Practice Exam- Ohio Life Only Latest
Update.
Which annuity payout option allows the policyowner to choose a pre-determined number of benefit
payments? - CORRECT ANSWER Period certain
What happens when an insurance policy is backdated? - CORRECT ANSWER The policy's probation
period is earlier than the present
What is an insurer required to do when faced with an error made under the Misstatement of Age
provision? - CORRECT ANSWER Pay age-corrected benefits
An insurer will accept a premium from the insured and continue the coverage in full force as though it
was NOT late during which time period? - CORRECT ANSWER Grace period
A life insurance policyowner is allowed ___ days upon policy delivery to return the policy for a full
premium refund. - CORRECT ANSWER 10
Which of these statements regarding the annuitant is CORRECT? - CORRECT ANSWER The annuitant's
life expectancy determines the annuity payments
During the accumulation period, who can surrender an annuity - CORRECT ANSWER Policyowner
An insurer has a right to screen applicants for HIV in which of the following ways? - CORRECT ANSWER
Blood test for HIV
In order to activate the reinstatement clause of a lapsed life insurance policy, the insured MUST -
CORRECT ANSWER provide evidence of insurability to the insurer
,All of the following riders can increase the death benefit amount EXCEPT - CORRECT ANSWER Waiver of
Premium
A non-admitted insurer - CORRECT ANSWER is not afforded protection by the guaranty fund
What is involved when a life insurance policy has been backdated? - CORRECT ANSWER Making the
policy effective on an earlier date than the present
Which of the following is considered to be an act of misrepresentation? - CORRECT ANSWER Falsifying
the terms, benefits, advantages, or conditions of an insurance policy
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
A guaranteed issue insurance policy has no
initial premium requirement
incontestable period
waiting period - CORRECT ANSWER medical underwriting
a securities license is required for a life insurance producer to sell - CORRECT ANSWER variable life
insurance
Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the consumer
price index has gone up 4%, how much may Ron increase the face value of the policy? - CORRECT
ANSWER $4,000
The deeds and actions of a producer indicate what kind of authority? - CORRECT ANSWER Apparent
, The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n) -
CORRECT ANSWER accident
If an insured dies during the grace period with no premiums paid - CORRECT ANSWER the policy would
be payable, minus the premium amount
A plan in which an employer pays insurance benefits from a fund derived from the employer's current
revenues is called - CORRECT ANSWER A self-funded plan
What does the word "level" in Level Term describe? - CORRECT ANSWER The face amount
If an agent is believed to be causing considerable harm, the superintendent - CORRECT ANSWER may
issue a cease and desist order against the agent
Which of the following does a life insurance policy summary normally include? - CORRECT ANSWER The
policy's cash value
Which type of life insurance policy pays the face amount at the end of the specified period if the insured
is still alive? - CORRECT ANSWER Endowment policy
The type of policy which pays on the death of the last person is called - CORRECT ANSWER survivorship
life
Which of these is NOT considered to be a risk factor in life insurance underwriting? - CORRECT ANSWER
Number of children
A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of
insurability, is called a(n) - CORRECT ANSWER guaranteed insurability rider
Update.
Which annuity payout option allows the policyowner to choose a pre-determined number of benefit
payments? - CORRECT ANSWER Period certain
What happens when an insurance policy is backdated? - CORRECT ANSWER The policy's probation
period is earlier than the present
What is an insurer required to do when faced with an error made under the Misstatement of Age
provision? - CORRECT ANSWER Pay age-corrected benefits
An insurer will accept a premium from the insured and continue the coverage in full force as though it
was NOT late during which time period? - CORRECT ANSWER Grace period
A life insurance policyowner is allowed ___ days upon policy delivery to return the policy for a full
premium refund. - CORRECT ANSWER 10
Which of these statements regarding the annuitant is CORRECT? - CORRECT ANSWER The annuitant's
life expectancy determines the annuity payments
During the accumulation period, who can surrender an annuity - CORRECT ANSWER Policyowner
An insurer has a right to screen applicants for HIV in which of the following ways? - CORRECT ANSWER
Blood test for HIV
In order to activate the reinstatement clause of a lapsed life insurance policy, the insured MUST -
CORRECT ANSWER provide evidence of insurability to the insurer
,All of the following riders can increase the death benefit amount EXCEPT - CORRECT ANSWER Waiver of
Premium
A non-admitted insurer - CORRECT ANSWER is not afforded protection by the guaranty fund
What is involved when a life insurance policy has been backdated? - CORRECT ANSWER Making the
policy effective on an earlier date than the present
Which of the following is considered to be an act of misrepresentation? - CORRECT ANSWER Falsifying
the terms, benefits, advantages, or conditions of an insurance policy
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
A guaranteed issue insurance policy has no
initial premium requirement
incontestable period
waiting period - CORRECT ANSWER medical underwriting
a securities license is required for a life insurance producer to sell - CORRECT ANSWER variable life
insurance
Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the consumer
price index has gone up 4%, how much may Ron increase the face value of the policy? - CORRECT
ANSWER $4,000
The deeds and actions of a producer indicate what kind of authority? - CORRECT ANSWER Apparent
, The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n) -
CORRECT ANSWER accident
If an insured dies during the grace period with no premiums paid - CORRECT ANSWER the policy would
be payable, minus the premium amount
A plan in which an employer pays insurance benefits from a fund derived from the employer's current
revenues is called - CORRECT ANSWER A self-funded plan
What does the word "level" in Level Term describe? - CORRECT ANSWER The face amount
If an agent is believed to be causing considerable harm, the superintendent - CORRECT ANSWER may
issue a cease and desist order against the agent
Which of the following does a life insurance policy summary normally include? - CORRECT ANSWER The
policy's cash value
Which type of life insurance policy pays the face amount at the end of the specified period if the insured
is still alive? - CORRECT ANSWER Endowment policy
The type of policy which pays on the death of the last person is called - CORRECT ANSWER survivorship
life
Which of these is NOT considered to be a risk factor in life insurance underwriting? - CORRECT ANSWER
Number of children
A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of
insurability, is called a(n) - CORRECT ANSWER guaranteed insurability rider
