Pass the Ohio Department of Insurance OHIO Life Insurance OH-Life-Agent-Series-11-44 Questions and answers with CertsForce

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Viewing questions 11-20 out of questions
Questions # 11:

At what age can an Individual begin to receive distributions from an IRA without a tax penalty?

Options:

A.

55 1/2 years.


B.

59 1/2 years.


C.

63 1/2 years.


D.

65 1/2 years.


Expert Solution
Questions # 12:

All of the following statements apply to the surrender of an annuity contract EXCEPT

Options:

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.


Expert Solution
Questions # 13:

The Group Life Underwriting risk selection process helps protect Insurers from

Options:

A.

risk selection.


B.

medical underwriting.


C.

adverse selection.


D.

risk underwriting.


Expert Solution
Questions # 14:

Rob, Joe, and Mike are brothers who have a $60,000 "first-to-die" Joint life policy covering all three of their lives. If Joe dies first, the policy proceeds

Options:

A.

will not provide further insurance protection.


B.

must be shared equally by Rob and Joe's wife.


C.

will accumulate with interest until another brother dies and then be awarded to the surviving brother.


D.

must be awarded to Joe's estate.


Expert Solution
Questions # 15:

An insured has chosen to receive the payout from her husband's life insurance policy so that she will receive an Income for the next 10 years. At the end of that time, the entire proceeds from the policy will have been paid out. The insured has selected which option?

Options:

A.

Fixed period.


B.

Interest only.


C.

Fixed amount.


D.

Life income.


Expert Solution
Questions # 16:

All the following policies qualify for a 1035 Exchange EXCEPT

Options:

A.

a whole life policy to another whole life policy.


B.

a whole life policy to an annuity.


C.

an annuity to another annuity.


D.

an annuity to a whole life policy.


Expert Solution
Questions # 17:

Loans may generally be obtained against the cash value of a personal life Insurance policy and policy loan proceeds

Options:

A.

accelerate the benefits under the policy.


B.

are not treated as taxable income.


C.

are subject to Federal estate tax.


D.

generate nontaxable interest income.


Expert Solution
Questions # 18:

A policyowner may choose to have his/her life insurance policy dividends do all of the following EXCEPT

Options:

A.

reduce the policy premium.


B.

accumulate without interest.


C.

be paid to the policyowner in cash.


D.

purchase additional insurance protection.


Expert Solution
Questions # 19:

What is an Insurer's liability when it Is discovered after an Insured dies that the Insured's age on the policy was misstated?

Options:

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 of the policy, minus any additional premiums the Insurance company would have paid based on the Insured's actual age.


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 as stated in the policy, as age is not considered a relevant factor.


Expert Solution
Questions # 20:

Which of the following is a provision in an interest-sensitive life policy which allows the policyowner to withdraw the policy's cash value Interest free?

Options:

A.

Partial Surrender.


B.

Automatic Premium Loan.


C.

Waiver of Premium.


D.

Spendthrift Clause.


Expert Solution
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