Ohio State Exam Life and Health Insurance Questions and Answers (2024 / 2025) (Verified Answers
1 view 0 purchase
Course
Ohio State
Institution
Ohio State
Ohio State Exam Life and Health Insurance
Questions and Answers (2024 / 2025) (Verified
Answers)
Which of these is a method of determining the level of funds
required for ongoing support in the event of the
breadwinner's death? - CORRECT ANSWER Human life
value
Which of the following sig...
ohio state exam life and health insurance question
Written for
Ohio State
All documents for this subject (15)
Seller
Follow
carolynkarimi0009
Reviews received
Content preview
Ohio State Exam Life and Health Insurance
Questions and Answers () (Verified
Answers)
Which of these is a method of determining the level of funds
required for ongoing support in the event of the
breadwinner's death? - CORRECT ANSWER Human life
value
Which of the following signatures is not required on an
individual insurance application? - CORRECT ANSWER
Insurer
Insurance companies determine risk exposure by which of
the following? - CORRECT ANSWER law of large numbers
and risk pooling
Which of these is a TRUE statement regarding HIC's? -
CORRECT ANSWER HIC's operate on a prepayment basis.
Which of these is NOT considered a supplemental health
insuring corporation (HIC) service? - CORRECT ANSWER
outpatient medical services
How much does Medicare Part B pay for physician fees? -
CORRECT ANSWER 80%
A minor may receive a life insurance policy's death benefit
ONLY - CORRECT ANSWER if the minor has an appointed
guardian
,An insurer has the right to recover payment made to the
insured from the negligent party. These rights are called -
CORRECT ANSWER subrogation
Under a non-qualified annuity, interest is taxed after the -
CORRECT ANSWER exclusion ration has been calculated
A person who is a nonsmoker, of average weight, and in
excellent health would most likely be in which risk
classification? - CORRECT ANSWER Preferred
The gatekeeper's role when used by an HMO is - CORRECT
ANSWER obtaining referrals to specialists from primary care
physicians
The premium payment mode that results in the highest
overall cost would be - CORRECT ANSWER monthly
Mary's Medicare Supplement policy had been in effect for 12
months. She recently replaced the policy with a new one that
provides better coverage. The replacing policy may only
impose a ____ month time exclusion for pre-existing
conditions. - CORRECT ANSWER 0
What is known as the immediate specific event causing loss
and giving rise to risk? - CORRECT ANSWER peril
What is the primary factor that determines the benefits paid
under a disability income policy? - CORRECT ANSWER
wages
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
,Sharon is the policyowner of a $50,000 life insurance policy.
Her son, Mike, is the beneficiary. If Sharon MUST obtain
Mike's signature in order to change the beneficiary, what
kind of beneficiary designation is this? - CORRECT
ANSWER Irrevocable
The suicide clause of a life insurance policy states that if an
insured commits suicide within a stated period from the
policy's inception, the insurer will only be liable for a return
of premiums paid - CORRECT ANSWER minus indebtedness
and with interest
An employer may qualify for health care tax credits through
SHOP Marketplace if the employer has fewer than how many
employees? - CORRECT ANSWER 25
What type of injury would NOT be covered under a health
insurance policy? - CORRECT ANSWER Work-related (be
covered under worker's compensation)
The two major actions required for a policyholder to comply
with the Reinstatement Clause are - CORRECT ANSWER
provide evidence of insurability, pay past due premiums
What amount will be paid under a policy where the insured
misstated his/her age? - CORRECT ANSWER An amount the
premium would have purchased at the correct age.
An attending physician's statement would be appropriate for
which life insurance purpose? - CORRECT ANSWER At
request of the insurer to assist in the underwriting decision
, A life insurance policy owner is allowed ___ days upon
policy delivery to return the policy for a full premium refund.
- CORRECT ANSWER 10
Converting a group plan to permanent life insurance requires
- CORRECT ANSWER the conversion being applied for
within 31 days of termination
According to life insurance contract law, insurable interest
exists - CORRECT ANSWER at the time of application
A life insurance policy's advertising material MUST contain
all of the following information EXCEPT - CORRECT
ANSWER agent's commission
Coverage for newborns under an accident and health plan
MUST include coverage for - CORRECT ANSWER birth
abnormalities
Generally speaking, which three levels of care are Long-Term
Care policies provided with? - CORRECT ANSWER skilled
nursing, intermediate, and custodial care
Variable life insurance and Universal life insurance are very
similar. Which of these features are held exclusively by
variable universal life insurance? - CORRECT ANSWER
Policyowner has the right to select the investment which will
provide the greatest return.
Shirley has a Medigap policy, which is designed to pay costs
associated with - CORRECT ANSWER Medicare parts A and
B
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 or Stuvia-credit 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 carolynkarimi0009. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
