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

• Question 41:

  A single premium Immediate annuity Is MOST often used for

  A. retirement income.

  B. children's college expenses.

  C. mortgage payments.

  D. vacation expenses.

  Correct Answer: A

• Question 42:

  The accumulated cash value of a whole life insurance policy becomes the

  A. policy loan value upon which the insured may borrow.

  B. amount used to purchase paid up additions to the insured's policy.

  C. funds used to offset policy administration and conversion expenses.

  D. face amount payable upon the insured's death.

  Correct Answer: A

• Question 43:

  An insured owns a whole life insurance policy on himself. He would also like coverage for his minor son and/or daughter. One way the Insured can accomplish this goal Is to purchase a

  A. child term rider.

  B. family income rider.

  C. famitp maintenance rider.

  D. guaranteed insurability rider.

  Correct Answer: C

• Question 44:

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

  A. Setting premium amounts.

  B. Completing all applications and collecting initial premiums.

  C. Declining or accepting an application.

  D. Issuing the policy.

  Correct Answer: B

• Question 45:

  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.

  Correct Answer: C

• Question 46:

  Each of the following are characteristics of a fixed annuity contract EXCEPT

  A. funds are Invested in a separate account.

  B. the minimum interest rate is guaranteed in the contract.

  C. benefit payments remain level.

  D. it may be sold as an immediate or deferred annuity.

  Correct Answer: A

• Question 47:

  An agent qualified to sell variable products in Ohio must report each of the following to the superintendent of Insurance EXCEPT

  A. a suspension from the National Association of Securities Dealers.

  B. the revocation of an insurance license held in another state.

  C. the sharing of commissions with another qualified agent.

  D. a felony criminal conviction.

  Correct Answer: C

• Question 48:

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

  A. apparent

  B. delegated

  C. express

  D. inherent

  Correct Answer: A

• Question 49:

  After a request has been received for verification of coverage from a viatical settlement provider, an insurance company authorized to do business shall respond within:

  A. 30 calendar days

  B. 45 calendar days

  C. 60 calendar days

  D. 90 calendar days

  Correct Answer: B

• Question 50:

  Which of the following is a characteristic of a contract of adhesion?

  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.

  Correct Answer: C