OHIO LIFE, ACCIDENT & HEALTH
INSURANCE EXAM (SERIES 11-35), LIFE
INSURANCE POLICIES
What type of life insurance is best suited to cover a mortgage? - ANSWERS-
decreasing term
How is the premium determined in a joint life policy? - ANSWERS-Average age of
insureds
In annually renewable term policies, what is the annual premium based upon? -
ANSWERS-Attained age
What type of premium is charged on a straight life policy? - ANSWERS-A level
premium for life of insured
An individual has just borrowed $10,000 on a 5-year note from his bank. The note
is due in installments. What type of life insurance policy would be best suited for
this situation? - ANSWERS-Decreasing term
Who owns a group life insurance contract? - ANSWERS-The employer
, When would a 20-pay whole life policy endow? - ANSWERS-When the insured
reaches age 100
What is the major difference between the most common types of whole life
policies: Straight Life, Limited Payment, and Single Premium - ANSWERS-Premium
payment mode
Whole life insurance policies mature when the insured reaches the age of 100. If
the owner of a whole life policy dies at age 80, and there are no outstanding loans
on the policy, what portion of the death benefit will be paid to the beneficiary? -
ANSWERS-The full death benefit
What policy component must decrease in decreasing term coverage? - ANSWERS-
Face amount
Whole life policies provide protection until the insured reaches what age? -
ANSWERS-100
Under a 20-pay whole life policy, in order for the policy to pay the death benefit
to a beneficiary, the premiums must be paid for what time period? - ANSWERS-
For 20 years or until insured's death
Regarding taxation, how does the cash value of a universal life policy accumulate?
- ANSWERS-Tax deferred
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