Pass Your Ohio Department of Insurance Exam with OH-Life-Agent-Series-11-44 Exam Dumps (Updated 107 Questions) [Q40-Q64]

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Pass Your Ohio Department of Insurance Exam with OH-Life-Agent-Series-11-44 Exam Dumps (Updated 107 Questions)

OH-Life-Agent-Series-11-44 Exam Dumps – Ohio Department of Insurance Practice Test Questions

NO.40 Survivorship life insurance policies are useful in estate planning because they

accumulate a sum of money for retirement.

can provide money to pay taxes on assets.

redistribute the premium obligation during the early years of the policy.

provide funeral insurance and pre-need burial insurance.

NO.41 The accumulated cash value of a whole life insurance policy becomes the

policy loan value upon which the insured may borrow.

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

funds used to offset policy administration and conversion expenses.

face amount payable upon the insured’s death.

NO.42 Generally, If a life application Is NOT prepaid, the effective date of coverage begins on the date the

application is signed.

policy is delivered and accepted.

company underwriter approves the risk.

application is postmarked and mailed to the insurer.

NO.43 A policyowner may not pay premiums with which frequency?

Bi-weekly

Monthly

Quarterly

Semi-annually

NO.44 Risks are generally NOT Insurable if

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

the policyholder has a policy from another insurer.

deductibles would be required.

the loss is expected.

NO.45 Reinsurers are a specialized branch of the insurance industry because they

provide insurance to otherwise uninsurable individuals.

provide alternative means.

Insure insurers.

keep premiums low.

NO.46 Which of the following is a characteristic of a contract of adhesion?

Each party is entitled to rely on others’ representations.

The Insurer agrees to pay a stated sum regardless of loss.

The terms must be accepted or rejected in full.

The insurer’s obligations are dependent upon certain acts of the insured individual.

NO.47 Which of the following represents a syndicate of underwriters that specialize in Insuring specific types of risk?

reciprocal insurer

Lloyd’s association

risk retention group

fraternal benefit society

NO.48 The Group Life Underwriting risk selection process helps protect Insurers from

risk selection.

medical underwriting.

adverse selection.

risk underwriting.

NO.49 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

cannot meet it’s capital surplus requirements.

merges with a foreign insurer.

becomes financially insolvent.

depletes its loss reserves.

NO.50 Kelvin is receiving tax deferred growth until retirement. In what phase would Kelvin’s annuity be?

Nonforfeiture period.

Accumulation period.

Annuity period.

Payout period.

NO.51 The most common use of a group life insurance policy is to insure

retirees.

company employees.

members of a family.

association members.

NO.52 An agent’s underwriting duties Include which of the following?

Setting premium amounts.

Completing all applications and collecting initial premiums.

Declining or accepting an application.

Issuing the policy.

NO.53 Which of the following statements BEST describes a single premium cash value policy?

It waives one future premium if the owner becomes disabled.

It requires only one payment to make the policy paid up.

It provides for only one premium to be paid without evidence of insurability.

It requires the policyowner to pay one premium annually.

NO.54 Which Is the name of the policy that combines a universal life policy with investment choices?

Interest-sensitive universal life policy.

Straight universal life policy.

Variable universal life policy.

Flexible universal life policy.

NO.55 When a beneficiary Inherits a traditional IRA, which of the following Is TRUE about taxation when the money
is withdrawn? The beneficiary pays

no tax.

an estate tax.

capital gains tax.

income tax.

NO.56 Under the children’s term rider, what occurs when a child reaches the specified age? He or she

automatically becomes the beneficiary of the life insurance policy.

must show evidence of insurability to remain covered.

may Increase the term coverage of the rider.

is eliminated from coverage.

NO.57 The purpose of insurance Is to

avoid risk.

reduce risk.

transfer risk.

increase risk.

NO.58 An accelerated death benefit

pays an additional benefit if the policyholder dies as a result of an accident.

allows the policyowner to sell their policy to a third party.

pays a portion of the face amount when a policyowner Is determined to be terminally ill.

pays only in the event of an accident resulting in death.

NO.59 Which of the following individuals has the right to name a beneficiary?

producer

owner

Insured

assignee

NO.60 An insured has chosen to receive the payout from her husband’s life insurance policy so that she will receive
an Income for the next 10 years. At the end of that time, the entire proceeds from the policy will have been
paid out. The insured has selected which option?

Fixed period.

Interest only.

Fixed amount.

Life income.

NO.61 What law do all Insurers and their agents need to comply with In regards to Information being obtained from a
third party concerning the applicant?

Dodd Frank Act

McCarran-Ferguson Act

Fair Credit Reporting Act

Unauthorized Insurers Service of Process Act

NO.62 Generally, rates charged for Insurance may NOT be

discriminatory.

cost prohibitive.

excessive, inadequate, or unfairly discriminatory.

different for persons withdiffering risk profiles.

NO.63 If an Insured under a life insurance policy dies with an outstanding loan balance then the death benefit
will

be reduced by the amount of the loan and interest owed.

not be paid until the loan is repaid.