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Pass the Ohio Department of Insurance OHIO Life Insurance OH-Life-Agent-Series-11-44 Questions and answers with ValidTests

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Questions # 1:

Under the children's term rider, what occurs when a child reaches the specified age? He or she

Options:

A.

automatically becomes the beneficiary of the life insurance policy.

B.

must show evidence of insurability to remain covered.

C.

may Increase the term coverage of the rider.

D.

is eliminated from coverage.

Expert Solution
Questions # 2:

Survivorship life insurance policies are useful in estate planning because they

Options:

A.

accumulate a sum of money for retirement.

B.

can provide money to pay taxes on assets.

C.

redistribute the premium obligation during the early years of the policy.

D.

provide funeral insurance and pre-need burial insurance.

Expert Solution
Questions # 3:

The type of insurance used to indemnify a firm for the loss of earnings brought about by the death or disability of an officer or other significant employee Is

Options:

A.

business continuation life.

B.

business overhead.

C.

key person.

D.

employee welfare.

Expert Solution
Questions # 4:

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.

Expert Solution
Questions # 5:

The settlement option that allows proceeds to remain with the Insurer and the earnings to be paid to the beneficiary on a monthly basis is called

Options:

A.

interest only.

B.

lump sum.

C.

fixed period.

D.

fixed amount.

Expert Solution
Questions # 6:

Which of the following is a characteristic of a contract of adhesion?

Options:

A.

Each party is entitled to rely on others' representations.

B.

The Insurer agrees to pay a stated sum regardless of loss.

C.

The terms must be accepted or rejected in full.

D.

The insurer's obligations are dependent upon certain acts of the insured individual.

Expert Solution
Questions # 7:

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.

Expert Solution
Questions # 8:

The PRIMARY reason for purchasing life Insurance Is to provide

Options:

A.

death benefits.

B.

college tuition.

C.

retirement Income.

D.

safety of principal.

Expert Solution
Questions # 9:

Falsifying the terms, benefits, advantages, or conditions of an insurance policy Is an example of which of the following?

Options:

A.

Forgery

B.

Coercion

C.

Concealment

D.

Misrepresentation

Expert Solution
Questions # 10:

An exposure Is a condition or situation that presents the possibility of

Options:

A.

hazard.

B.

peril.

C.

indemnity.

D.

loss.

Expert Solution
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