Updated Nov 06, 2024 OH-Life-Agent-Series-11-44 Exam Dumps - PDF Questions and Testing Engine
New (2024) Ohio Department of Insurance OH-Life-Agent-Series-11-44 Exam Dumps
NEW QUESTION # 14
Interest earned on a Traditional IRA is taxed
- A. prior to contribution.
- B. at distribution.
- C. during the accumulation period.
- D. only if there is a premature distribution.
Answer: B
NEW QUESTION # 15
If an agent does NOT send a refund to a policyholder within an expectable time frame, the agent may
- A. receive a deduction in commissions.
- B. have his or her license suspended or revoked.
- C. be barred from seeking an appeal.
- D. be charged interest on the refund amount.
Answer: B
NEW QUESTION # 16
In reference to life Insurance in contract law, a person MOST likely will have an insurable interest in insuring
a person's life If
- A. the interest exists at the time of application.
- B. any type of distant family relationship exists with the insured party.
- C. the interest exists at the time of death.
- D. any type of business relationship exists between the insured party and the beneficiary.
Answer: A
NEW QUESTION # 17
The only beneficiary named in a life insurance policy died before the Insured. The policyowner did not name a
new beneficiary. When a claim is filed, the death benefit would be paid to the
- A. beneficiary's estate.
- B. Insured's next of kin.
- C. insured's estate.
- D. policyowner.
Answer: C
NEW QUESTION # 18
A policyowner may choose to have his/her life insurance policy dividends do all of the following EXCEPT
- A. accumulate without interest.
- B. reduce the policy premium.
- C. purchase additional insurance protection.
- D. be paid to the policyowner in cash.
Answer: A
NEW QUESTION # 19
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. It is subject to fluctuations of the company's overall performance.
- B. The policy's cash value is viewed as investment growth and therefore subject to taxation for each
calendar year. - C. The growth of the policy's cash value Is not subject to income tax while the policy Is in force.
- D. The cash value is not guaranteed.
Answer: C
NEW QUESTION # 20
Which activity does NOT require an Insurance agent's license?
- A. underwriting
- B. soliciting
- C. selling
- D. negotiating
Answer: A
NEW QUESTION # 21
Which of the following statements BEST describes a single premium cash value policy?
- A. It requires the policyowner to pay one premium annually.
- B. It waives one future premium if the owner becomes disabled.
- C. It requires only one payment to make the policy paid up.
- D. It provides for only one premium to be paid without evidence of insurability.
Answer: C
NEW QUESTION # 22
In which of the following fixed annuity features Is the surrender value tied to Interest rates?
- A. fixed value rates
- B. variable sub accounts
- C. market value adjustments
- D. interest sensitive trigger
Answer: C
NEW QUESTION # 23
The period after an annuity Is purchased but before distributions begin Is referred to as the
- A. endowment phase.
- B. accumulation phase.
- C. annuity phase.
- D. build-up phase.
Answer: B
NEW QUESTION # 24
Generally, If a life application Is NOT prepaid, the effective date of coverage begins on the date the
- A. application is postmarked and mailed to the insurer.
- B. application is signed.
- C. company underwriter approves the risk.
- D. policy is delivered and accepted.
Answer: D
NEW QUESTION # 25
When a policy owner requests a partial surrender from her Universal Life Policy she Is requesting which of the
following?
- A. Cash withdrawal.
- B. Decrease In the coverage amount.
- C. A loan from the policy.
- D. Surrender of the policy.
Answer: A
NEW QUESTION # 26
Insurance agents have duties and responsibilities to the insured and the insurer. Which of the following
responsibilities does an agent owe the insured during the policy year?
- A. Pay the insured's premiums if they are unable to do so.
- B. Help the insured file and follow up on claims.
- C. Notify the insurance department when claims are paid.
- D. Work with rating bureaus to establish insurer ratings.
Answer: B
NEW QUESTION # 27
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 as stated in the policy, as age is not considered a relevant factor.
- 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 of the policy, minus any additional premiums the Insurance
company would have paid based on the Insured's actual age.
Answer: C
NEW QUESTION # 28
All of the following statements apply to the surrender of an annuity contract EXCEPT
- A. surrender charges will reduce the contract payout amount.
- B. the right to surrender Is available on immediate and deferred annuities.
- C. the owner has the right to surrender the contract during the accumulation period.
- D. surrender charges diminish over a stated number of years and will eventually disappear.
Answer: B
NEW QUESTION # 29
Insurers do business in Ohio only after a thorough financial review. Most insurance policies written in Ohio
are protected by the Guaranty Association established to protect policy owners In the event an admitted
company
- A. depletes its loss reserves.
- B. cannot meet it's capital surplus requirements.
- C. merges with a foreign insurer.
- D. becomes financially insolvent.
Answer: D
NEW QUESTION # 30
Which of the following is TRUE of a payor benefit rider?
- A. Increases the value of the policy if the policyowner dies.
- B. Waives policy premiums if the insured becomes totally disabled.
- C. Pays a monthly income to the policyowner if the insured is totally disabled.
- D. Waives premiums on a Juvenile policy if the policyowner becomes totally disabled or dies.
Answer: D
NEW QUESTION # 31
The type of insurance used to indemnify a firm for the loss of earnings brought about by the death or disability
of an officer or other significant employee Is
- A. key person.
- B. business overhead.
- C. employee welfare.
- D. business continuation life.
Answer: A
NEW QUESTION # 32
The premium mode defines the
- A. premium amount.
- B. method of premium payment.
- C. premium limit.
- D. frequency of the premium payment.
Answer: D
NEW QUESTION # 33
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