OHIO LIFE HEALTH INSURANCE STUDY BUNDLE GRADED A+ 2024.

To qualify for appointment of agent - Answer 18 YOA, US citizenship not required, no minimum residency Original certificate good for.... - Answer 180 days Renewal for license - Answer beinnially on birth month, $5 fee Types of risk - Answer Pure risk - covered by insurance Speculat...

Which of the following is usually the owner of the annuity? - Answer The annuitant Which of the following is not true of the straight life income option for annuities? - Answer A beneficiary will receive any balance of the annuity upon the annuitant's death. When an insurance policy is ...

A life insurance company has transferred some of its risk to another insure. The insurer assuming the risk is called - Answer all of the following are examples of business continuation plan except - Answer Deffered Compensation All of these are valid options for an Adjustable Life Polic...

Request for verification from a viatical settlement provider -Answer needs to respond within 30 calendar days what does medical Part D cover? -Answer Part D covers prescription drugs With violation of a state insurance law -Answer may be assessed the administrative costs sustained by ...

Ownership of a life insurance policy may be temporarily transferred with a(n) - Answer collateral assignment Which of the following statements is CORRECT regarding an individual applying for life or health insurance? - Answer The applicant's medical history may be analyzed and reported ...

Premiums paid that exceed 7 1/2% of an insured's Adjusted Gross Income (AGI) are tax-deductible when paid for which of the following plans? - Answer Qualified Long-Term Care plan All _____ policies must be guaranteed renewable. - Answer long-term care An attending physician's statement...

According to the law of large numbers, how would losses be affected if the number of similar insured units increases? - Answer Predictability of losses will be improved Which of the following can be defined as "the potential for loss"? - Answer Risk An insurer has a contractual agreeme...

According to the law of large numbers, how would losses be affected if the number of similar insured units increases? - Answer Predictability of losses will be improved Which of the following can be defined as "the potential for loss"? - Answer Risk An insurer has a contractual agreeme...

The term describing the insured's notification to the insurer requesting payment for a covered loss is: a. Limit of liability b. Premium c. Claim d. Deductible -Answer An insurance claim is the insured's notification to the insurer that a payment is requested for a covered loss. The c...

An insured has a stop-loss limit of $5,000, a deductible of $500, and an 80/20 coinsurance. The insured incurs $25,000 of covered losses. How much will the insured have to pay? $500 $5,000 $5,400 $5,600 - Answer $5,000 Which of these is NOT subject to income taxation under Modified Endow...

What type of report provides information about an applicant's hobbies, habits, and financial status? - Answer Investigative consumer report What are the three factors that determine the premium for a particular life insurance policy? - Answer Mortality, interest, expense How does the prem...

ACCIDENTAL AND HEALTH INSURANCE BASICS STARTS: 15% - Answer ... Two major perils under a health insurance policy: - Answer Policies may cover both accident and sickness or accident only. Accidental bodily injury: - Answer An unforeseen and unintended injury that resulted from an accid...

The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called - Answer cancelable Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Which of these statements is true? ...

A person who is a nonsmoker, of average weight and in excellent health would most likely be in which risk classification? - Answer preferred Preferred risk policies with reduced premiums are issued by insurance companies bc the insured has - Answer better than average mortality The waive...