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Ohio Life Insurance Exam Latest Update with complete solution, Exams of Insurance law

Widener University - DelawareInsurance law

Waiver - ✔️✔️voluntarily gives up know right ex. wont insure student pilots

Typology: Exams

2024/2025

Available from 01/03/2025

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Ohio Life
Insurance
Exam
Latest Update
with complete solution
Waiver - ✔️✔️voluntarily gives up know right
ex. wont insure student pilots
Waiver of Premium Rider - ✔️✔️if disabled 6 months, company returns premium
Warranty - ✔️✔️100% true
when are answers incontestable - ✔️✔️after 2 years
up to 2 years results in full premium refund only
Aleatory - ✔️✔️pay a little get a lot
Amount of solicitors allowed to be hired - ✔️✔️unlimited
Apparent Authority - ✔️✔️actions seem to be those of principal
ex. business cards, applications....
Backdates - ✔️✔️up to 3 months to lower premiums with lower age
Brokers - ✔️✔️Represent their client/insured person
Consultants - ✔️✔️Sell their advice for a fee
Usually no commission stuff
Contested - ✔️✔️if all information on application is not correct or complete it can be
contested
False statement may be criminal or fraud
Disability Rider - ✔️✔️can pay disability income if insured is disabled
Endowment - ✔️✔️provide certain cash value for college and retirement
Entire Contract - ✔️✔️client holds all of the policy
Estoppel - ✔️✔️once a right is waived, it can not be reasserted by the company
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Ohio Life Insurance Exam Latest Update

with complete solution

Waiver - ✔️ ✔️ voluntarily gives up know right ex. wont insure student pilots Waiver of Premium Rider - ✔️ ✔️ if disabled 6 months, company returns premium Warranty - ✔️ ✔️ 100% true when are answers incontestable - ✔️ ✔️ after 2 years up to 2 years results in full premium refund only Aleatory - ✔️ ✔️ pay a little get a lot Amount of solicitors allowed to be hired - ✔️ ✔️ unlimited Apparent Authority - ✔️ ✔️ actions seem to be those of principal ex. business cards, applications.... Backdates - ✔️ ✔️ up to 3 months to lower premiums with lower age Brokers - ✔️ ✔️ Represent their client/insured person Consultants - ✔️ ✔️ Sell their advice for a fee Usually no commission stuff Contested - ✔️ ✔️ if all information on application is not correct or complete it can be contested False statement may be criminal or fraud Disability Rider - ✔️ ✔️ can pay disability income if insured is disabled Endowment - ✔️ ✔️ provide certain cash value for college and retirement Entire Contract - ✔️ ✔️ client holds all of the policy Estoppel - ✔️ ✔️ once a right is waived, it can not be reasserted by the company

Expressed Authority - ✔️ ✔️ written out authority ex. collecting premiums... Family Term Rider - ✔️ ✔️ covers all children under one fee newborns and adopted covered in 15 days Fiduciary - ✔️ ✔️ financial trust timely manner agents cannot comingle Grace period for unpaid premiums - ✔️ ✔️ 31 days life and variable 61 universal Guaranteed Insurability Rider - ✔️ ✔️ permits more insurance without being insurablitity 3 parts of application - ✔️ ✔️ facts medical information agents report Absolute - ✔️ ✔️ Forever Accidental Death Benefit Rider - ✔️ ✔️ pays double indemnity if insured dies within 90 days of accident Adhesion - ✔️ ✔️ company has responsibility to write the policy and the client has to comply (take it or leave it) How to handle risk - ✔️ ✔️ avoid it retain it - self insurance reduce it share it transfer it - buy insurance, spreads risk to large group Human Life value - ✔️ ✔️ Lost income multiplying their income by their expected working years Implied Authority - ✔️ ✔️ Needed to do job Not written in contract Joint Life - ✔️ ✔️ pays at first death Juvenile Policies - ✔️ ✔️ covers under 15 years old provide for final expenses

Renewal for license - ✔️ ✔️ beinnially on birth month, $5 fee Return of Premium Rider - ✔️ ✔️ increases policy equal to the amount of premiums paid Riders that decrease death benefit - ✔️ ✔️ Long Term Care accelerated benefit Riders that increase death benefit - ✔️ ✔️ COLA Return of premium Accidental Death Guaranteed Insurance Rider Statement of good Health - ✔️ ✔️ Must be signed if no money is given at original offer Survivorship - ✔️ ✔️ pays at last death used for estate problems Term Insurance - ✔️ ✔️ no cash value cheapest price for most coverage can decrease or remain the same To qualify for appointment of agent - ✔️ ✔️ 18 YOA, US citizenship not required, no minimum residency Total Needs - ✔️ ✔️ What do you owe? How much insurance a person needs by measuring their final expenses, mortgage, education and family income requirements Types of risk - ✔️ ✔️ Pure risk - covered by insurance Speculative risk - not covered (gambling) Unilateral - ✔️ ✔️ One sided Universal Life - ✔️ ✔️ term insurance and interest sensitive cash value accounts flexible premiums pay a guaranteed minimum interest Universal Life Level A - ✔️ ✔️ Level Risk lowers as cash value rises Universal Life Level B - ✔️ ✔️ Increasing

Risk level stays same while cash value rises Utmost Good Faith - ✔️ ✔️ both parties rely on honesty Variable Life Insurace - ✔️ ✔️ use separate accounts with investment risk death benefit guaranteed cash value not guaranteed State life license and federal securities license Whole Life Insurance - ✔️ ✔️ permanent creates cash value endows for face value (savings and db together) Change of name and address - ✔️ ✔️ 30 days to be reported COLA Rider - ✔️ ✔️ increases with inflation Collateral - ✔️ ✔️ Loan Concealment - ✔️ ✔️ applicant intentionally withholds material info on app