Ohio Life and Health Practice Exam Latest 2024 Graded A

Ohio Life and Health Practice Exam Latest 2024 Graded A An insured has a stop-loss limit of $5,000, a deductible of $500, and an 80/20 coinsurance. The insured incurs $25,000 of covered losses. How much will the insured have to pay? $500 $5,000 $5,400 $5,600 - Answer ️️ -$5,000 Which of these is NOT subject to income taxation under Modified Endowment Contract (MEC) Loan against the cash value Policy withdrawal Policy Dividend Death Benefit - Answer ️️ -Death benefit An indemnity plan Pays both the insured and health care provider Provides the insured a specific dollar amount for services Pays the health care provider directly for services rendered Is typically issued as a group plan - Answer ️️ -provides the insured a specific dollar amount for services Chris is an insured bricklayer who severed his left hand in an automobile accident. Although his primary duty cannot be performed, Chris is also a substitute high school teacher. He collects a full disability income check every month. How does his policy define total disability? Recurrent Any occupation Own occupation Presumptive - Answer ️️ -Own occupation A policyowner can receive an immediate payment before the insured dies by using a(n) viatical settlement contract buy-sell arrangement adhesion agreement spendthrift plan - Answer ️️ -viatical settlement contract Signatures for an insurance application MUST be obtained by the producer from all of the following sources EXCEPT The producer The insured The policyowner The beneficiary - Answer ️️ -The beneficiary All of the following are considered appropriate uses of life insurance for business purposes EXCEPT Attracting quality employees by offering a group life plan Funding an entity buy-sell agreement Protecting the business by covering key employees with life insurance Protecting the business by covering entry level employees with life insurance - Answer ️️ - Protecting the business by covering entry level employees with life insurance Elizabeth is the beneficiary of a life insurance policy. She is receiving the death benefit in payments of $10,000 per month until the principal and interest has been paid out. Which option was chosen? Fixed period Fixed amount Life income Interest only - Answer ️️ -Fixed amount Term insurance is appropriate for some