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Which of the following statements is TRUE regarding a waiver of premium rider?
The administrative, technical, and physical safeguards used to access, collect, protect, store, use, and dispose of nonpublic information are established to form a licensee’s
Kelvin is receiving tax deferred growth until retirement. In what phase would Kelvin's annuity be?
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?
All of the following are purposes of an annuity EXCEPT
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
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 policy may contain provisions excluding or restricting coverage as specified in the event of death under all of the following EXCEPT
Loans may generally be obtained against the cash value of a personal life Insurance policy and policy loan proceeds
Joe has a $200,000 30-year mortgage on his new home. Which type of insurance could Joe purchase that is designed to pay off the mortgage balance if Joe dies during the 30-year pay-off period?
In Ohio, the superintendent may require a licensee to pay a penalty for an insurance law violation. What is the maximum penalty per violation?
Universal life and variable life insurance policies contain many similar features. Which of the following features is unique to variable universal life insurance?
All of the following factors are used in life insurance premium determination EXCEPT
Upon the divorce of an insured who designated their spouse as the beneficiary, which of the following actions will result?
Mortality is based on a large risk pool of
Risks are generally NOT Insurable if
What law do all Insurers and their agents need to comply with In regards to Information being obtained from a third party concerning the applicant?
If an agent does NOT send a refund to a policyholder within an expectable time frame, the agent may
In Ohio, an agent must be appointed by the Insurer within how many days from the date the agency contract Is executed, or the first Insurance application Is submitted?
A single premium Immediate annuity Is MOST often used for
Which of the following is a characteristic of a non-admitted Insurer?
Which of the following is a characteristic of conversion from group to permanent life insurance?
Which of the following plans will provide a death benefit to the policy’s beneficiary income tax-free?
Which term describes naming a contingent beneficiary as “all of my children”?
Which of the following is an element of insurable risks?
An Individual buys an annuity that will pay her spouse an income for 20 years. If the spouse dies within that time, the Income will be paid to their children for the remainder of the period. What kind of annuity did the Insured buy?
Insurance covering risks that cannot be placed through an admitted carrier in the normal marketplace due to the unusual nature of the risk is known as
Which of the following policies allows the policyowner to change two policy features?
To apply for a life or health insurance policy,
Which of the following is a characteristic of level premium term life insurance?
An annuity that guarantees a given number of income payments, whether or not the annuitant is alive to receive them, is referred to as
How often must insurance licensees meet continuing education requirements?
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?
Extended term Insurance can be selected under which whole life policy provision?
Which of the following is a characteristic of a contract of adhesion?
An accelerated death benefit
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
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
Which of the following describes the process of selection, classification, and rating of risks?
In which of the following dividend options would an Insurer invest the policyowners money and add interest earnings to the Initial amount of the dividends as such earnings accrue?
Which statement is NOT a characteristic of a group life insurance plan?
What is an Insurer's liability when it Is discovered after an Insured dies that the Insured's age on the policy was misstated?
Generally, rates charged for Insurance may NOT be
Loans may generally be obtained against the cash value of a personal life insurance policy, and policy loan proceeds
To avoid tax consequences, a rollover from a Traditional IRA to another IRA MUST be done within
An annuity where the policyowner chooses a pre-determined number of benefit payments is referred to as
While texting and driving, an Insured loses control of the vehicle and hits a tree. The resulting collision Is
A common disaster clause states that if the beneficiary dies from the same accident as the insured individual, the insurer will proceed as if the
The grace period is a period of time
Annuities purchased with a series of premium payments that vary year to year are called
What type of authority is given by an insurer to an agent but NOT formally communicated?
Falsifying the terms, benefits, advantages, or conditions of an insurance policy Is an example of which of the following?
Shari receives monthly income from her life annuity. If Shari dies 36 months after the monthly annuity payments begin, the balance of the annuity fund is
Under the children's term rider, what occurs when a child reaches the specified age? He or she
Which of the following is TRUE of a payor benefit rider?
All of the following statements regarding a group annuity are correct, EXCEPT