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| Section | Objectives |
|---|---|
| Topic 1: Annuities and Retirement Products | - Annuity basics
|
| Topic 2: Life Insurance Concepts | - Life insurance policies
|
| Topic 3: Ohio Insurance Law and Regulations | - State licensing requirements
|
| Topic 4: Insurance Basics | - Insurance principles and risk management
|
1. If an agent does NOT send a refund to a policyholder within an expectable time frame, the agent may
A) have his or her license suspended or revoked.
B) be charged interest on the refund amount.
C) be barred from seeking an appeal.
D) receive a deduction in commissions.
2. An applicant would be charged a higher premium for a life Insurance policy if they were
A) older.
B) deaf.
C) married.
D) younger.
3. Under what circumstances must an agent provide his or her business records to the superintendent of
Insurance?
A) under no circumstances due to privacy consideration
B) upon request of the superintendent
C) upon request of an insured
D) by authorization from the National Association of Insurance Commissioners (NAIC)
4. A modified endowment contract (MEC) receives different tax treatment on pre-death distributions than other
life Insurance policies because the modified endowment policy
A) does not provide for loans to the policyowner.
B) has a larger cash surrender value.
C) tends to be an investment vehicle.
D) generally pays dividends to the policyowner.
5. If an Insured under a life insurance policy dies with an outstanding loan balance then the death benefit
will
A) be paid less the amount of the loan but not the interest.
B) not be paid until the loan is repaid.
C) be paid less the amount of the loan interest but not the principal.
D) be reduced by the amount of the loan and interest owed.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: C | Question # 5 Answer: A |
Alger
Beck
Chad
Dwight
Gordon
Jeremy
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