Exam (elaborations)
Ohio Life, Accident & Health Insurance Exam (Series 11-35), Life Insurance Basics
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- PSI Practice
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- PSI Practice
Ohio Life, Accident & Health Insurance Exam (Series 11-35), Life Insurance Basics
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Ohio Life, Accident & Health InsuranceExam (Series 11-35), Life Insurance Basics
What type of report provides information about an applicant's hobbies, habits,
and financial status? - CORRECT ANSWER-Investigative consumer report
What are the three factors that determine the premium for a particular life
insurance policy? - CORRECT ANSWER-Mortality, interest, expense
How does the premium mode affect the total premium paid for insurance for the
year? - CORRECT ANSWER-Higher frequency of payments will result in higher
overall premium
Can insurers advertise the existence of the guaranty association during
solicitation and sale of insurance policies? - CORRECT ANSWER-No,
advertising the existence of the guaranty association for the purposes of
solicitation and sale of insurance policies by the insurer is an illegal business
practice
What is the term that describes the frequency and amount of the premium
payment - CORRECT ANSWER-Premium mode
If an applicant for a life insurance policy and the potential insured are two
different people, what would be the underwriter's main concern? - CORRECT
ANSWER-The existence of insurable interest
A business is the owner and beneficiary of a key-person life policy. When the
business collects the policy benefit, how is it taxed? - CORRECT ANSWER-The
benefit is received tax free
What document describes the specific information about a policy? - CORRECT
ANSWER-Policy summary
Mortality tables are used by insurance companies to predict what? - CORRECT
ANSWER-Life expectancy and death rates for specific groups of individuals
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