OH-Life-Agent-Series-11-44 OHIO Life Insurance Agent Series 11-44 Questions and Answers

There is no requirement that she pay back the loan.

Loans can only be taken for hardship situations.

Whole life policies do not have any loan provisions.

This type of loan is interest free.

Help the insured file and follow up on claims.

Notify the insurance department when claims are paid.

Work with rating bureaus to establish insurer ratings.

Pay the insured's premiums if they are unable to do so.

a risk.

a peril.

a hazard.

an exposure.

death benefits.

college tuition.

retirement Income.

safety of principal.

Dodd Frank Act

McCarran-Ferguson Act

Fair Credit Reporting Act

Unauthorized Insurers Service of Process Act

be reduced by the amount of the loan and interest owed.

not be paid until the loan is repaid.

be paid less the amount of the loan but not the interest.

be paid less the amount of the loan interest but not the principal.

fixed value rates

variable sub accounts

market value adjustments

interest sensitive trigger

Cost of Living.

Waiver of Premium.

Accidental Death Rider.

Guaranteed Insurability.

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

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

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

The insured will automatically become eligible for accelerated death benefits.

interest-only

nonforfeiture

cash value

settlement

Reduced Paid-Up Insurance.

Cash Surrender Value.

Settlement Value.

Extended Term.

there are many individuals who may also experience a similar loss.

the policyholder has a policy from another insurer.

deductibles would be required.

the loss is expected.

be barred from seeking an appeal.

receive a deduction in commissions.

be charged interest on the refund amount.

have his or her license suspended or revoked.

Cash withdrawal.

A loan from the policy.

Surrender of the policy.

Decrease In the coverage amount.

discriminatory.

cost prohibitive.

excessive, inadequate, or unfairly discriminatory.

different for persons withdiffering risk profiles.

notify the superintendent

notify all prospective insureds

obtain approval from the insurer

notify the National Association of Insurance Commissioners

Life only.

Cash refund.

Life certain.

Installment refund.

30 days.

45 days.

60 days.

90 days.

A non-admitted insurer is required to submit forms to the Department of Insurance.

A non-admitted insurer is not afforded protection by the guaranty fund.

A non-admitted insurer is required to submit rates for approval.

A non-admitted insurer is also known as a domestic insurer.

Needs approach

Affordability approach

Human Life Value approach

Return of Investment approach

premium limit.

premium amount.

frequency of the premium payment.

method of premium payment.

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

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.

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.

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

apparent

delegated

express

inherent

SIMPLE IRA

SEP IRA

401(k)

IRA

coercion.

defamation.

intimidation.

misrepresentation.

Grace period

Beneficiary

Average age

Dependents

must be related to the insured.

can only be named as a contingent beneficiary.

must be at least 16 years old.

must have an appointed guardian.

accelerate the benefits under the policy.

are not treated as taxable income.

are subject to Federal estate tax.

generate nontaxable interest income.