Ohio life - Study guides, Class notes & Summaries

An insured owns a term policy with a guaranteed renewable option. When the end of the policy draws near, the insured answers medical questions in order to prove insurability and qualifies for a discounted premium rate. Which option best describes this scenario? 1) preferred premium reduction 2) contract review 3) revision of consideration 4) re-entry - ️️4) re-entry What method do insurers use to protect themselves against catastrophic losses? 1) pro rata liability 2) risk manageme...

Ohio Life Insurance Exam Questions and Answers (2024 / 2025) (Verified Answers) According to the entire contract provision, the entire contract includes all of the following EXCEPT - CORRECT ANSWER The premium payment (other answers any attachments, any endorsements, and the insurance policy) In most states, the policy becomes incontestable after - CORRECT ANSWER 2 years Consideration for an insurance policy includes - CORRECT ANSWER The statements made in the application and the pr...

OHIO LIFE AND HEALTH STATE EXAM 2024 What type of policy would only provide coverage for specific type of illnesses? - correct answer Dread disease insurance Justin is receiving disability income benefits from a group policy paid for by his employer. How are these benefits treated for tax purposes? - correct answer taxable income And insurance company needs to obtain personal information from a third-party concerning an applicant. Which law do you all ensures in there producers need ...

OHIO LIFE AND HEALTH PRACTICE EXAM 2024 WITH 100% CORRECT ANSWERS An insured has a stop-loss limit of $5,000, a deductible of $500, and an 80/20 coinsurance. The insured incurs $25,000 of covered losses. How much will the insured have to pay? $500 $5,000 $5,400 $5,600 - correct answer $5,000 Which of these is NOT subject to income taxation under Modified Endowment Contract (MEC) Loan against the cash value Policy withdrawal Policy Dividend Death Benefit - correct answer Deat...

OHIO Life & Health Insurance XCEL Laws and Rules Already Passed maximum benefits upper limit of total lifetime benefits that the insurance company will pay Misrepresentation falsifying terms, benefits, advantages, or conditions of insurance policy defamation publishing information that is false and maliciously critical to an insurer and intended to cause injury An insurer can exclude coverage for a pre-existing condition on Medicare Supplement policy for up to ___ months 6 months ...

OHIO LIFE ONLY EXAM 2024 WITH 100% CORRECT ANSWERS 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 acc...

Perils: - ️️The causes of loss insured against in an insurance policy. -Life insurance -Health insurance -Property insurance -Casualty insurance Direct response marketing: - ️️A direct response marketing system effectively bypasses the insurance agent. Business is conducted over the phone, through the mail, or online. This is a perfectly legal approach to selling insurance. It is not mandatory in all situations for the insured to physically sign any documents in order for coverag...

OHIO LIFE AND HEALTH PRACTICE EXAM 2024 Ownership of a life insurance policy may be temporarily transferred with a(n) - correct answer collateral assignment Which of the following statements is CORRECT regarding an individual applying for life or health insurance? - correct answer The applicant's medical history may be analyzed and reported Which type of annuity guarantees a stated number of income payments, whether or not the annuitant is still alive to receive them? - correct answ...

OHIO LIFE, ACCIDENT AND HEALTH EXAM WITH 300 QUESTIONS AND ANSWERS (100% CORRECT VERIFIED ANSWERS/ OHIO LIFE, ACCIDENT AND HEALTH INSURANCE LICENSE PRACTICE EXAM (BRAND NEW!) In the event of a Health Insurance Company becoming insolvent, the __________ will pay up to $100,000 for qualifying claims - ANSWER-Ohio Guaranty Fund Time Limits on Health Insurance are Notice of claim: 20 days Claim forms: 15 days Proof of Loss: 90 days Pay the claim: Immediately Wait and see: 60 days Laws...

OHIO LIFE AND HEALTH INSURANCE PRACTICE FINAL EXAM 2024 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? - correct answer Qualified Long-Term Care plan All _____ policies must be guaranteed renewable. - correct answer long-term care An attending physician's statement would be appropriate for which life insurance purpose? - correct answer At the request of the insurer to assist in the underwrit...