Ohio life i - Study guides, Class notes & Summaries

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 & 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 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...

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 ...

A life insurance company has transferred some of its risk to another insurer. The insurer assuming the risk is called - CORRECT ANSWERall of the following are examples of business continuity plan except - CORRECT ANSWER-Deferred 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 poli...

Ohio Life Insurance Final Exam Study Guide with 100% Correct Answers

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...

To qualify for appointment of agent Answer - 18 YOA, US citizenship not required, no minimum residency Original certificate good for.... Answer - 180 days Renewal for license Answer - beinnially on birth month, $5 fee Types of risk Answer - Pure risk - covered by insurance Speculative risk - not covered (gambling) How to handle risk Answer - avoid it retain it - self insurance reduce it share it transfer it - buy insurance, spreads risk to large group Mortality Rate Answer -...

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...

1 OHIO LIFE INSURANCE FINAL EXAM REVIEW QUESTIONS AND ANSWERS, VERIFIED. Which of the following is usually the owner of the annuity? - -The annuitant Which of the following is not true of the straight life income option for annuities? - -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: - -That he/she has an insurabl...