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Ohio Life insurance Exam Practice Questions and Answers (100% Pass)
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Ohio Life insurance Exam Practice Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMOhio Life insurance Exam Practice
Questions and Answers (100% Pass)
A life insurance company has transferred some of its risk to another insure. The insurer
assuming the risk is called - ✔️✔️
all of the following are examples of business continuation plan except - ✔️✔️Deffered
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 - ✔️✔️A non forfeiture option can be used
to increase the death benefit
1
,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
the superintendent determines an examination of an insurers books and record is
necessary. After receiving the notification, the insurer - ✔️✔️must not impede the
examination
the double indemnity prevision in a life insurance policy pertains to an insureds death
caused by a(n) - ✔️✔️accident
Which of these is not considered to be a risk factor in life insurance underwriting -
✔️✔️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 - ✔️✔️minus indebtedness and without interest
A minor may receive a life inurance polciys death benefit only - ✔️✔️if the minor has an
appointed guardian
a life insruacne policy that has premiums fully paid up within a stated time period is
called - ✔️✔️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
2
, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
Gains - ✔️✔️Gains
Which of the following does a life insurance policy summary normally include - ✔️✔️the
policys cash value
a whole life policy option where extended term insurance is selected is called -
✔️✔️nonforfeiture option
which of the following is a reinstatement condition - ✔️✔️proof of insurability
a securities license is required for the life insurance producer to sell - ✔️✔️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 - ✔️✔️fixed surrender value
a provision that allows a policyowner to temporarily give up ownership rights to secure a
loan is called a(n) - ✔️✔️collateral assignment
3
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