Ohio Life, Accident & Health Insurance
Policies | Study Guide Exam Newest
Quiz_________________?
A policy states that the insurer will pay a specified face amount if the insured dies within the
20-year premium paying period and nothing if he dies after. What type of policy is this? -
Answer✅
20-year level term
Quiz_________________?
A whole life policy that requires that the Policyowner only pays premiums for a specified
number of years is known as what type of policy? -
Answer✅
Limited-pay whole life
Quiz_________________?
An individual has just borrowed $10,000 on a 5-year note from his bank. The note is due in
installments. What type of life insurance policy would be best suited for this situation? -
Answer✅
Decreasing term
Quiz_________________?
1
, An insured receives a monthly summary for his life insurance policy. He notices that the cash
value of the policy is significantly lower this month than it was last month. What type of policy
does the insured have? -
Answer✅
Variable
Quiz_________________?
Between adjustable life and universal life policies, which one provides more flexibility to the
policyowner? -
Answer✅
Universal life
Quiz_________________?
Group life insurance policies are generally written as -
Answer✅
Annually renewable term insurance
Quiz_________________?
How is the premium determined in a joint life policy? -
Answer✅
Average age of insureds
Quiz_________________?
If an employee wants to join group life insurance coverage outside of the open enrollment
period, what would the employee have to provide? -
Answer✅
Evidence of insurability
Quiz_________________?
If an insured terminates membership in group life insurance, to what type of insurance can the
insured convert the coverage? -
2
Policies | Study Guide Exam Newest
Quiz_________________?
A policy states that the insurer will pay a specified face amount if the insured dies within the
20-year premium paying period and nothing if he dies after. What type of policy is this? -
Answer✅
20-year level term
Quiz_________________?
A whole life policy that requires that the Policyowner only pays premiums for a specified
number of years is known as what type of policy? -
Answer✅
Limited-pay whole life
Quiz_________________?
An individual has just borrowed $10,000 on a 5-year note from his bank. The note is due in
installments. What type of life insurance policy would be best suited for this situation? -
Answer✅
Decreasing term
Quiz_________________?
1
, An insured receives a monthly summary for his life insurance policy. He notices that the cash
value of the policy is significantly lower this month than it was last month. What type of policy
does the insured have? -
Answer✅
Variable
Quiz_________________?
Between adjustable life and universal life policies, which one provides more flexibility to the
policyowner? -
Answer✅
Universal life
Quiz_________________?
Group life insurance policies are generally written as -
Answer✅
Annually renewable term insurance
Quiz_________________?
How is the premium determined in a joint life policy? -
Answer✅
Average age of insureds
Quiz_________________?
If an employee wants to join group life insurance coverage outside of the open enrollment
period, what would the employee have to provide? -
Answer✅
Evidence of insurability
Quiz_________________?
If an insured terminates membership in group life insurance, to what type of insurance can the
insured convert the coverage? -
2
