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EXCEL Practice Exm Graded A+

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EXCEL Practice Exam Graded A+ 1. A licensed agent who lives in another state and transacts insurance in Ohio is called: - A) Foreign agent - B) Special agent - C) ️ Nonresident agent - D) Unauthorized agent 2. Which of these factors is NOT taken into account when determining an appl...

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  • August 15, 2024
  • 52
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • excel practice exm graded a

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  • EXCEL Practice Exm Graded A+
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EXCEL Practice Exam Graded A+


1. A licensed agent who lives in another state and transacts insurance in Ohio is called:

- A) Foreign agent

- B) Special agent

- C) ✔️ Nonresident agent

- D) Unauthorized agent



2. Which of these factors is NOT taken into account when determining an applicant's life insurance
needs?

- A) Social Security

- B) ✔️ Automobile

- C) Savings

- D) Pension



3. In contrast to a guaranteed renewable policy, a noncancellable policy:

- A) May cancel the policy only at renewal

- B) May raise premiums at policy renewal

- C) May raise premiums at any time

- D) ✔️ May never raise premiums



4. Underwriters can acquire information from all of the following sources EXCEPT:

- A) Medical Information Bureau (MIB)

- B) Consumer reports

- C) Attending physician's statements

- D) ✔️ Genetic testing



5. Which of these is considered to be a Living Benefit option in a life insurance policy?

, - A) Reinstatement

- B) Waiver of premium

- C) ✔️ Accelerated death benefit

- D) Payor benefit



6. All of the following doctors provide primary care to health insuring corporation (HIC) members
EXCEPT:

- A) Internists

- B) ✔️ Surgeons

- C) General practitioners

- D) Pediatricians



7. What is the name of the provision which states that a copy of the application must be attached to the
policy when issued?

- A) Policy Summary

- B) Buyer's Guide

- C) ✔️ Entire Contract

- D) Entire Policy



8. The open enrollment period for Medicare Supplements begins at age:

- A) 62

- B) ✔️ 65

- C) 67

- D) 70



9. To receive proceeds from a death benefit, a minor:

- A) Must be related to the insured

- B) Can only be named as contingent beneficiary

- C) Must be at least 16 years old

, - D) ✔️ Must have an appointed guardian



10. Index whole life insurance contains a securities component that acts as a(n):

- A) ✔️ Hedge against inflation

- B) Premium stabilizer

- C) Means to lowering taxes on earnings

- D) Incentive to purchase more coverage



11. Which settlement option involves having the proceeds remain with the insurer and earnings paid on
a monthly basis to the beneficiary?

- A) Interest only

- B) Dividends only

- C) Extended interest

- D) ✔️ Interest only



12. In Ohio, a life insurance policy can be backdated before the application date for up to:

- A) 10 days

- B) 30 days

- C) ✔️ 3 months

- D) 6 months



13. Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the
consumer price index has gone up 4%, how much may Ron increase the face value of the policy?

- A) $400

- B) $800

- C) $2,000

- D) ✔️ $4,000

, 14. Which of the following statements regarding an examination of an insurer's books and records by
the superintendent is true?

- A) An insurer has a right to delay an examination by the superintendent for a period of not more
than 15 days after notification

- B) ✔️ The insurer must not impede an examination and is required to assist in the examination
procedures

- C) Reports related to solicitors are not official records archived from insurance examinations

- D) The superintendent only has the authority to examine domestic insurers



15. Which of these factors help determine an insured's life insurance premium?

- A) Insured's salary

- B) Marital status

- C) Place of residence

- D) ✔️ Avocation (hobby)



16. A field underwriter's main task is:

- A) Assign a risk classification to the insured

- B) Report medical information to the Medical Information Bureau (MIB)

- C) ✔️ To ensure an applicant's medical information is accurate and complete

- D) To approve or decline an applicant



17. A long-term care policy typically provides all of the following levels of care EXCEPT:

- A) Skilled care

- B) Intermediate care

- C) ✔️ Acute care

- D) Custodial care



18. A life insurance policy which contains cash values that vary according to its investment performance
of stocks is called:

- A) Increasing Term Life

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