Ohio life and Health Insurance Practice Final Questions With Complete Solutions Premiums paid that exceed 7 1/2% of an insured's Adjusted Gross Income (AGI) are tax-deductible when paid for which of the following plans? - Correct Answers ✅Qualified Long- Term Care plan All _____ policies must be guaranteed renewable. - Correct Answers ✅long-term care An attending physician's statement would be appropriate for which life insurance purpose? - Correct Answers ✅At the request of the insurer to assist in the underwriting decision Craig submits a $500 claim for medical expenses. With a past due premium of $100, the insurer pays $400. Which of the Uniform Optional Provisions covers this situation? - Correct Answers ✅Unpaid premium Of the following dividend options, which of these is taxable? - Correct Answers ✅Accumulation at interest An endorsement found in an insurance plan which modifies the provisions of the policy is called a(n) - Correct Answers ✅Rider Which of the following statements is CORRECT regarding an individual applying for life or health insurance? - Correct 1 / 3
Ohio life and Health Insurance Practice Final Questions With Complete Solutions Answers ✅The applicant's medical history may be analyzed and reported Sole proprietors are permitted tax deductions for health costs paid from their earnings in the amount of - Correct Answers ✅100% of costs Kate has a Major Medical Plan with a 75/25 coinsurance and a deductible of $25. How much will she have to pay if she, not having met any of her deductible, visits the doctor and receives a bill for $125? - Correct Answers ✅$50.00 When calculating the amount of life insurance needed for an income earner, what has to be determined when using the Needs Approach? - Correct Answers ✅The family's financial objectives if the income earner were to die or become disabled A plan in which an employer pays insurance benefits from a fund derived from the employer's current revenues is called - Correct Answers ✅A self-funded plan If an insured's age on a life insurance policy has been misstated, what is the insurer's liability if the insured dies? - Correct Answers ✅A prorated death benefit based on the amount of insurance the insured's premiums would have been if purchased at the correct age 2 / 3
Ohio life and Health Insurance Practice Final Questions With Complete Solutions Which of the following is permitted in an advertisement for an insurance policy? - Correct Answers ✅The insurer's name Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies? - Correct Answers ✅Payor benefit A type of insurer that is owned by its policyowners is called - Correct Answers ✅mutual An annuitant dies during the distribution period. What kind of annuity will return to a beneficiary the difference between the annuity value and the income payments already made? - Correct Answers ✅Refund annuity A form of medical health insurance covering the treatment and care of gum disease is called - Correct Answers ✅Dental expense insurance Under a life insurance policy, what does the insuring clause state? - Correct Answers ✅The insurer's obligation to pay a death benefit upon an approved death claim
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