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

Which of the following policies allows the policyowner to change two policy features?

A. Credit Life.

B. Modified Life.

C. Adjustable Life.

D. Term Life.

Which of the following statements is TRUE regarding a waiver of premium rider?

A. There will be no change in the policy other than the insured no longer has to pay the premiums on the policy.

B. The policy's cash value will continue to grow, but at a slower rate because the insured is no longer paying premiums.

C. The death benefit will be reduced by the amount of the unpaid premiums.

D. The insured will automatically become eligible for accelerated death benefits.

Which of the following is a characteristic of a contract of adhesion?

A. Each party is entitled to rely on others' representations.

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

C. The terms must be accepted or rejected in full.

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

Which of the following statements BEST describes a single premium cash value policy?

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

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

C. It waives one future premium if the owner becomes disabled.

D. It requires the policyowner to pay one premium annually.

A policyowner may not pay premiums with which frequency?

A. Bi-weekly

B. Monthly

C. Quarterly

D. Semi-annually

When a policy owner requests a partial surrender from her Universal Life Policy she Is requesting which of the following?

A. Cash withdrawal.

B. A loan from the policy.

C. Surrender of the policy.

D. Decrease In the coverage amount.

In which of the following dividend options would an Insurer invest the policyowners money and add interest earnings to the Initial amount of the dividends as such earnings accrue?

A. Accumulation at Interest Option.

B. Paid-up Additions Option.

C. Cash Dividend Option.

D. Reduced Premium Dividend Option.

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

A. slanting.

B. concealment.

C. misrepresentation.

D. aleatory contract.

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.

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

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.