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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 # 11:

In Ohio, an agent must be appointed by the Insurer within how many days from the date the agency contract Is executed, or the first Insurance application Is submitted?

Options:

A.

10

B.

15

C.

20

D.

30

Expert Solution
Questions # 12:

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

Options:

A.

Credit Life.

B.

Modified Life.

C.

Adjustable Life.

D.

Term Life.

Expert Solution
Questions # 13:

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.

Expert Solution
Questions # 14:

In which of the following dividend options would an Insurer invest the policyowners money and add interest earnings to the Initial amount of the dividends as such earnings accrue?

Options:

A.

Accumulation at Interest Option.

B.

Paid-up Additions Option.

C.

Cash Dividend Option.

D.

Reduced Premium Dividend Option.

Expert Solution
Questions # 15:

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.

Expert Solution
Questions # 16:

Making a statement that is false and maliciously critical of the financial condition of an insurer is known as

Options:

A.

coercion.

B.

defamation.

C.

intimidation.

D.

misrepresentation.

Expert Solution
Questions # 17:

When a beneficiary Inherits a traditional IRA, which of the following Is TRUE about taxation when the money is withdrawn?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

Expert Solution
Questions # 18:

Without written consent, a policyowner CANNOT change the beneficiary If he has named

Options:

A.

a contingent beneficiary.

B.

a revocable beneficiary.

C.

a permanent beneficiary.

D.

an irrevocable beneficiary.

Expert Solution
Questions # 19:

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 # 20:

Upon annuitization, which of the following will have the HIGHEST monthly payout?

Options:

A.

Straight life with guaranteed payments.

B.

Joint life.

C.

Straight life.

D.

Joint and survivor life.

Expert Solution
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