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1 LIFE & HEALTH INSURANCE- OHIO LIFE INSURANCE POLICIES: REVIEW QUESTIONS AND ANSWERS, VERIFIED/ Which life insurance policy provides ONLY pure protection? - -Term life provides only pure protection for a limited amount of time with no cash value accumulation. What policy guarantees to endow the policy at age 120, but might actually end up with more cash value and death benefit than was guaranteed? - -When the interest sensitive whole life policy is issued, the insurance company will ...

1 OHIO LIFE, ACCIDENT, AND HEALTH INSURANCE/ REVIEW QUESTIONS AND ANSWERS, VERIFIED/ The role of insurance - -transfer the risk of financial loss from an individual or business to an insurance company stock insurance company - -owned by the stockholders, who get paid a share of the company's profit through dividends mutual insurers - -have no stockholders, instead the policyholders own the company Mutualization - -Transformation of a stock insurer into a mutual insurer. Demutualizatio...

1 OHIO LIFE INSURANCE FINAL EXAM REVIEW QUESTIONS AND ANSWERS, VERIFIED. Which of the following is usually the owner of the annuity? - -The annuitant Which of the following is not true of the straight life income option for annuities? - -A beneficiary will receive any balance of the annuity upon the annuitant's death. When an insurance policy is taken out, if the owner of the policy is someone other than the actual insured, the owner must be able to prove: - -That he/she has an insurabl...

1 OHIO LIFE AND HEALTH STATE EXAM SIMULATOR REVIEW QUESTIONS AND ANSWERS, VERIFIED/ What type of policy would only provide coverage for specific type of illnesses? - -Dread disease insurance Justin is receiving disability income benefits from a group policy paid for by his employer. How are these benefits treated for tax purposes? - -taxable income And insurance company needs to obtain personal information from a third-party concerning an applicant. Which law do you all ensures in ther...

1 OHIO LIFE AND HEALTH STATE EXAM REVIEW QUESTIONS AND ANSWERS/ VERIFIED/ Continued coverage under COBRA would be provided to all of the following EXCEPT: - -D) a covered employee is terminated for gross misconduct a life insurance policy-owner is allowed ___ days upon policy delivery to return the policy for a full premium refund. - -10 an insurance agent agrees to pay the first monthly premium for an insurance applicant. This is called - -Rebate a life insurance company has transferr...

1 OHIO LIFE AND HEALTH PRACTICE EXAM REVIEW QUESTIONS AND ANSWERS, VERIFIED/ Ownership of a life insurance policy may be temporarily transferred with a(n) - -collateral assignment Which of the following statements is CORRECT regarding an individual applying for life or health insurance? - -The applicant's medical history may be analyzed and reported Which type of annuity guarantees a stated number of income payments, whether or not the annuitant is still alive to receive them? - -life...

1 PRACTICE EXAM - OHIO LIFE AND HEALTH INSURANCE QUESTIONS AND ANSWERS, 100% ACCURATE/ Which of these annuities require premium payments that vary from year to year? - -Flexible Premium Deferred Annuity A limited payment whole life policy provides lifetime protection - -lifetime protection Which of the following does Coordination of Benefits allow? - -Which of the following does Coordination of Benefits allow? Allows the secondary payor to reduce their benefit payments so no more than ...

LIFE, ACCIDENT AND HEALTH INSURANCE OHIO: EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ Which statement BEST describes the tax responsibilities under a Business Overhead policy? a. Premiums are deductible, benefits are deductible. b. Premiums are deductible, benefits are taxed. c. Premiums are not deductible, expenses are deductible. d. Premiums are not deductible, benefits are taxed. - -Premiums are deductible, benefits are taxed The Group Insurance provision that prevents two insurers f...

1 1135 OHIO LIFE & HEALTH INSURANCE EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ Which of these must be disclosed in a company's universal life policy?i - -The policy's surrender charges Which type of life insurance typically offers mortgage protection? - -Decreasing term Dividends from a mutual insurance company are paid to whom? - -Policyowners These are all accurate statements regarding universal life insurance EXCEPT - -Policy loans are not permitted Which of these is NOT a reas...

1 OHIO LIFE, ACCIDENT & HEALTH INSURANCE EXAM (SERIES 11-35), LIFE INSURANCE BASICS/ REVIEW QUESTIONS AND ANSWERS. VERIFIED/ What type of report provides information about an applicant's hobbies, habits, and financial status? - -Investigative consumer report What are the three factors that determine the premium for a particular life insurance policy? - - Mortality, interest, expense How does the premium mode affect the total premium paid for insurance for the year? - -Higher frequenc...

1 OHIO LIFE AND HEALTH EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ Confidentiality of health information (as stated by Ohio HIC laws) applies to information supplied by - -Both by the covered individual and by providers An agent has committed an insurance crime that violates US CODE 1033 (interstate commerce). Who would be responsible for the prosecution of this crime - -US attorney general A nonparticipating policy will - -not pay dividend What is the elimination period of an individu...

1 OHIO LIFE AND HEALTH PRACTICE EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ Request for verification from a viatical settlement provider - -needs to respond within 30 calendar days what does medical Part D cover? - -Part D covers prescription drugs With violation of a state insurance law - -may be assessed the administrative costs sustained by the department over the course of the year, which premium payment mode is the most expensive? - -monthly when screening an applicant for HIV, ...

1 OHIO LIFE, ACCIDENT & HEALTH INSURANCE EXAM (SERIES 11-35), LIFE INSURANCE POLICIES EXAM REVIEW QUESTIONS AND ANSWERS, RATED A+ What type of policy is typically issued without proof of insurability from the insured? - -Group policy 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? - -Limited-pay whole life Who is entitled to the cash values in an insurance policy? - -The Policyowner An insured ...

1 XCEL OHIO LIFE AND HEALTH STATE PRACTICE EXAM REVIEW QUESTIONS AND ANSWERS, RATED A+ Which of these describes the result of a modified endowment contract that failed to meet the seven-pay test? - -Pre-death distributions are typically taxable. A medical provider that accepts Medicare Assignment must - -accept payment based upon a defined Medicare schedule as payment in full. Which of the following statements regarding Group Disability Income Insurance is TRUE? - -It provides benefits...

1 OHIO LIFE, ACCIDENT & HEALTH INSURANCE EXAM (SERIES 11-35), GENERAL INSURANCE REVIEW QUESTIONS AND ANSWERS/ The requirement that agents must account for and properly remit all insurance funds collected is known as what type of agency? - -Fiduciary What document is required for an insurance company to transact insurance? - -Certificate of Authority In forming an insurance contract, when does acceptance usually occur? - -When the insurer approves a prepaid application If an insurer...

1 LAWS AND RULES OHIO LIFE & HEALTH INSURANCE XCEL REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE/ maximum benefits - -upper limit of total lifetime benefits that the insurance company will pay Misrepresentation - -falsifying terms, benefits, advantages, or conditions of insurance policy defamation - -publishing information that is false and maliciously critical to an insurer and intended to cause injury An insurer can exclude coverage for a pre-existing condition on Medicare Supplement po...

1 OHIO LIFE INSURANCE PRACTICE EXAM REVIEW QUESTIONS AND ANSWERS, RATED A+ Which of these describes the result of a modified endowment contract that failed to meet the seven-pay test? Policy loans are disallowed The premium payments will be tax deductible Pre-death distributions are typically taxable Withdrawals will be prohibited - -Pre-death distributions are typically taxable Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called estate ...

1 INSURANCE LICENSE EXAM - OHIO HEALTH AND LIFE EXAM REVIEW QUESTIONS AND ANSWERS, VERIFIED/ immediate annuity - -Jessica purchased an annuity with a single $175,000 premium payment, and payments began one month later. Based on these facts, what type of annuity did she purchase? Benefits are typically paid while the contract owner is alive - -Compared with life insurance, which of the following statements regarding annuities is most correct? Mortality and interest assumptions - -Actuari...

1 OHIO LIFE INSURANCE TERMS/ COMPLETE EXAM REVIEW/ VERIFIED/ Accelerated Benefits - -- Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits - -- A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Accidental Death Insurance - -- An insurance policy that provides payment if the insured's death is ...

1 OHIO LIFE INSURANCE EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE/ A life insurance company has transferred some of its risk to another insure. The insurer assuming the risk is called - - all of the following are examples of business continuation plan except - -Deffered Compensation All of these are valid options for an Adjustable Life Policy EXCEPT The policy's premium can be increased or decreased The policy's death benefit can be increased or decreased A nonforfeiture option ...