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

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...

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 Exam Questions and answers latest update

1 OHIO LIFE INSURANCE EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE/ A life insurance company has transferred some of its risk to another insure. The insurer assuming the risk is called - - all of the following are examples of business continuation plan except - -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 ...

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...

Ohio Life insurance Exam Questions & Answers 2023-24 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 ...

OHIO LIFE INSURANCE EXAM

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 the face amount if the insured dies Riders - CORRECT ANSWER cost extra, but none of the extra premiu...

Ohio life insurance exam 2025 (questions and correct verified answers) guaranteed pass 100%

1 OHIO LIFE INSURANCE EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE/ key person insurance - -life insurance policy a business owner purchases on a key employee Human life value (in determining amount of personal life insurance) - -Enough insurance to cover the loss of the income assuming the insured died. Needs Approach ((in determining amount of personal life insurance) - -Needs considered include outstanding indebtedness, mortgages, educational needs of various family members, fede...