OHIO LIFE EXAM WITH 100% CORRECT ANSWERS

OHIO LIFE EXAM WITH 100% CORRECT ANSWERS Which of the following would be sufficient violation to warrant rejection, revocation, or suspension of an insurance agent's license? 1) a moving violation ticket 2) a denied license in another state 3) acting as a fiduciary 4) an unintentional misrepresentation of the terms of a contract - correct answer 2) a denied license in another state What method do insurers use to protect themselves against catastrophic losses? 1) pro rata liability 2) risk management 3) reinsurance 4) indemnity - correct answer 3) reinsurance All of the following are true about variable products EXCEPT: 1) the cash value is not guaranteed 2) policy owners bear the investment risk 3) the premiums are invested in the insurer's general account 4) the minimum death benefit is guaranteed - correct answer 3) the premiums are invested in the insurer's general account All of the following are characteristics of a group life insurance plan EXCEPT: 1) the participants receive a Certificate of Insurance as their proof of insurance 2) a minim