Ohio life insurance exam - Study guides, Class notes & Summaries

ohio life insurance exam Questions and Answers (2024 / 2025) (Verified Answers) Return of Premium Rider (increasing term insurance) - CORRECT ANSWER insured buys an increasing amount of term insurance that always equals the total amount of premiums paid to date Return of Cash Value Rider (increasing term insurance0 - CORRECT ANSWER Pays an amount equal to the cash value along with th

ohio life insurance exam Questions and Answers (2024 / 2025) (Verified Answers) How soon can the benefit payments begin with a deferred annuity? - CORRECT ANSWER a minimum of 12 months after date of purchase which of these is considered to be a living benefit option in a life insurance policy - CORRECT ANSWER Accelerated death benefit An example of naming a beneficiary by class would be "To the children born of my union with Ned Jackson: David Jackson, Jennifer Jackson, and Scot...

1 OHIO LIFE INSURANCE TERMS/ COMPLETE EXAM REVIEW/ VERIFIED/ Accelerated Benefits - -- Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits - -- A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Accidental Death Insurance - -- An insurance policy that provides payment if the insured's death is ...

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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 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...

1 OHIO LIFE INSURANCE PRACTICE EXAM REVIEW QUESTIONS AND ANSWERS, RATED A+ Which of these describes the result of a modified endowment contract that failed to meet the seven-pay test? Policy loans are disallowed The premium payments will be tax deductible Pre-death distributions are typically taxable Withdrawals will be prohibited - -Pre-death distributions are typically taxable Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called estate ...

All Ohio Life Insurance Exam Questions and Answers 100% Pass A condition increasing chance of loss, e.g. icy roads. - Answer- Hazard Immediate event causing loss, e.g. earthquake. - Answer- Peril Potential for loss. - Answer- Risk Presents chance for loss or gain, e.g. gambling. - Answer- Speculative Risk Insurable risk with potential for loss only, e.g. illness. - Answer- Pure Risk Criteria for insurable risk, e.g. definite and measurable loss. - Answer- Elements of Insurable Risk Cert...

All Ohio Life Insurance Exam Questions and Answers 100% Pass A condition increasing chance of loss, e.g. icy roads. - Answer- Hazard Immediate event causing loss, e.g. earthquake. - Answer- Peril Potential for loss. - Answer- Risk Presents chance for loss or gain, e.g. gambling. - Answer- Speculative Risk Insurable risk with potential for loss only, e.g. illness. - Answer- Pure Risk Criteria for insurable risk, e.g. definite and measurable loss. - Answer- Elements of Insurable Risk Cert...

Insurance: - ANSWER A contract in which the insurance company agrees to indemnify the insured party against loss, damage or liability arising from an unknown event. Insurance Transfers: - ANSWER The risk of loss from an individual or business entity to an insurance company, which in turn spreads costs of unexpected losses to many individuals. Direct response marketing: - ANSWER A direct response marketing system effectively bypasses the insurance agent. Business is conducted over the phone...