Ohio life and Health Insurance Practice Final TEST (Graded A+ actual test)
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Course
Ohio life and Health Insurance
Institution
Ohio Life And Health Insurance
An annuitant dies during the distribution period. What kind of annuity will return to a
beneficiary the difference between the annuity value and the income payments already
made? - ️️Refund annuity
Craig submits a $500 claim for medical expenses. With a past due premium of $100,
the insurer...
Ohio life and Health Insurance Practice
Final
An annuitant dies during the distribution period. What kind of annuity will return to a
beneficiary the difference between the annuity value and the income payments already
made? - ✔️✔️Refund annuity
Craig submits a $500 claim for medical expenses. With a past due premium of $100,
the insurer pays $400. Which of the Uniform Optional Provisions covers this situation? -
✔️✔️Unpaid premium
All _____ policies must be guaranteed renewable. - ✔️✔️long-term care
An attending physician's statement would be appropriate for which life insurance
purpose? - ✔️✔️At the request of the insurer to assist in the underwriting decision
Of the following dividend options, which of these is taxable? - ✔️✔️Accumulation at
interest
An endorsement found in an insurance plan which modifies the provisions of the policy
is called a(n) - ✔️✔️Rider
Which of the following statements is CORRECT regarding an individual applying for life
or health insurance? - ✔️✔️The applicant's medical history may be analyzed and
reported
Sole proprietors are permitted tax deductions for health costs paid from their earnings in
the amount of - ✔️✔️100% of costs
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? - ✔️✔️Qualified Long-Term
Care plan
Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of $25. How
much will she have to pay if she, not having met any of her deductible, visits the doctor
and receives a bill for $125? - ✔️✔️$50.00
When calculating the amount of life insurance needed for an income earner, what has to
be determined when using the Needs Approach? - ✔️✔️The family's financial
objectives if the income earner were to die or become disabled
, A plan in which an employer pays insurance benefits from a fund derived from the
employer's current revenues is called - ✔️✔️A self-funded plan
If an insured's age on a life insurance policy has been misstated, what is the insurer's
liability if the insured dies? - ✔️✔️A prorated death benefit based on the amount of
insurance the insured's premiums would have been if purchased at the correct age
Which of the following is permitted in an advertisement for an insurance policy? -
✔️✔️The insurer's name
Which type of rider will waive the premium on a child's life insurance policy if the parent
paying the premium dies? - ✔️✔️Payor benefit
A type of insurer that is owned by its policyowners is called - ✔️✔️mutual
A form of medical health insurance covering the treatment and care of gum disease is
called - ✔️✔️Dental expense insurance
Under a life insurance policy, what does the insuring clause state? - ✔️✔️The insurer's
obligation to pay a death benefit upon an approved death claim
Coming from an insurance point of view, which of the following is the main risk
associated with disability? - ✔️✔️Loss of income
Amy has a group medical policy through her employer with a $500 deductible and a
90% coinsurance provision. She incurs $1,500 in covered health care services. How
much will her group insurance carrier pay? - ✔️✔️$900
In Ohio, a life insurance policy can be backdated before the application date for up to -
✔️✔️3 months
What is the term used when exchanging a new policy for one already in force? -
✔️✔️Replacement
What is the tax liability for employer contributions in Health Savings Accounts (HSA's)? -
✔️✔️No tax payment needed
Mark continues working after the age of 65 and is covered through his employer's group
health plan. Which of the following statements is TRUE? - ✔️✔️Medicare is the
secondary payer
What is known as the immediate specific event causing loss and giving rise to risk? -
✔️✔️Peril
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