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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 # 21:

Which of the following dividend options is taxable?

Options:

A.

1-year term.

B.

Paid up additions.

C.

Return of premium.

D.

Accumulation at interest.

Expert Solution
Questions # 22:

Contributions made to a Roth IRA are

Options:

A.

partially tax deductible.

B.

not tax deductible.

C.

only tax deductible at age 50 or older.

D.

tax deductible at retirement.

Expert Solution
Questions # 23:

Something that increases the probability of loss is called

Options:

A.

a risk.

B.

a peril.

C.

a hazard.

D.

an exposure.

Expert Solution
Questions # 24:

The proposed insured's statements on a life insurance application are considered to be

Options:

A.

absolute statements.

B.

misrepresentations.

C.

representations.

D.

warranties.

Expert Solution
Questions # 25:

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

Expert Solution
Questions # 26:

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 # 27:

The grace period is a period of time

Options:

A.

between the death of the insured individual and the payment of the benefits.

B.

after the premium is paid and before the policy is issued.

C.

after the premium is received and before the policy is issued.

D.

after the premium is due but while the policy remains in force.

Expert Solution
Questions # 28:

To receive proceeds from a death benefit, a minor

Options:

A.

must be related to the insured.

B.

can only be named as a contingent beneficiary.

C.

must be at least 16 years old.

D.

must have an appointed guardian.

Expert Solution
Questions # 29:

A single premium Immediate annuity Is MOST often used for

Options:

A.

retirement income.

B.

children's college expenses.

C.

mortgage payments.

D.

vacation expenses.

Expert Solution
Questions # 30:

An agent's actions or deeds demonstrate what kind of authority?

Options:

A.

apparent

B.

delegated

C.

express

D.

inherent

Expert Solution
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