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OH-Life-Agent-Series-11-44 OHIO Life Insurance Agent Series 11-44 Questions and Answers

Questions 4

Statements by an applicant concerning personal health history, family health history, occupation, and hobbies are referred to as

Options:

A.

depictions.

B.

certifications.

C.

representations.

D.

personal characteristics.

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Questions 5

Upon the divorce of an insured who designated their spouse as the beneficiary, which of the following actions will result?

Options:

A.

the insured must pay 50% of the premiums paid to the spouse named as the beneficiary

B.

the spouse designated as beneficiary will remain an irrevocable beneficiary

C.

the designation of the spouse as a beneficiary is revoked

D.

the policy will automatically be terminated

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Questions 6

Which of the following is a provision in an interest-sensitive life policy which allows the policyowner to withdraw the policy's cash value Interest free?

Options:

A.

Partial Surrender.

B.

Automatic Premium Loan.

C.

Waiver of Premium.

D.

Spendthrift Clause.

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Questions 7

The Group Life Underwriting risk selection process helps protect Insurers from

Options:

A.

risk selection.

B.

medical underwriting.

C.

adverse selection.

D.

risk underwriting.

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Questions 8

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

Options:

A.

Insurance.

B.

Survivorship Policy.

C.

Joint Life Contract.

D.

Single-Life Insurance.

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Questions 9

An Insurer would consider which of the following In determining whether to accept a group life plan?

Options:

A.

Grace period

B.

Beneficiary

C.

Average age

D.

Dependents

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Questions 10

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

Options:

A.

Increasing term insurance.

B.

Decreasing term insurance.

C.

Level term insurance.

D.

Variable life insurance.

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Questions 11

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

Options:

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.

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Questions 12

While texting and driving, an Insured loses control of the vehicle and hits a tree. The resulting collision Is

Options:

A.

an exposure.

B.

a hazard.

C.

a peril.

D.

a risk.

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Questions 13

Insurers do business in Ohio only after a thorough financial review. Most insurance policies written in Ohio are protected by the Guaranty Association established to protect policy owners In the event an admitted company

Options:

A.

cannot meet it's capital surplus requirements.

B.

merges with a foreign insurer.

C.

becomes financially insolvent.

D.

depletes its loss reserves.

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Questions 14

A modified endowment contract (MEC) receives different tax treatment on pre-death distributions than other life Insurance policies because the modified endowment policy

Options:

A.

has a larger cash surrender value.

B.

generally pays dividends to the policyowner.

C.

tends to be an investment vehicle.

D.

does not provide for loans to the policyowner.

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Questions 15

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?

Options:

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.

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Questions 16

Which of the following plans will provide a death benefit to the policy's beneficiary Income tax free?

Options:

A.

Annuity.

B.

Whole Life.

C.

Qualified Retirement.

D.

Tax Sheltered Annuity.

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Questions 17

The most common use of a group life insurance policy is to insure

Options:

A.

retirees.

B.

company employees.

C.

members of a family.

D.

association members.

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Questions 18

Which of the following retirementplans will allow for a nonworking spouse to set up a separate account and make contributions based on the working spouse's Income?

Options:

A.

SIMPLE IRA

B.

SEP IRA

C.

401(k)

D.

IRA

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Questions 19

If an Insured under a life insurance policy dies with an outstanding loan balance then the death benefit

will

Options:

A.

be reduced by the amount of the loan and interest owed.

B.

not be paid until the loan is repaid.

C.

be paid less the amount of the loan but not the interest.

D.

be paid less the amount of the loan interest but not the principal.

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Questions 20

An immediate annuity begins making payments after the

Options:

A.

policyholder suffers a disability.

B.

first premium has been paid.

C.

policy has been in force for one year.

D.

policy reaches its maturation date.

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Questions 21

What does a limited payment whole life policy provide?

Options:

A.

Protection to age 65.

B.

Life time protection.

C.

A lower premium.

D.

Pure protection.

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Questions 22

An insured has chosen to receive the payout from her husband's life insurance policy so that she will receive an Income for the next 10 years. At the end of that time, the entire proceeds from the policy will have been paid out. The insured has selected which option?

Options:

A.

Fixed period.

B.

Interest only.

C.

Fixed amount.

D.

Life income.

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Questions 23

An accelerated death benefit

Options:

A.

pays an additional benefit if the policyholder dies as a result of an accident.

B.

allows the policyowner to sell their policy to a third party.

C.

pays a portion of the face amount when a policyowner Is determined to be terminally ill.

D.

pays only in the event of an accident resulting in death.

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Questions 24

What is an Insurer's liability when it Is discovered after an Insured dies that the Insured's age on the policy was misstated?

Options:

A.

The insurer is not liable to pay any amount due to the insured's misstatement of age.

B.

The insurer must pay the full amount of the policy, minus any additional premiums the Insurance company would have paid based on the Insured's actual age.

C.

The insurer must pay a prorated amount of the policy based on the amount of insurance the insured's premiums would have been if purchased at the correct age.

D.

The insurer must pay the full amount as stated in the policy, as age is not considered a relevant factor.

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Questions 25

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

Options:

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.

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Questions 26

When a policy owner requests a partial surrender from her Universal Life Policy she Is requesting which of the following?

Options:

A.

Cash withdrawal.

B.

A loan from the policy.

C.

Surrender of the policy.

D.

Decrease In the coverage amount.

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Questions 27

When a beneficiary Inherits a traditional IRA, which of the following Is TRUE about taxation when the money is withdrawn? The beneficiary pays

Options:

A.

no tax.

B.

an estate tax.

C.

capital gains tax.

D.

income tax.

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Questions 28

Competency of an Individual to enter into an Insurance contract is determined based on

Options:

A.

legal age.

B.

legal purpose.

C.

ownership.

D.

payment of premium.

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Questions 29

The only beneficiary named in a life insurance policy died before the Insured. The policyowner did not name a new beneficiary. When a claim is filed, the death benefit would be paid to the

Options:

A.

beneficiary's estate.

B.

insured's estate.

C.

Insured's next of kin.

D.

policyowner.

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Questions 30

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

Options:

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.

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Questions 31

Which of the following represents a syndicate of underwriters that specialize in Insuring specific types of risk?

Options:

A.

reciprocal insurer

B.

Lloyd's association

C.

risk retention group

D.

fraternal benefit society

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Exam Name: OHIO Life Insurance Agent Series 11-44
Last Update: Jul 18, 2024
Questions: 105

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