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Ohio Department of Insurance OH-Life-Agent-Series-11-44 OHIO Life Insurance Agent Series 11-44 Exam Practice Test

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Total 105 questions
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OHIO Life Insurance Agent Series 11-44 Questions and Answers

Question 1

It is unlawful for a person to provide an advertisement which

Options:

A.

uses a testimonial.

B.

refers to the insurer's financial rating.

C.

points out coverage advantages of a policy.

D.

uses a policy title to inaccurately describe a coverage.

Question 2

An agent's underwriting duties Include which of the following?

Options:

A.

Setting premium amounts.

B.

Completing all applications and collecting initial premiums.

C.

Declining or accepting an application.

D.

Issuing the policy.

Question 3

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?

Options:

A.

Dodd Frank Act

B.

McCarran-Ferguson Act

C.

Fair Credit Reporting Act

D.

Unauthorized Insurers Service of Process Act

Question 4

Loans may generally be obtained against the cash value of a personal life Insurance policy and policy loan proceeds

Options:

A.

accelerate the benefits under the policy.

B.

are not treated as taxable income.

C.

are subject to Federal estate tax.

D.

generate nontaxable interest income.

Question 5

An immediate annuity begins making payments after the

Options:

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.

Question 6

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

Options:

A.

child term rider.

B.

family income rider.

C.

famitp maintenance rider.

D.

guaranteed insurability rider.

Question 7

Competency of an Individual to enter into an Insurance contract is determined based on

Options:

A.

legal age.

B.

legal purpose.

C.

ownership.

D.

payment of premium.

Question 8

Which rider would allow additional insurance to be purchased at specified dates or events, without additional underwriting?

Options:

A.

Guaranteed renewability.

B.

Guaranteed insurability.

C.

Cost of living.

D.

Disability income.

Question 9

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

Options:

A.

retirees.

B.

company employees.

C.

members of a family.

D.

association members.

Question 10

Interest earned on a Traditional IRA is taxed

Options:

A.

prior to contribution.

B.

during the accumulation period.

C.

at distribution.

D.

only if there is a premature distribution.

Question 11

An Individual buys an annuity that will pay her spouse an income for 20 years. If the spouse dies within that time, the Income will be paid to their children for the remainder of the period. What kind of annuity did the Insured buy?

Options:

A.

Life annuity with period certain

B.

Joint life and survivorship annuity

C.

Joint life annuity

D.

Temporary annuity certain

Question 12

Which of the following retirementplans will allow for a nonworking spouse to set up a separate account and make contributions based on the working spouse's Income?

Options:

A.

SIMPLE IRA

B.

SEP IRA

C.

401(k)

D.

IRA

Question 13

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

Options:

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.

Question 14

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

Options:

A.

interest only.

B.

lump sum.

C.

fixed period.

D.

fixed amount.

Question 15

An accelerated death benefit

Options:

A.

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

B.

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

C.

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

D.

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

Question 16

Generally, rates charged for Insurance may NOT be

Options:

A.

discriminatory.

B.

cost prohibitive.

C.

excessive, inadequate, or unfairly discriminatory.

D.

different for persons withdiffering risk profiles.

Question 17

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

Options:

A.

Life only.

B.

Cash refund.

C.

Life certain.

D.

Installment refund.

Question 18

A single premium Immediate annuity Is MOST often used for

Options:

A.

retirement income.

B.

children's college expenses.

C.

mortgage payments.

D.

vacation expenses.

Question 19

Which of the following dividend options is taxable?

Options:

A.

1-year term.

B.

Paid up additions.

C.

Return of premium.

D.

Accumulation at interest.

Question 20

Which of the following is a provision in an interest-sensitive life policy which allows the policyowner to withdraw the policy's cash value Interest free?

Options:

A.

Partial Surrender.

B.

Automatic Premium Loan.

C.

Waiver of Premium.

D.

Spendthrift Clause.

Question 21

Deliberate withholding of material facts that would affect the validity of an Insurance policy or a claim under the policy Is known as

Options:

A.

slanting.

B.

concealment.

C.

misrepresentation.

D.

aleatory contract.

Question 22

An insured has a 5-year Renewable Term Life Insurance Policy. Upon exercising the renewable privilege, the Insured MUST

Options:

A.

provide evidence of insurability.

B.

renew for at least 10 years.

C.

pay an annual premium that may be higher.

D.

convert to a whole life policy.

Question 23

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

Options:

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.

Question 24

An Insurer would consider which of the following In determining whether to accept a group life plan?

Options:

A.

Grace period

B.

Beneficiary

C.

Average age

D.

Dependents

Question 25

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

Options:

A.

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

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.

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.

D.

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

Question 26

Who can surrender an annuity during the accumulation period?

Options:

A.

The company.

B.

The beneficiary.

C.

The annuitant.

D.

The policyowner.

Question 27

Each of the following are characteristics of a fixed annuity contract EXCEPT

Options:

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.

Question 28

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

Options:

A.

the interest exists at the time of death.

B.

the interest exists at the time of application.

C.

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

D.

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

Question 29

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

Options:

A.

coverage amount to match the loan amount.

B.

conversion privileges.

C.

Individual policies.

D.

group policies.

Question 30

The accumulated cash value of a whole life insurance policy becomes the

Options:

A.

policy loan value upon which the insured may borrow.

B.

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

C.

funds used to offset policy administration and conversion expenses.

D.

face amount payable upon the insured's death.

Question 31

Survivorship life insurance policies are useful in estate planning because they

Options:

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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