Ohio Life Insurance Exam verified 100%

To qualify for appointment of agent - ANSWER 18 YOA, US citizenship not required, no minimum residency Original certificate good for.... - ANSWER 180 days Renewal for license - ANSWER beinnially on birth month, $5 fee Types of risk - ANSWER Pure risk - covered by insurance Speculative risk - not covered (gambling) How to handle risk - ANSWER avoid it retain it - self insurance reduce it share it transfer it - buy insurance, spreads risk to large group Mortality Rate - ANSWER based on "law of large numbers" by age 100 we assume everyone dies females live longer Principal - ANSWER The insurance company The agent represents the principal Implied Authority - ANSWER Needed to do job Not written in contract Expressed Authority - ANSWER written out authority ex. collecting premiums... Apparent Authority - ANSWER actions seem to be those of principal ex. business cards, applications.... Change of name and address - ANSWER 30 days to be reported Fiduciary - ANSWER financial trust timely manner agents cannot comingle Amount of solicitors allowed to be hired - ANSWER unlimited Brokers - ANSWER Represent their client/insured person