OH-LIFE-AGENT-SERIES-11-44 Online Practice Questions and Answers

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

A. younger.

B. older.

C. married.

D. deaf.

Who can surrender an annuity during the accumulation period?

A. The company.

B. The beneficiary.

C. The annuitant.

D. The policyowner.

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.

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.

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.

A modified endowment contract (MEC) receives different tax treatment on pre-death distributions than other life Insurance policies because the modified endowment policy

A. has a larger cash surrender value.

B. generally pays dividends to the policyowner.

C. tends to be an investment vehicle.

D. does not provide for loans to the policyowner.

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?

A. Fixed period.

B. Interest only.

C. Fixed amount.

D. Life income.

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.

What annuity payout option has no additional payouts regardless of when the annuitant dies?

A. Life only.

B. Cash refund.

C. Life certain.

D. Installment refund.

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

A. hazard.

B. peril.

C. indemnity.

D. loss.