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.

Extended term Insurance can be selected under which whole life policy provision?

A. interest-only

B. nonforfeiture

C. cash value

D. settlement

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

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.

The period after an annuity Is purchased but before distributions begin Is referred to as the

A. annuity phase.

B. build-up phase.

C. endowment phase.

D. accumulation phase.

Contributions made to a Roth IRA are

A. partially tax deductible.

B. not tax deductible.

C. only tax deductible at age 50 or older.

D. tax deductible at retirement.

An Insured owns a whole life policy that has accumulated cash value. Which of the following statements Is true about the policy's cash value?

A. The policy's cash value is viewed as investment growth and therefore subject to taxation for each calendar year.

B. The growth of the policy's cash value Is not subject to income tax while the policy Is in force.

C. It is subject to fluctuations of the company's overall performance.

D. The cash value is not guaranteed.

The proposed insured's statements on a life insurance application are considered to be

A. absolute statements.

B. misrepresentations.

C. representations.

D. warranties.

All the following riders can Increase the death benefit amount EXCEPT

A. Cost of Living.

B. Waiver of Premium.

C. Accidental Death Rider.

D. Guaranteed Insurability.

An accelerated death benefit

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.

After the hearing, if the insurance superintendent has determined a licensee has committed a violation of Ohio Insurance Laws, what can the insurance superintendent do?

A. impose an administrative penalty

B. suspend the licensee s premium accounts

C. immediately terminate insurer appointments

D. sentence the licensee up to 30 days in jail