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

• Question 51:

  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.

  Correct Answer: B

• Question 52:

  The Group Life Underwriting risk selection process helps protect Insurers from

  A. risk selection.

  B. medical underwriting.

  C. adverse selection.

  D. risk underwriting.

  Correct Answer: C

• Question 53:

  Which of the following is a characteristic of a non-admitted Insurer?

  A. A non-admitted insurer is required to submit forms to the Department of Insurance.

  B. A non-admitted insurer is not afforded protection by the guaranty fund.

  C. A non-admitted insurer is required to submit rates for approval.

  D. A non-admitted insurer is also known as a domestic insurer.

  Correct Answer: B

• Question 54:

  Generally, If a life application Is NOT prepaid, the effective date of coverage begins on the date the

  A. application is signed.

  B. policy is delivered and accepted.

  C. company underwriter approves the risk.

  D. application is postmarked and mailed to the insurer.

  Correct Answer: B

• Question 55:

  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.

  Correct Answer: C

• Question 56:

  Under an executive bonus plan, premiums paid by the employer are

  A. reported as taxable income to the employee.

  B. tax deductible to both the employee and employer.

  C. reported as taxable Income to the employer.

  D. only tax deductible when the bonus is an insurance plan.

  Correct Answer: A

• Question 57:

  Which nonforfeiture option allows the policyowner to purchase less coverage for life?

  A. Reduced Paid-Up Insurance.

  B. Cash Surrender Value.

  C. Settlement Value.

  D. Extended Term.

  Correct Answer: A

• Question 58:

  Under what circumstances must an agent provide his or her business records to the superintendent of Insurance?

  A. upon request of an insured

  B. upon request of the superintendent

  C. under no circumstances due to privacy consideration

  D. by authorization from the National Association of Insurance Commissioners (NAIC)

  Correct Answer: B

• Question 59:

  The premium mode defines the

  A. premium limit.

  B. premium amount.

  C. frequency of the premium payment.

  D. method of premium payment.

  Correct Answer: C

• Question 60:

  Which of the following is a life insurance contract written on the life of an individual?

  A. Insurance.

  B. Survivorship Policy.

  C. Joint Life Contract.

  D. Single-Life Insurance.

  Correct Answer: B