OHIO LIFE, ACCIDENT & HEALTH INSURANCE EXAM LIFE INSURANCE POLICIES EXAM STUDY GUIDE YEAR

Ohio Life, Accident & Health Insurance Exam Life Insurance Policies Exam




OHIO LIFE, ACCIDENT & HEALTH INSURANCE EXAM LIFE
INSURANCE POLICIES EXAM STUDY GUIDE YEAR
2025-2026
Ohio Life, Accident & Health Insurance Exam Life Insurance Policies Exam




STUDY GUIDE AND TEST BANK




grade-A
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STUDY GUIDE - Ohio Life, Accident & Health Insurance Exam Life Insurance Policies Exam study guide year 2025-2026 - Page 1

, Ohio Life, Accident & Health Insurance Exam Life Insurance Policies Exam


TABLE OF CONTENTS
1. EXAMINATION STUDY GUIDE AND TEST BANK
2. EXAM STUDY GUIDE
3. Study Tips




grade-A
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STUDY GUIDE - Ohio Life, Accident & Health Insurance Exam Life Insurance Policies Exam study guide year 2025-2026 - Page 2

, Ohio Life, Accident & Health Insurance Exam Life Insurance Policies Exam


EXAM STUDY GUIDE AND TEST BANK 2025-2026
Q1: What is the primary purpose of life insurance?
A: To provide financial protection to beneficiaries upon the insured's death. ■


Q2: What is the difference between term and whole life insurance?
A: Term provides coverage for a specific period; whole life provides coverage for the insured's lifetime and
includes a cash value component. ■


Q3: What is the death benefit?
A: The amount paid to beneficiaries upon the insured's death. ■


Q4: What is the premium in life insurance?
A: The payment made by the policyholder to maintain coverage. ■


Q5: What is the cash value of a whole life policy?
A: The savings component that grows over time and can be borrowed against. ■




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STUDY GUIDE - Ohio Life, Accident & Health Insurance Exam Life Insurance Policies Exam study guide year 2025-2026 - Page 3

, Ohio Life, Accident & Health Insurance Exam Life Insurance Policies Exam


Q6: What is a term life insurance policy?
A: A policy that provides coverage for a specified term and pays a death benefit if the insured dies during
that term. ■


Q7: What is a level term policy?
A: A term policy with a death benefit that remains constant throughout the term. ■


Q8: What is a decreasing term policy?
A: A term policy with a death benefit that decreases over the term, often used for mortgages. ■


Q9: What is an increasing term policy?
A: A term policy where the death benefit increases over time, often linked to inflation. ■


Q10: What is whole life insurance?
A: Permanent insurance with a fixed premium, guaranteed death benefit, and cash value accumulation. ■




grade-A
official revision




STUDY GUIDE - Ohio Life, Accident & Health Insurance Exam Life Insurance Policies Exam study guide year 2025-2026 - Page 4