OH-Life-Agent-Series-11-44 Sample Questions Answers

absolute statements.

misrepresentations.

representations.

warranties.

Grace period

Beneficiary

Average age

Dependents

There will be no change in the policy other than the insured no longer has to pay the premiums on the policy.

The policy's cash value will continue to grow, but at a slower rate because the insured is no longer paying premiums.

The death benefit will be reduced by the amount of the unpaid premiums.

The insured will automatically become eligible for accelerated death benefits.

producer

owner

Insured

assignee

Insurance.

Survivorship Policy.

Joint Life Contract.

Single-Life Insurance.

10

15

20

30

The policy's cash value is viewed as investment growth and therefore subject to taxation for each calendar year.

The growth of the policy's cash value Is not subject to income tax while the policy Is in force.

It is subject to fluctuations of the company's overall performance.

The cash value is not guaranteed.

Needs approach

Affordability approach

Human Life Value approach

Return of Investment approach

1-year term.

Paid up additions.

Return of premium.

Accumulation at interest.

be barred from seeking an appeal.

receive a deduction in commissions.

be charged interest on the refund amount.

have his or her license suspended or revoked.

slanting.

concealment.

misrepresentation.

aleatory contract.

Nonforfeiture period.

Accumulation period.

Annuity period.

Payout period.

surrender charges will reduce the contract payout amount.

the right to surrender Is available on immediate and deferred annuities.

the owner has the right to surrender the contract during the accumulation period.

surrender charges diminish over a stated number of years and will eventually disappear.

legal age.

legal purpose.

ownership.

payment of premium.

Waives premiums on a Juvenile policy if the policyowner becomes totally disabled or dies.

Pays a monthly income to the policyowner if the insured is totally disabled.

Waives policy premiums if the insured becomes totally disabled.

Increases the value of the policy if the policyowner dies.

partially tax deductible.

not tax deductible.

only tax deductible at age 50 or older.

tax deductible at retirement.

fixed value rates

variable sub accounts

market value adjustments

interest sensitive trigger

between the death of the insured individual and the payment of the benefits.

after the premium is paid and before the policy is issued.

after the premium is received and before the policy is issued.

after the premium is due but while the policy remains in force.

child term rider.

family income rider.

famitp maintenance rider.

guaranteed insurability rider.

retirement income.

children's college expenses.

mortgage payments.

vacation expenses.

upon request of an insured

upon request of the superintendent

under no circumstances due to privacy consideration

by authorization from the National Association of Insurance Commissioners (NAIC)

30 calendar days

45 calendar days

60 calendar days

90 calendar days

accelerate the benefits under the policy.

are not treated as taxable income.

are subject to Federal estate tax.

generate nontaxable interest income.

reported as taxable income to the employee.

tax deductible to both the employee and employer.

reported as taxable Income to the employer.

only tax deductible when the bonus is an insurance plan.

a suspension from the National Association of Securities Dealers.

the revocation of an insurance license held in another state.

the sharing of commissions with another qualified agent.

a felony criminal conviction.

The cash value is paid to the beneficiary.

The cash value is paid into the estate.

The cash value is paid to the IRS.

The company keeps the cash value.

Accumulation at Interest Option.

Paid-up Additions Option.

Cash Dividend Option.

Reduced Premium Dividend Option.

Each party is entitled to rely on others' representations.

The Insurer agrees to pay a stated sum regardless of loss.

The terms must be accepted or rejected in full.

The insurer's obligations are dependent upon certain acts of the insured individual.