OH-LIFE-AGENT-SERIES-11-44 Online Practice Questions and Answers

Which of the following policies allows the policyowner to change two policy features?

A. Credit Life.

B. Modified Life.

C. Adjustable Life.

D. Term Life.

Under Ohio insurance laws, what must a licensee do prior to operating under an assumed business name?

A. notify the superintendent

B. notify all prospective insureds

C. obtain approval from the insurer

D. notify the National Association of Insurance Commissioners

An annuitant dies during the accumulation period. What happens to the cash value in the annuity?

A. The cash value is paid to the beneficiary.

B. The cash value is paid into the estate.

C. The cash value is paid to the IRS.

D. The company keeps the cash value.

Which of the following is a life insurance contract written on the life of an individual?

A. Insurance.

B. Survivorship Policy.

C. Joint Life Contract.

D. Single-Life Insurance.

Under what circumstances must an agent provide his or her business records to the superintendent of Insurance?

A. upon request of an insured

B. upon request of the superintendent

C. under no circumstances due to privacy consideration

D. by authorization from the National Association of Insurance Commissioners (NAIC)

The Group Life Underwriting risk selection process helps protect Insurers from

A. risk selection.

B. medical underwriting.

C. adverse selection.

D. risk underwriting.

Which of the following statements BEST describes a single premium cash value policy?

A. It requires only one payment to make the policy paid up.

B. It provides for only one premium to be paid without evidence of insurability.

C. It waives one future premium if the owner becomes disabled.

D. It requires the policyowner to pay one premium annually.

All of the following statements apply to the surrender of an annuity contract EXCEPT

A. surrender charges will reduce the contract payout amount.

B. the right to surrender Is available on immediate and deferred annuities.

C. the owner has the right to surrender the contract during the accumulation period.

D. surrender charges diminish over a stated number of years and will eventually disappear.

To avoid tax consequences, a rollover from a Traditional IRA to another IRA MUST be done within

A. 30 days.

B. 45 days.

C. 60 days.

D. 90 days.

In reference to life Insurance in contract law, a person MOST likely will have an insurable interest in insuring a person's life If

A. the interest exists at the time of death.

B. the interest exists at the time of application.

C. any type of distant family relationship exists with the insured party.

D. any type of business relationship exists between the insured party and the beneficiary.

An Insured owns a whole life policy that has accumulated cash value. Which of the following statements Is true about the policy's cash value?

A. The policy's cash value is viewed as investment growth and therefore subject to taxation for each calendar year.

B. The growth of the policy's cash value Is not subject to income tax while the policy Is in force.

C. It is subject to fluctuations of the company's overall performance.

D. The cash value is not guaranteed.

Deliberate withholding of material facts that would affect the validity of an Insurance policy or a claim under the policy Is known as

A. slanting.

B. concealment.

C. misrepresentation.

D. aleatory contract.

What type of insurance is the cheapest option to pay off a 30-year mortgage balance?

A. Increasing term insurance.

B. Decreasing term insurance.

C. Level term insurance.

D. Variable life insurance.

All the following riders can Increase the death benefit amount EXCEPT

A. Cost of Living.

B. Waiver of Premium.

C. Accidental Death Rider.

D. Guaranteed Insurability.

What is the approach to assessing the consumer's need for life insurance that focuses on an individual's future stream of income?

A. Needs approach

B. Affordability approach

C. Human Life Value approach

D. Return of Investment approach