Something that increases the probability of loss is called
A. a risk.
B. a peril.
C. a hazard.
D. an exposure.
An immediate annuity begins making payments after the
A. policyholder suffers a disability.
B. first premium has been paid.
C. policy has been in force for one year.
D. policy reaches its maturation date.
Bettie has a $200,000 whole life policy with a $50,000 cash value. She wishes to borrow $30,000 for the purchase of a new van. Which of the following Is TRUE In this situation?
A. There is no requirement that she pay back the loan.
B. Loans can only be taken for hardship situations.
C. Whole life policies do not have any loan provisions.
D. This type of loan is interest free.
The type of insurance used to indemnify a firm for the loss of earnings brought about by the death or disability of an officer or other significant employee Is
A. business continuation life.
B. business overhead.
C. key person.
D. employee welfare.
To receive proceeds from a death benefit, a minor
A. must be related to the insured.
B. can only be named as a contingent beneficiary.
C. must be at least 16 years old.
D. must have an appointed guardian.
If an agent does NOT send a refund to a policyholder within an expectable time frame, the agent may
A. be barred from seeking an appeal.
B. receive a deduction in commissions.
C. be charged interest on the refund amount.
D. have his or her license suspended or revoked.
Under Ohio insurance laws, what must a licensee do prior to operating under an assumed business name?
A. notify the superintendent
B. notify all prospective insureds
C. obtain approval from the insurer
D. notify the National Association of Insurance Commissioners
Which of the following plans will provide a death benefit to the policy's beneficiary Income tax free?
A. Annuity.
B. Whole Life.
C. Qualified Retirement.
D. Tax Sheltered Annuity.
If an Insured under a life insurance policy dies with an outstanding loan balance then the death benefit will
A. be reduced by the amount of the loan and interest owed.
B. not be paid until the loan is repaid.
C. be paid less the amount of the loan but not the interest.
D. be paid less the amount of the loan interest but not the principal.
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.
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