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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 # 31:

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.

Expert Solution
Questions # 32:

Risks are generally NOT Insurable if

Options:

A.

there are many individuals who may also experience a similar loss.

B.

the policyholder has a policy from another insurer.

C.

deductibles would be required.

D.

the loss is expected.

Expert Solution
Questions # 33:

Under Ohio insurance laws, what must a licensee do prior to operating under an assumed business name?

Options:

A.

notify the superintendent

B.

notify all prospective insureds

C.

obtain approval from the insurer

D.

notify the National Association of Insurance Commissioners

Expert Solution
Questions # 34:

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 # 35:

An insured has a 5-year Renewable Term Life Insurance Policy. Upon exercising the renewable privilege, the Insured MUST

Options:

A.

provide evidence of insurability.

B.

renew for at least 10 years.

C.

pay an annual premium that may be higher.

D.

convert to a whole life policy.

Expert Solution
Questions # 36:

The Group Life Underwriting risk selection process helps protect Insurers from

Options:

A.

risk selection.

B.

medical underwriting.

C.

adverse selection.

D.

risk underwriting.

Expert Solution
Questions # 37:

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.

Expert Solution
Questions # 38:

An Individual buys an annuity that will pay her spouse an income for 20 years. If the spouse dies within that time, the Income will be paid to their children for the remainder of the period. What kind of annuity did the Insured buy?

Options:

A.

Life annuity with period certain

B.

Joint life and survivorship annuity

C.

Joint life annuity

D.

Temporary annuity certain

Expert Solution
Questions # 39:

An agent's underwriting duties Include which of the following?

Options:

A.

Setting premium amounts.

B.

Completing all applications and collecting initial premiums.

C.

Declining or accepting an application.

D.

Issuing the policy.

Expert Solution
Questions # 40:

The purpose of insurance Is to

Options:

A.

avoid risk.

B.

reduce risk.

C.

transfer risk.

D.

increase risk.

Expert Solution
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