Life, Accident and Health Insurance Ohio Questions and Answers (2024 / 2025) (Verified Answers)
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Life, Accident and Health Insurance
Institution
Life, Accident And Health Insurance
Life, Accident and Health Insurance Ohio Questions
and Answers (2024 / 2025) (Verified Answers)
Which is a FALSE statement?
a. Agents act in a fiduciary capacity when handling premiums.
b. Misrepresentation on an application can void coverage, if
material.
c. Mutual life insurers cannot gua...
Ohio State Exam Life and Health Insurance
Questions and Answers () (Verified
Answers)
Refund Life annuities - CORRECT ANSWER little risk. The
insurance company promises to make a refund of the account
balance if the auunitant dies before collecting it all
Joint and Survivor Annuity - CORRECT ANSWER Pay survivor
amount.. after first party dies usually reduced
Joint lfie annuity - CORRECT ANSWER pay two people at the
same time and payments stop entirely when the first party dies
Fixed annuities - CORRECT ANSWER have a fixed rate of return
(usually 4% minimum) backed by the guaranty fund
Contingent Deferred Sales Charge (CDSC) - CORRECT
ANSWER discourages the owner from cashing in the policy in the
early years
Equity Fixed Annuity - CORRECT ANSWER These annuities
earn interest or provide benefits that are linked to an external
stock or bond index
Separate Account - CORRECT ANSWER allows investor to
choose an investment category, that is assigned according to the
risk tolerance and desire for performance of individuals
, To sell variable products - CORRECT ANSWER insurance must
pass the FINRA series 6 exam as well as the state life insurance
license exam
Variable products - CORRECT ANSWER regulated by the
Securities and Exchange Commission (SEC)
Securities Act of 1933 - CORRECT ANSWER Prospectus must
be given to prospect at time of sale , it regulates PRODUCTS
securities Act of 1934 - CORRECT ANSWER Regulates the
activities of securities salespeople.
Investment Company Act of 1940 - CORRECT ANSWER
Regulates variable annuities, mutual funds, and companies that
invest in other peoples money
Variable Whole Life (VLI)/ Variable Universal Life (VUL) -
CORRECT ANSWER no guaranteed cash value or coverage by
state guaranty fund
Assumed Interest Rate ( AIR) - CORRECT ANSWER estimate of
expected investment result for separate account assets
supporting variable life insurance
Variable Life Insurance - CORRECT ANSWER Requires all
premium payments be made for the life of the contract and are
FIXED
Variable Universal Life - CORRECT ANSWER payments can be
skipped as long as there is enough cash in the cash value
account to cover the monthly deduction cost
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