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Ohio Life/Health Insurance Test Bank Newest 2025/2026 Complete All 300+ Questions And Correct Answers |Already Graded A+||Latest Verified Exam!!!
Which of these must be disclosed in a company's universal life policy?i - Answer-The policy's surrender charges
Which type of life insurance typically offers mortgage protection? - Answer-Decreasing term
Dividends from a mutual insurance company are paid to whom? - Answer-Policyowners
These are all accurate statements regarding universal life insurance EXCEPT - Answer-Policy loans are not permitted
Which of these is NOT a reason for a business to buy key person life insurance? - Answer-A pension deficiency if the key employee dies
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Which of these do NOT indicate the presence of insurable interest in a life insurance contract? - Answer-Lifelong friendship
Which of these statements is true regarding an adjustable life insurance policy? - Answer-Policyowners are given the option of alternating between forms of term and whole life insurance
Which of these is NOT relevant when determining the amount of personal life insurance needed? - Answer-Local unemployment rate
XYZ Insurance Company gives direct authority to its producers to sell insurance through an agency contract, but nothing is stated regarding the collection of premiums.Which authority grants the producer the right to collect premiums? - Answer-Implied
What kind of life insurance policy allows the policyowner the choice of investments along with adjustable premiums? - Answer-Variable universal life
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In life insurance, the needs approach is used mostly to establish - Answer-how much life insurance a client should apply for
Which statement concerning adjustable life insurance is accurate? - Answer-The face amount and premiums can be changed simultaneously by the policyowner
In what way are insurance policies said to be aleatory? - Answer-Involves the potential for the unequal exchange of value
Which statement concerning an adjustable life insurance policy is FALSE? - Answer-Evidence of insurability is always necessary when there is a change in premium
When funds are shifted straight from one IRA to another IRA, what percentage of the tax is withheld? - Answer- None
How does the cost for a survivorship life policy compare to the cost of combining two separate life insurance policies?
- Answer-Survivorship life policy is lower 3 / 4
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In a qualified retirement plan, the yearly contributions to an employee's account - Answer-are restricted to maximum levels set by the IRS
An insurance company can be liable for a producer's unauthorized acts - Answer-when the agency contract is vague concerning the authority given
An individual participant personally received eligible rollover funds from a profit-sharing plan. What is the income tax withholding requirements for this transaction? - Answer-20% is withheld for income taxes
What minimum percentage of all eligible employees must participate in a group life insurance plan if the premiums are completely paid for by the employer? - Answer-100%
All of these are considered features of whole life insurance EXCEPT - Answer-Initial cost is lower than for an equivalent amount of term insurance
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