Ohio Life Insurance Final Exam Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) Which of the following is usually the owner of the annuity? - Correct Answers ✅The annuitant Which of the following is not true of the straight life income option for annuities? - Correct Answers ✅A beneficiary will receive any balance of the annuity upon the annuitant's death.When an insurance policy is taken out, if the owner of the policy is someone other than the actual insured, the owner
must be able to prove: - Correct Answers ✅That he/she
has an insurable interest Tax-sheltered annuities (TSA) provide retirement income for
employees who work for: - Correct Answers ✅A nonprofit
organization Which of the following statements regarding policy loans from personal life insurance policies is not true? - Correct Answers ✅When a personal life insurance policy endows, the amount of any unpaid loan plus interest is not deducted from the policy proceeds.When the only logical beneficiary is a minor, all of the
following options are available, EXCEPT: - Correct Answers
✅The benefits can go directly to the estate of the insured 1 / 3
Ohio Life Insurance Final Exam Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) All of the following are major factors in the determination of
premiums for life insurance, EXCEPT: - Correct Answers
✅Marital status Which of the following is true about policy loans? - Correct Answers ✅They are subject to interest.What requires that an individual have a valid concern for the continuation of the life or well being of the person insured? - Correct Answers ✅Insurable interest Which of the following is true regarding taxes on nonqualified annuities? - Correct Answers ✅Premiums are not tax- deductible, but interest is tax-deferred What is the time between when an annuity is purchased and the time when benefits begin? - Correct Answers ✅The accumulation period All of the statements are true about universal life policies,
EXCEPT: - Correct Answers ✅Universal life policies are only
subject to the interest rates stated in the contract. 2 / 3
Ohio Life Insurance Final Exam Questions and Verified Answers, 100% Guarantee Pass (Latest 2025)
Universal life policies allow the policyowner to: - Correct
Answers ✅a. Take out a policy loan
- Withdraw cash
(Both) All of the following are federal income tax free transactions
for a life insurance policy, EXCEPT: - Correct Answers
✅Gain on policy surrender value Which of the following pertains to Modified Endowment Contracts (MECs)? - Correct Answers ✅a. Once a MEC, always a MEC.
- Funds withdrawn are subject to LIFO (Last in first out) tax
- Any policy exchanged for an MEC is automatically classified
- / 3
treatment.
as an MEC.(all) Which of the following is not an assignment whereby someone would transfer legal rights as the policyowner of a life contract? - Correct Answers ✅Total, complete, unconditional assignment