ohio life insurance exam Questions and Answers (2024 / 2025) (Verified Answers)
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Course
Ohio life insurance
Institution
Ohio Life Insurance
ohio life insurance exam
Questions and Answers (2024 /
2025) (Verified Answers)
Return of Premium Rider (increasing term insurance) -
CORRECT ANSWER insured buys an increasing amount of term
insurance that always equals the total amount of premiums paid
to date
Return of Cash Value Rider ...
ohio life insurance exam
Questions and Answers (2024 /
2025) (Verified Answers)
Return of Premium Rider (increasing term insurance) -
CORRECT ANSWER insured buys an increasing amount of term
insurance that always equals the total amount of premiums paid
to date
Return of Cash Value Rider (increasing term insurance0 -
CORRECT ANSWER Pays an amount equal to the cash value
along with the face amount if the insured dies
Riders - CORRECT ANSWER cost extra, but none of the extra
premium goes toward cash value accumulation
Annuities - CORRECT ANSWER Do not create a new estate
they are designed to liquidate an estate through a series of
systematic payments
Traditional annuities - CORRECT ANSWER Fixed Annuities
because they guarantee a certain fixed interest rate backed by
the state life insurance guaranty fund
, Annuity Beneficiary - CORRECT ANSWER Receives the
remainder of what was guaranteed to the owner by the payout
option the owner selected
Single Premium Immediate Annuities (SPIA) - CORRECT
ANSWER purchased with a lump sum by the annuitant. amount
depends on age and gender of annuitant
Annuity Non- forfeture options - CORRECT ANSWER surrender
the annuity for cash
annuity becomes a paid- up annuity
Pure STraight life annuities - CORRECT ANSWER pays the
annuitant as long as they live but cease on death with no refund
Life income annuity with period certain - CORRECT ANSWER
guarantees benefits will be paid for a fixed minimum period of
time selected by the annuitant when he annuitizes
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
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