Ohio Life Only Practice Exam- Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) Which annuity payout option allows the policyowner to choose a pre-determined number of benefit payments? - Correct Answers ✅Period certain What happens when an insurance policy is backdated? - Correct Answers ✅The policy's probation period is earlier than the present What is an insurer required to do when faced with an error made under the Misstatement of Age provision? - Correct Answers ✅Pay age-corrected benefits An insurer will accept a premium from the insured and continue the coverage in full force as though it was NOT late during which time period? - Correct Answers ✅Grace period A life insurance policyowner is allowed ___ days upon policy delivery to return the policy for a full premium refund. - Correct Answers ✅10 Which of these statements regarding the annuitant is CORRECT? - Correct Answers ✅The annuitant's life expectancy determines the annuity payments 1 / 3
Ohio Life Only Practice Exam- Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) During the accumulation period, who can surrender an annuity - Correct Answers ✅Policyowner An insurer has a right to screen applicants for HIV in which of the following ways? - Correct Answers ✅Blood test for HIV In order to activate the reinstatement clause of a lapsed life insurance policy, the insured MUST - Correct Answers ✅provide evidence of insurability to the insurer All of the following riders can increase the death benefit amount EXCEPT - Correct Answers ✅Waiver of Premium A non-admitted insurer - Correct Answers ✅is not afforded protection by the guaranty fund What is involved when a life insurance policy has been backdated? - Correct Answers ✅Making the policy effective on an earlier date than the present Which of the following is considered to be an act of misrepresentation? - Correct Answers ✅Falsifying the terms, benefits, advantages, or conditions of an insurance policy 2 / 3
Ohio Life Only Practice Exam- Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) Andy the annuitant dies before the annuity start date. Which of the following is a TRUE statement? - Correct Answers ✅Premiums paid plus interest earned is returned to the beneficiary A guaranteed issue insurance policy has no initial premium requirement incontestable period waiting period - Correct Answers ✅medical underwriting a securities license is required for a life insurance producer to sell - Correct Answers ✅variable life insurance Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the consumer price index has gone up 4%, how much may Ron increase the face value of the policy? - Correct Answers ✅$4,000 The deeds and actions of a producer indicate what kind of authority? - Correct Answers ✅Apparent The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n) - Correct Answers ✅accident
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