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Pass the Insurance Licensing OHIO Life Insurance OH-Life-Agent-Series-11-44 Questions and answers with ExamsMirror

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Viewing questions 11-20 out of questions
Questions # 11:

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.

Questions # 12:

What law do all Insurers and their agents need to comply with In regards to Information being obtained from a third party concerning the applicant?

Options:

A.

Dodd Frank Act

B.

McCarran-Ferguson Act

C.

Fair Credit Reporting Act

D.

Unauthorized Insurers Service of Process Act

Questions # 13:

Which of the following is TRUE of a payor benefit rider?

Options:

A.

Waives premiums on a Juvenile policy if the policyowner becomes totally disabled or dies.

B.

Pays a monthly income to the policyowner if the insured is totally disabled.

C.

Waives policy premiums if the insured becomes totally disabled.

D.

Increases the value of the policy if the policyowner dies.

Questions # 14:

What annuity payout option has no additional payouts regardless of when the annuitant dies?

Options:

A.

Life only.

B.

Cash refund.

C.

Life certain.

D.

Installment refund.

Questions # 15:

A policyowner may not pay premiums with which frequency?

Options:

A.

Bi-weekly

B.

Monthly

C.

Quarterly

D.

Semi-annually

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.

Questions # 17:

Which of the following individuals has the right to name a beneficiary?

Options:

A.

producer

B.

owner

C.

Insured

D.

assignee

Questions # 18:

Which of the following describes the process of selection, classification, and rating of risks?

Options:

A.

underwriting

B.

cost containment

C.

adverse selection

D.

claims experience

Questions # 19:

After a request has been received for verification of coverage from a viatical settlement provider, an insurance company authorized to do business shall respond within:

Options:

A.

30 calendar days

B.

45 calendar days

C.

60 calendar days

D.

90 calendar days

Questions # 20:

Which Is the name of the policy that combines a universal life policy with investment choices?

Options:

A.

Interest-sensitive universal life policy.

B.

Straight universal life policy.

C.

Variable universal life policy.

D.

Flexible universal life policy.

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