Life and Health Insurance - Ohio Licensing Exam Questions With Complete Solutions The assignment by the policy owner of all control and rights to a third party.This differs from collateral assignment, which allows all the rights and control to revert to the owner once a loan is paid off - Correct Answers ✅Absolute Assignment A fortuitous event; unforeseen and unintended - Correct Answers ✅Accident A form of health insurance that provides payment if death of the insured results from accident. Accidental death insurance is often combined with dismemberment insurance in a form called accidental death and dismemberment (AD&D) - Correct Answers ✅Accidental Death Insurance Insurance against bodily injury, disability, or death by accident or accidental means, or expense thereof, or against disability or expense resulting from sickness and the insurance relating thereto - Correct Answers ✅Accident and Sickness The unexpected cause of an accidental bodily injury. Under an accidental means definition, the mishap itself must be accidental. If a person does something to contribute to the accident, the claim would not be paid under this restrictive definition - Correct Answers ✅Accident means Available only if the benefits are available during the insured's lifetime, benefit amounts are fixed when accelerated, and the benefits, when paid, reduces the death benefit - Correct Answers ✅Accelerated benefit A dividend option under which the policy owner allows dividends to accumulate at interest with the company. Only the interest on the dividends is taxable as income (participating policies only). - Correct Answers ✅Accumulation at interest option 1 / 4
Life and Health Insurance - Ohio Licensing Exam Questions With Complete Solutions Once concerned with the application of probability and statistical theory to insurance. This person sets expenses, and interest assumptions. - Correct Answers ✅Actuary Accidental death benefit, also known as double indemnity. There is another variation called triple indemnity. - Correct Answers ✅ADB Accidental death and dismemberment insurance. - Correct Answers ✅AD&D The person appointed by a court to settle a deceased's estate, sometimes called and executor. - Correct Answers ✅Administrator Selection against the insurance company. The tendency of poorer risks to want insurance more often than standard risks. - Correct Answers ✅Adverse selection The individual appointed by an insurance company to solicit, negotiate, effect, or countersign insurance contracts on its behalf. - Correct Answers ✅Agent Something that depends upon chance or is random. It is derived from the Latin idea of "rolling the dice." - Correct Answers ✅Aleatory A contract in which both parties know that one or the other may receive more than paid in. This payment is dependent upon a fortuitous event. For example. a person pays the premium for a term policy for many years and does not die, thus, a claim is never filed. - Correct Answers ✅Aleatory contract 2 / 4
Life and Health Insurance - Ohio Licensing Exam Questions With Complete Solutions An insured organized and domiciled in a country other than the United States
- Correct Answers ✅Alien company
- An amount of money, payable monthly or yearly, which liquidates a
The one receiving the Annuity and on whose life expectancy the rates are figured. - Correct Answers ✅Annuitant
financial asset. 2. An agreement by an insurer to make periodic payments that continue during the survival of the annuitant(s) or for a specified period.Annuities are also accumulations vehicles that function much like savings accounts. - Correct Answers ✅Annuity The party making application to the insurance company for the policy - Correct Answers ✅Applicant A form on which the prospective insured states facts requested by the insurer and on the basis of which the insurer decides whether to accept the risk, modify the coverage offered, or decline the risk. - Correct Answers ✅Application The person to whom policy rights are assigned in whole or in part by the policy owner. - Correct Answers ✅Assignee The transfer of rights in a policy to someone other than the policy owner. - Correct Answers ✅Assignment The present age of the insured. This is a factor when a person converts term insurance to whole life insurance or buys added disability under a GIR provision - Correct Answers ✅Attained age 3 / 4
Life and Health Insurance - Ohio Licensing Exam Questions With Complete Solutions A person to whom authorization is given by an individual to exchange insurance with other persons. Always present in a reciprocal insurance company. - Correct Answers ✅Attorney-in-fact An insurer permitted to sell insurance within a state, evidenced by a certificate of authority from the insurance commissioner, also called ADMITTED - Correct Answers ✅Authorized company A provision in a life policy authorizing the insurance company to use the loan value to pay premiums not paid by the end of the grace period. May be present in whole life or other traditional cash value policies only, but never in term policies - Correct Answers ✅Automatic premium loan Limits or excludes coverage when the insured is participating in specified types of air travel, cush as private planes. Coverage is usually fully in force for people on regularly scheduled commercial flights. The limit or exclusion often applies to student pilots - Correct Answers ✅Aviation clause A person who may become eligible to receive, or is receiving, benefits under an insurance plan, other than as a participant. - Correct Answers ✅Beneficiary A contract of Health Insurance that covers all of a class of persons not individually identified. No certificates are issued and people covered may not be aware that the coverage is in place. - Correct Answers ✅Blanket Insurance Contract The generic term for those insurers (usually on a service rather than a reimbursement bases) who are authorized to use the designation Blue Cross or Blue Shield and the insignia of either. - Correct Answers ✅Blue Plan
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