Ohio Department of Insurance Ohio Department of Insurance Certifications OH-LIFE-AGENT-SERIES-11-44 Questions & Answers

• Question 101:

  What is the approach to assessing the consumer's need for life insurance that focuses on an individual's future stream of income?

  A. Needs approach

  B. Affordability approach

  C. Human Life Value approach

  D. Return of Investment approach

  Correct Answer: C

• Question 102:

  When a beneficiary Inherits a traditional IRA, which of the following Is TRUE about taxation when the money is withdrawn?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

  A. no tax.

  B. an estate tax.

  C. capital gains tax.

  D. income tax.

  Correct Answer: D

• Question 103:

  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.

  Correct Answer: C

• Question 104:

  After the hearing, if the insurance superintendent has determined a licensee has committed a violation of Ohio Insurance Laws, what can the insurance superintendent do?

  A. impose an administrative penalty

  B. suspend the licensee s premium accounts

  C. immediately terminate insurer appointments

  D. sentence the licensee up to 30 days in jail

  Correct Answer: A

• Question 105:

  Which activity does NOT require an Insurance agent's license?

  A. negotiating

  B. selling

  C. soliciting

  D. underwriting

  Correct Answer: D