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Home > Ohio Department of Insurance > OHIO Life Insurance > OH-Life-Agent-Series-11-44

OH-Life-Agent-Series-11-44 OHIO Life Insurance Agent Series 11-44 Question and Answers

Question # 4

Reinsurers are a specialized branch of the insurance industry because they

A.

provide insurance to otherwise uninsurable individuals.

B.

provide alternative means.

C.

Insure insurers.

D.

keep premiums low.

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Question # 5

Interest earned on a Traditional IRA is taxed

A.

prior to contribution.

B.

during the accumulation period.

C.

at distribution.

D.

only if there is a premature distribution.

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Question # 6

All the following policies qualify for a 1035 Exchange EXCEPT

A.

a whole life policy to another whole life policy.

B.

a whole life policy to an annuity.

C.

an annuity to another annuity.

D.

an annuity to a whole life policy.

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Question # 7

Which of the following individuals has the right to name a beneficiary?

A.

producer

B.

owner

C.

Insured

D.

assignee

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Question # 8

As a form of level premium permanent Insurance, ordinary life Insurance accumulates a reserve that eventually

A.

equals the face amount of the policy.

B.

results In a dividend payment to the policyowner.

C.

ceases to earn interest or grow in a positive earnings direction.

D.

requires mandatory cash value distributions.

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Question # 9

Which of the following is TRUE of a payor benefit rider?

A.

Waives premiums on a Juvenile policy if the policyowner becomes totally disabled or dies.

B.

Pays a monthly income to the policyowner if the insured is totally disabled.

C.

Waives policy premiums if the insured becomes totally disabled.

D.

Increases the value of the policy if the policyowner dies.

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Question # 10

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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Question # 11

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.

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Question # 12

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.

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Question # 13

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.

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Question # 14

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.

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Question # 15

An exposure Is a condition or situation that presents the possibility of

A.

hazard.

B.

peril.

C.

indemnity.

D.

loss.

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Question # 16

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.

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Question # 17

What does a limited payment whole life policy provide?

A.

Protection to age 65.

B.

Life time protection.

C.

A lower premium.

D.

Pure protection.

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Question # 18

Contributions made to a Roth IRA are

A.

partially tax deductible.

B.

not tax deductible.

C.

only tax deductible at age 50 or older.

D.

tax deductible at retirement.

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Question # 19

At what age can an Individual begin to receive distributions from an IRA without a tax penalty?

A.

55 1/2 years.

B.

59 1/2 years.

C.

63 1/2 years.

D.

65 1/2 years.

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Question # 20

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.

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Question # 21

The most common use of a group life insurance policy is to insure

A.

retirees.

B.

company employees.

C.

members of a family.

D.

association members.

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Question # 22

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

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Question # 23

The structure of a credit life insurance policy does NOT allow for

A.

coverage amount to match the loan amount.

B.

conversion privileges.

C.

Individual policies.

D.

group policies.

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Question # 24

The only beneficiary named in a life insurance policy died before the Insured. The policyowner did not name a new beneficiary. When a claim is filed, the death benefit would be paid to the

A.

beneficiary's estate.

B.

insured's estate.

C.

Insured's next of kin.

D.

policyowner.

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Question # 25

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

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Question # 26

Risks are generally NOT Insurable if

A.

there are many individuals who may also experience a similar loss.

B.

the policyholder has a policy from another insurer.

C.

deductibles would be required.

D.

the loss is expected.

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Question # 27

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.

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Question # 28

Rob, Joe, and Mike are brothers who have a $60,000 "first-to-die" Joint life policy covering all three of their lives. If Joe dies first, the policy proceeds

A.

will not provide further insurance protection.

B.

must be shared equally by Rob and Joe's wife.

C.

will accumulate with interest until another brother dies and then be awarded to the surviving brother.

D.

must be awarded to Joe's estate.

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Question # 29

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.

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Question # 30

In which of the following fixed annuity features Is the surrender value tied to Interest rates?

A.

fixed value rates

B.

variable sub accounts

C.

market value adjustments

D.

interest sensitive trigger

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Question # 31

The Group Life Underwriting risk selection process helps protect Insurers from

A.

risk selection.

B.

medical underwriting.

C.

adverse selection.

D.

risk underwriting.

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