Ohio Life, Accident & Health Insurance Exam (Series 11-35), Life Insurance Policies What type of policy is typically issued without proof of insurability from the insured? - Correct Answers ✅Group policy A whole life policy that requires that the Policyowner only pays premiums for a specified number of years is known as what type of policy? - Correct Answers ✅Limited-pay whole life Who is entitled to the cash values in an insurance policy? - Correct Answers ✅The Policyowner An insured receives a monthly summary for his life insurance policy. He notices that the cash value of the policy is significantly lower this month than it was last month. What type of policy does the insured have? - Correct Answers ✅Variable What happens to the premium in an annually renewable term life policy? - Correct Answers ✅Premium increases with each renewal In a joint life policy, when is the death benefit paid? - Correct Answers ✅Upon the first death In term policies, what happens to the premium throughout the policy? - Correct Answers ✅It remains level 1 / 2
Ohio Life, Accident & Health Insurance Exam (Series 11-35), Life Insurance Policies In variable universal life insurance, to which policy component does the term variable refer? - Correct Answers ✅Cash value and death benefit When the amount of insurance is increased in an adjustable life policy, what will the insurer require from the insured? - Correct Answers ✅Evidence of insurability In what type of life insurance policies can the Policyowner skip premium payments without lapsing? - Correct Answers ✅Universal life A policy states that the insurer will pay a specified face amount if the insured dies within the 20-year premium paying period and nothing if he dies after. What type of policy is this?
- Correct Answers ✅20-year level term
- / 2
What does "level" refer to in level term insurance? - Correct Answers ✅Face amount Between adjustable life and universal life policies, which one provides more flexibility to the policyowner? - Correct Answers ✅Universal life