OH-LIFE-AGENT-SERIES-11-44 questions and answers

Question 1

Single choice

An applicant would be charged a higher premium for a life Insurance policy if they were

1. A

   younger.

2. B

   older.

3. C

   married.

4. D

   deaf.

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Correct answerB

Question 2

Single choice

The settlement option that allows proceeds to remain with the Insurer and the earnings to be paid to the beneficiary on a monthly basis is called

1. A

   interest only.

2. B

   lump sum.

3. C

   fixed period.

4. D

   fixed amount.

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Correct answerA

Question 3

Single choice

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

1. A

   Insurance.

2. B

   Survivorship Policy.

3. C

   Joint Life Contract.

4. D

   Single-Life Insurance.

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Correct answerB

Question 4

Single choice

If an agent does NOT send a refund to a policyholder within an expectable time frame, the agent may

1. A

   be barred from seeking an appeal.

2. B

   receive a deduction in commissions.

3. C

   be charged interest on the refund amount.

4. D

   have his or her license suspended or revoked.

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Correct answerD

Question 5

Single choice

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

1. A

   retirees.

2. B

   company employees.

3. C

   members of a family.

4. D

   association members.

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Correct answerB

Question 6

Single choice

What is the approach to assessing the consumer's need for life insurance that focuses on an individual's future stream of income?

1. A

   Needs approach

2. B

   Affordability approach

3. C

   Human Life Value approach

4. D

   Return of Investment approach

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Correct answerC

Question 7

Single choice

What is an Insurer's liability when it Is discovered after an Insured dies that the Insured's age on the policy was misstated?

1. A

   The insurer is not liable to pay any amount due to the insured's misstatement of age.

2. B

   The insurer must pay the full amount of the policy, minus any additional premiums the Insurance company would have paid based on the Insured's actual age.

3. C

   The insurer must pay a prorated amount of the policy based on the amount of insurance the insured's premiums would have been if purchased at the correct age.

4. D

   The insurer must pay the full amount as stated in the policy, as age is not considered a relevant factor.

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Correct answerC

Question 8

Single choice

Something that increases the probability of loss is called

1. A

   a risk.

2. B

   a peril.

3. C

   a hazard.

4. D

   an exposure.

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Correct answerC

Question 9

Single choice

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

1. A

   producer

2. B

   owner

3. C

   Insured

4. D

   assignee

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Correct answerB

Question 10

Single choice

In reference to life Insurance in contract law, a person MOST likely will have an insurable interest in insuring a person's life If

1. A

   the interest exists at the time of death.

2. B

   the interest exists at the time of application.

3. C

   any type of distant family relationship exists with the insured party.

4. D

   any type of business relationship exists between the insured party and the beneficiary.

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Correct answerB

Question 11

Single choice

The PRIMARY reason for purchasing life Insurance Is to provide

1. A

   death benefits.

2. B

   college tuition.

3. C

   retirement Income.

4. D

   safety of principal.

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Correct answerA

Question 12

Single choice

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

1. A

   beneficiary's estate.

2. B

   insured's estate.

3. C

   Insured's next of kin.

4. D

   policyowner.

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Correct answerB

Question 13

Single choice

Making a statement that is false and maliciously critical of the financial condition of an insurer is known as

1. A

   coercion.

2. B

   defamation.

3. C

   intimidation.

4. D

   misrepresentation.

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Correct answerD

Question 14

Single choice

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

1. A

   reported as taxable income to the employee.

2. B

   tax deductible to both the employee and employer.

3. C

   reported as taxable Income to the employer.

4. D

   only tax deductible when the bonus is an insurance plan.

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Correct answerA

Question 15

Single choice

Falsifying the terms, benefits, advantages, or conditions of an insurance policy Is an example of which of the following?

1. A

   Forgery

2. B

   Coercion

3. C

   Concealment

4. D

   Misrepresentation

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Correct answerD

Question 16

Single choice

To avoid tax consequences, a rollover from a Traditional IRA to another IRA MUST be done within

1. A

   30 days.

2. B

   45 days.

3. C

   60 days.

4. D

   90 days.

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Correct answerC