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OHIO LIFE/HEALTH INSURANCE EXAM 2024 WITH 100% CORRECT ANSWERS Which statement best describes the tax responsibilities under a Business Overhead policy? - correct answer Premiums are deductible, benefits are taxed In which type of insurance company may stockholders share in the profits and losses of the insurer? - correct answer Stock In which company may policy owners receive policy dividends when there is a profit? - correct answer mutual The law of large numbers states that - c...

OHIO LIFE INSURANCE FINAL EXAM 2024 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 ...

All Ohio Life Insurance Practice Exams With Verified Questions And Answers Rated A+ All Ohio Life Insurance Practice Exams With Verified Questions And Answers Rated A+

Ohio life and Health Insurance Practice Final Exam Questions with accurate answers. Graded A. 2022/2023. Rated A Document Content and Description Below Ohio life and Health Insurance Practice Final Exam Questions with accurate answers. Graded A. 2022/2023. Rated A 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? - Qualified Long-Term Care plan All _____ policies must be guaranteed renewable. - long-term...

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 Death benefit An indemnity plan Pays both the insured and health care...

OHIO LIFE AND HEALTH PRACTICE EXAM

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 Death benefit An indemnity plan Pays both the insured and healt...

Ohio Life and Health Insurance Exam Cram 100% Correct The term describing the insured's notification to the insurer requesting payment for a covered loss is: a. Limit of liability b. Premium c. Claim d. Deductible - Answer ️️ -An insurance claim is the insured's notification to the insurer that a payment is requested for a covered loss. The correct answer is: Claim Which of the following is the consideration an insured pays for insurance coverage? Select one: a. Deductible b. P...