Ohio Health and life insurance exam Exam Questions and Answers (2024 / 2025) (Verified Answers)
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Ohio Health And Life Insurance
Ohio Health and life insurance exam
Exam Questions and Answers
(2024 / 2025) (Verified
Answers)
How soon can the benefit payments begin with a deferred
annuity? - CORRECT ANSWER A minimum of 12 months
after date of purchase
Which of these factors is NOT taken into consideration when
de...
ohio health and life insurance exam exam questions
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Ohio Health and life insurance exam
Exam Questions and Answers
() (Verified
Answers)
How soon can the benefit payments begin with a deferred
annuity? - CORRECT ANSWER A minimum of 12 months
after date of purchase
Which of these factors is NOT taken into consideration when
determining the cost of a long- term care policy? - CORRECT
ANSWER Personal income
An agent is legally permitted to share his/her commissions -
CORRECT ANSWER with another licensed agent
The waiver of premium does NOT include which provision? -
CORRECT ANSWER All future premiums are waived if the
insured recovers from the disability
An employer is issued a group medical insurance policy.
This single contract is known as a(n) - CORRECT ANSWER
Master policy
Who is the individual paid on a fee-for-service basis -
CORRECT ANSWER Provider
,Which type of plan would be most appropriate for an
individual on Medicare and is concerned that Medicare will
NOT pay for charges exceeding the approved amount? -
CORRECT ANSWER Medicare supplement Plan F
Lisa has recently bought a fixed annuity. Which of these is
considered to be a disadvantage of owning this type of
annuity? - CORRECT ANSWER During periods of inflation,
annuitants will experience a decrease in purchasing power of
their payments
Long- Term care policies may provide coverage for claims
arising from - CORRECT ANSWER senile dementia
A group Disability Income plan that pays tax- free benefits to
covered employees is considered - CORRECT ANSWER fully
contributory
An insurer has the right to recover payment made to the
insured from the negligent party. These rights are called -
CORRECT ANSWER subrogation
What happens to the coverage under a children's term rider
when that child reaches a certain specified age? - CORRECT
ANSWER coverage is eliminated
What happens to interest earned if the annuitant dies before
the payout start date? - CORRECT ANSWER it is taxable
Which of the following is NOT part of an insurance contract?
- CORRECT ANSWER Certificate of Authority
A life insurance policy that has premiums fully paid up within
a stated time period is called - CORRECT ANSWER limited
payment insurance
,Which of the following is NOT a type of Medicare Advantage
Plan? - CORRECT ANSWER Social Security Disability
Income (SSDI)
Which of these statements about Medicaid is CORRECT? -
CORRECT ANSWER Funded by federal, state, and local
taxes
An endorsement found in an insurance plan which modifies
the provisions of the policy is called a(n) - CORRECT
ANSWER rider
When an insured has a major medical plan with first dollar
coverage, how does this impact the benefits paid? -
CORRECT ANSWER No deductible payment is required
A rehabilitation benefit is intended to - CORRECT ANSWER
prepare the insured to return to employment
James is the insured on a life insurance policy where his age
was misstated on the application. Which of the following is
CORRECT regarding the death benefit amount? - CORRECT
ANSWER The death benefit paid will be what the premium
would have purchased at the correct age
According to HIPAA, when an insured individual leaves an
employer and immediately begins working for a new
company that offers group health insurance, the individual -
CORRECT ANSWER is eligible for coverage upon hire
An agent's renewal date for his/her license is on or before -
CORRECT ANSWER the last day of the licensee's birth
month
, Which situation accurately describes a reduced paid- up
nonforfeiture option? - CORRECT ANSWER Policy has a
decreased face amount
Under the Affordable Care Act, a large employer that does
NOT provide health insurance and owes an employer
mandate penalty MUST pay an annual penalty, which is
calculated by multiplying $2,000 by - CORRECT ANSWER
the number of full time employees minus 30
Which of these is a TRUE statement regarding HIC's -
CORRECT ANSWER HIC's operate on a prepayment basis
A clause that allows an insurer the right to terminate
coverage at any anniversary date is called a(n) - CORRECT
ANSWER optional renewability clause
Who provides all preventative and routine medical care given
to a health insuring corporation (HIC) member? - CORRECT
ANSWER Primary care physician
Coverage for newborns under an accident and health plan
MUST include coverage for - CORRECT ANSWER birth
abnormalities
A minor may receive a life insurance policy's death benefit
ONLY - CORRECT ANSWER if the minor has an appointed
guardian
A disability elimination period is best described as a -
CORRECT ANSWER time deductible
All of the following plans allow for employee contributions to
be taken on a pre- tax basis EXCEPT - CORRECT ANSWER
Health Reimbursement Arrangement Plan
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