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OHIO LIFE, ACCIDENT & HEALTH INSURANCE
EXAM (SERIES 11-35), LIFE INSURANCE
BASICS BRAND NEW OFFICIAL QUESTIONS
WITH ANSWERS.
1. What type of life insurance offers an applicant a cash value
element - correct answer -Permanent
2. Who is responsible for the contents of insurance
advertisements? - correct answer -The insurance company
3. Who is the beneficiary on a key-person life insurance policy? -
correct answer -The employer
4. At what point does coverage begin when an agent issues a
conditional receipt for a life insurance policy? - correct answer -
Either on the date of the application or the date of the medical
exam, whichever occurs last
5. What is the purpose of the agent's report during the application
process? - correct answer -Agent's personal observations
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about the proposed insured which may help during the
underwriting process
6. What is the purpose of key person insurance? - correct answer
-To minimize the risk of financial loss caused by the death of a
key employee
7. What is insurance underwriting? - correct answer -The process
of risk selection and classification
8. When must the policy summary for a life insurance policy be
delivered to the policy owner? - correct answer -At the time of
policy delivery
9. In calculating the amount of life insurance needed, what is the
needs approach based on? - correct answer -The predicted
needs of the family after the premature death of the insured
10. Life insurance may be used to pay state inheritance taxes
and federal estate taxes eliminating the need to sell assets
OHIO LIFE, ACCIDENT & HEALTH INSURANCE
EXAM (SERIES 11-35), LIFE INSURANCE
BASICS BRAND NEW OFFICIAL QUESTIONS
WITH ANSWERS.
1. What type of life insurance offers an applicant a cash value
element - correct answer -Permanent
2. Who is responsible for the contents of insurance
advertisements? - correct answer -The insurance company
3. Who is the beneficiary on a key-person life insurance policy? -
correct answer -The employer
4. At what point does coverage begin when an agent issues a
conditional receipt for a life insurance policy? - correct answer -
Either on the date of the application or the date of the medical
exam, whichever occurs last
5. What is the purpose of the agent's report during the application
process? - correct answer -Agent's personal observations
, Page | 2
about the proposed insured which may help during the
underwriting process
6. What is the purpose of key person insurance? - correct answer
-To minimize the risk of financial loss caused by the death of a
key employee
7. What is insurance underwriting? - correct answer -The process
of risk selection and classification
8. When must the policy summary for a life insurance policy be
delivered to the policy owner? - correct answer -At the time of
policy delivery
9. In calculating the amount of life insurance needed, what is the
needs approach based on? - correct answer -The predicted
needs of the family after the premature death of the insured
10. Life insurance may be used to pay state inheritance taxes
and federal estate taxes eliminating the need to sell assets
