Ohio Life and Health Practice Exam Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) An insured has a stop-loss limit of $5,000, a deductible of $500, and an 80/20 coinsurance. The insured incurs $25,000 of covered losses. How much will the insured have to pay?$500
$5,000
$5,400
$5,600 - Correct Answers ✅$5,000 Which of these is NOT subject to income taxation under Modified Endowment Contract (MEC) Loan against the cash value Policy withdrawal Policy Dividend Death Benefit - Correct Answers ✅Death benefit An indemnity plan Pays both the insured and health care provider Provides the insured a specific dollar amount for services
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Ohio Life and Health Practice Exam Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) Pays the health care provider directly for services rendered Is typically issued as a group plan - Correct Answers ✅provides the insured a specific dollar amount for services Chris is an insured bricklayer who severed his left hand in an automobile accident. Although his primary duty cannot be performed, Chris is also a substitute high school teacher. He collects a full disability income check every month. How does his policy define total disability?Recurrent Any occupation Own occupation Presumptive - Correct Answers ✅Own occupation A policyowner can receive an immediate payment before the insured dies by using a(n) viatical settlement contract buy-sell arrangement adhesion agreement 2 / 4
Ohio Life and Health Practice Exam Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) spendthrift plan - Correct Answers ✅viatical settlement contract Signatures for an insurance application MUST be obtained by the producer from all of the following sources EXCEPT The producer The insured The policyowner The beneficiary - Correct Answers ✅The beneficiary All of the following are considered appropriate uses of life insurance for business purposes EXCEPT Attracting quality employees by offering a group life plan Funding an entity buy-sell agreement Protecting the business by covering key employees with life insurance Protecting the business by covering entry level employees with life insurance - Correct Answers ✅Protecting the business by covering entry level employees with life insurance 3 / 4
Ohio Life and Health Practice Exam Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) Elizabeth is the beneficiary of a life insurance policy. She is receiving the death benefit in payments of $10,000 per month until the principal and interest has been paid out.Which option was chosen?Fixed period Fixed amount Life income Interest only - Correct Answers ✅Fixed amount Term insurance is appropriate for someone who Seeks living benefits for themselves Seeks a policy that builds cash value Seeks temporary protection and lower premiums Seeks permanent protection and higher premiums - Correct Answers ✅Seeks temporary protection and lower premiums Sole proprietors are permitted tax deductions for health cost paid from their earnings in the amount of cost that exceed 7 1/2 % of AGI cost that exceed 10% of AGI
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