Ohio life i - Study guides, Class notes & Summaries

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...

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 ...

Study Guide for OHIO Life Insurance Exam 2024 Final Q&A Insurance: - CORRECT 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: - CORRECT 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: - CORRECT ANSWER-A direct response marketin...

OHIO LIFE INSURANCE EXAM 2024 WITH 100% CORRECT ANSWERS To qualify for appointment of agent - correct answer 18 YOA, US citizenship not required, no minimum residency Original certificate good for.... - correct answer 180 days Renewal for license - correct answer beinnially on birth month, $5 fee Types of risk - correct answer Pure risk - covered by insurance Speculative risk - not covered (gambling) How to handle risk - correct answer avoid it retain it - self insurance redu...

Ohio Life Insurance Verified Exam with 100% Correct Answers

Which of the following is usually the owner of the annuity? - CORRECT ANSWER-The annuitant Which of the following is not true of the straight life income option for annuities? - CORRECT ANSWER-A beneficiary will receive any balance of the annuity upon the annuitant's death. When an insurance policy is taken out, if the owner of the policy is someone other than the actual insured, the owner must be able to prove: - CORRECT ANSWER-That he/she has an insurable interest Tax-sheltered annuit...

Ohio Life insurance Exam Questions and answers latest update

A life insurance company has transferred some of its risk to another insure. The insurer assuming the risk is called - ANSWER all of the following are examples of business continuation plan except - ANSWER Deffered Compensation All of these are valid options for an Adjustable Life Policy EXCEPT The policy's premium can be increased or decreased The policy's death benefit can be increased or decreased A nonforfeiture option can be used to increase the death benefit The policy's ...

OHIO LIFE INSURANCE EXAM