Exam (elaborations)
Ohio Life insurance Exam.
- Module
- PSI Practice
- Institution
- PSI Practice
Ohio Life insurance Exam.
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Ohio Life insurance ExamA life insurance company has transferred some of its risk to another insurer. The
insurer assuming the risk is called - CORRECT ANSWER-
all of the following are examples of business continuity plan except - CORRECT
ANSWER-Deferred 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 - CORRECT ANSWER-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 - CORRECT
ANSWER-must not impede the examination
the double indemnity prevision in a life insurance policy pertains to an insureds
death caused by a(n) - CORRECT ANSWER-accident
Which of these is not considered to be a risk factor in life insurance underwriting -
CORRECT ANSWER-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 - CORRECT ANSWER-minus indebtedness
and without interest
A minor may receive a life inurance polciys death benefit only - CORRECT
ANSWER-if the minor has an appointed guardian
a life insruacne policy that has premiums fully paid up within a stated time period
is called - CORRECT ANSWER-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 - CORRECT ANSWER-Gains
Which of the following does a life insurance policy summary normally include -
CORRECT ANSWER-the policys cash value
a whole life policy option where extended term insurance is selected is called -
CORRECT ANSWER-nonforfeiture option
which of the following is a reinstatement condition - CORRECT ANSWER-proof
of insurability
a securities license is required for the life insurance producer to sell - CORRECT
ANSWER-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 - CORRECT ANSWER-fixed surrender value
a provision that allows a policyowner to temporarily give up ownership rights to
secure a loan is called a(n) - CORRECT ANSWER-collateral assignment
An insurance company needs to obtain personal information from a third party
concerning an applicant. Which law do all insurers and their producers need to
comply with - CORRECT ANSWER-Fair credit Reporting Act
If an insured dies during the grace period with no premiums paid
the policy would be payable, minus the premium amount
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