law of large numbers states that - Correct answer-Predictions become more
accurate as the number of units being considered increases
Premiums paid by sole proprietors for Individual Health Insurance coverage are -
Correct answer-Fully deductible
In Group Health Insurance, the contract is between the - Correct answer-Employer
and the insurance company
An agent is a representative of the - Correct answer-Insurance company
©COPYRIGHT 2025, ALL RIGHTS RESERVE 1
,What statement is TRUE regarding an agent sharing commissions? - Correct
answer-An agent may share commissions with another agent who is licensed for
that line of insurance
Ohio Small Group policies may cover a maximum of ______ people? - Correct
answer-50
Which term means that an insurance contract has unequal consideration between
the policy owner and the company? - Correct answer-Aleatory
The free look when replacing Long-Term Care insurance is ______ days? - Correct
answer-30
Insurance is a means of ______ risk. - Correct answer-Transferring
1. The federal government enacted USC 1033 to do all of the following EXCEPT:
a. Allow the federal Department of Insurance to indict individuals in violation of
USC 1033
b. Allow the state Superintendent to refuse to issue or renew any license
c. Prohibit convicted individuals from engaging in insurance business
©COPYRIGHT 2025, ALL RIGHTS RESERVE 2
, d. Prohibit embezzlement and/or false reporting of information in company books -
Correct answer-a. Allow the federal Department of Insurance to indict individuals
in violation of USC 1033
Which is a true statement about Long-Term Care Insurance? - Correct answer-
Long-Term Care Insurance does not cover acute care in the hospital
HIV exams - Correct answer-Require prior informed written consent from the
applicant
A Health Insurance policy providing family coverage must cover newborns -
Correct answer-From the moment of birth
The Disability policy probationary period - Correct answer-Applies only to
sickness
An insurance agent license in Ohio must be renewed every _____ year(s) - Correct
answer-2
For how long may a temporary insurance agent license be issued? - Correct
answer-Up to 180 days
A customer who wants coverage for medical bills for a broken leg should buy -
Correct answer-Medical Expense
©COPYRIGHT 2025, ALL RIGHTS RESERVE 3
