OH-LIFE-AGENT-SERIES-11-44 Online Practice Questions and Answers

Survivorship life insurance policies are useful in estate planning because they

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.

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

A. cannot meet it's capital surplus requirements.

B. merges with a foreign insurer.

C. becomes financially insolvent.

D. depletes its loss reserves.

A policyowner may choose to have his/her life insurance policy dividends do all of the following EXCEPT

A. reduce the policy premium.

B. accumulate without interest.

C. be paid to the policyowner in cash.

D. purchase additional insurance protection.

Statements by an applicant concerning personal health history, family health history, occupation, and hobbies are referred to as

A. depictions.

B. certifications.

C. representations.

D. personal characteristics.

Which of the following represents a syndicate of underwriters that specialize in Insuring specific types of risk?

A. reciprocal insurer

B. Lloyd's association

C. risk retention group

D. fraternal benefit society

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?

A. Life annuity with period certain

B. Joint life and survivorship annuity

C. Joint life annuity

D. Temporary annuity certain

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?

A. Partial Surrender.

B. Automatic Premium Loan.

C. Waiver of Premium.

D. Spendthrift Clause.

The period after an annuity Is purchased but before distributions begin Is referred to as the

A. annuity phase.

B. build-up phase.

C. endowment phase.

D. accumulation phase.

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

A. coercion.

B. defamation.

C. intimidation.

D. misrepresentation.

What is an Insurer's liability when it Is discovered after an Insured dies that the Insured's age on the policy was misstated?

A. The insurer is not liable to pay any amount due to the insured's misstatement of age.

B. The insurer must pay the full amount of the policy, minus any additional premiums the Insurance company would have paid based on the Insured's actual age.

C. The insurer must pay a prorated amount of the policy based on the amount of insurance the insured's premiums would have been if purchased at the correct age.

D. The insurer must pay the full amount as stated in the policy, as age is not considered a relevant factor.