Practice Exam- Ohio Life Only Latest Update.
Which annuity payout option allows the policyowner to choose a pre-determined number of benefit payments? - CORRECT ANSWER Period certain
What happens when an insurance policy is backdated? - CORRECT ANSWER The policy's probation period is earlier ...
Practice Exam- Ohio Life Only Latest
Update.
Which annuity payout option allows the policyowner to choose a pre-determined number of benefit
payments? - CORRECT ANSWER Period certain
What happens when an insurance policy is backdated? - CORRECT ANSWER The policy's probation
period is earlier than the present
What is an insurer required to do when faced with an error made under the Misstatement of Age
provision? - CORRECT ANSWER Pay age-corrected benefits
An insurer will accept a premium from the insured and continue the coverage in full force as though it
was NOT late during which time period? - CORRECT ANSWER Grace period
A life insurance policyowner is allowed ___ days upon policy delivery to return the policy for a full
premium refund. - CORRECT ANSWER 10
Which of these statements regarding the annuitant is CORRECT? - CORRECT ANSWER The annuitant's
life expectancy determines the annuity payments
During the accumulation period, who can surrender an annuity - CORRECT ANSWER Policyowner
An insurer has a right to screen applicants for HIV in which of the following ways? - CORRECT ANSWER
Blood test for HIV
In order to activate the reinstatement clause of a lapsed life insurance policy, the insured MUST -
CORRECT ANSWER provide evidence of insurability to the insurer
,All of the following riders can increase the death benefit amount EXCEPT - CORRECT ANSWER Waiver of
Premium
A non-admitted insurer - CORRECT ANSWER is not afforded protection by the guaranty fund
What is involved when a life insurance policy has been backdated? - CORRECT ANSWER Making the
policy effective on an earlier date than the present
Which of the following is considered to be an act of misrepresentation? - CORRECT ANSWER Falsifying
the terms, benefits, advantages, or conditions of an insurance policy
Andy the annuitant dies before the annuity start date. Which of the following is a TRUE statement? -
CORRECT ANSWER Premiums paid plus interest earned is returned to the beneficiary
A guaranteed issue insurance policy has no
initial premium requirement
incontestable period
waiting period - CORRECT ANSWER medical underwriting
a securities license is required for a life insurance producer to sell - CORRECT ANSWER variable life
insurance
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? - CORRECT
ANSWER $4,000
The deeds and actions of a producer indicate what kind of authority? - CORRECT ANSWER Apparent
, The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n) -
CORRECT ANSWER accident
If an insured dies during the grace period with no premiums paid - CORRECT ANSWER the policy would
be payable, minus the premium amount
A plan in which an employer pays insurance benefits from a fund derived from the employer's current
revenues is called - CORRECT ANSWER A self-funded plan
What does the word "level" in Level Term describe? - CORRECT ANSWER The face amount
If an agent is believed to be causing considerable harm, the superintendent - CORRECT ANSWER may
issue a cease and desist order against the agent
Which of the following does a life insurance policy summary normally include? - CORRECT ANSWER The
policy's cash value
Which type of life insurance policy pays the face amount at the end of the specified period if the insured
is still alive? - CORRECT ANSWER Endowment policy
The type of policy which pays on the death of the last person is called - CORRECT ANSWER survivorship
life
Which of these is NOT considered to be a risk factor in life insurance underwriting? - CORRECT ANSWER
Number of children
A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of
insurability, is called a(n) - CORRECT ANSWER guaranteed insurability rider
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 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 NURSEMISH. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £10.89. You're not tied to anything after your purchase.
