Exam (elaborations)
Ohio Life insurance Exam Prep Questions And Answers ()
- Course
- Institution
Ohio Life insurance Exam Prep Questions And Answers ()
[Show more]
Seller
Follow
Content preview
Ohio Life insurance Exam Prep Questions And Answers (202472025)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 can be used to increase the death benefit
The policy's protection period can be modified - ✔✔A non forfeiture option can be used to
increase the death benefit
the superintendent determines an examination of an insurers books and record is necessary. After
receiving the notification, the insurer - ✔✔must not impede the examination
the double indemnity prevision in a life insurance policy pertains to an insureds death caused by
a(n) - ✔✔accident
Which of these is not considered to be a risk factor in life insurance underwriting - ✔✔number of
children
the suicide clause of a life insurance policy states that if an insured commits suicide within the
stated period from the policy inception the insurer will only be liable fora return of premiums paid
- ✔✔minus indebtedness and without interest
A minor may receive a life inurance polciys death benefit only - ✔✔if the minor has an appointed
guardian
, a life insruacne policy that has premiums fully paid up within a stated time period is called -
✔✔limited payment insurance
When a qualified plan starts making payments to its recipient, which portion of the distributions
is taxable?
Principal
Contributions made by employee
Contributions made by employer
Gains - ✔✔Gains
Which of the following does a life insurance policy summary normally include - ✔✔the policys
cash value
a whole life policy option where extended term insurance is selected is called - ✔✔nonforfeiture
option
which of the following is a reinstatement condition - ✔✔proof of insurability
a securities license is required for the life insurance producer to sell - ✔✔variable life insurance
all of these characteristics of a universal life insurance policy except
flexible death benefit
fixed surrender value
flexible premiums
builds cash value - ✔✔fixed surrender value
a provision that allows a policyowner to temporarily give up ownership rights to secure a loan is
called a(n) - ✔✔collateral assignment
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller manassehtaliban95. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
55534 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 15 years now