Ohio Property and Casualty Insurance Exam
Question: What is the Financial Responsibility Law?
Correct answer: Drivers have proof that they have money to
pay for an accident where they are at fault.
Question: What is fraud in the context of insurance?
Correct answer: A lie planned to trick others and make them
lose value.
Question: What is insolvency in the context of insurance?
Correct answer: You can't pay your claim.
Question: What is mine subsidence?
Correct answer: Damage to a house (only) by cave-in or
collapse of a mine.
Question: What does it mean to negotiate in the context of
insurance?
Correct answer: Talk with a prospective client about a set
type of insurance and its benefits.
Question: What is required to negotiate insurance?
Correct answer: You must be licensed.
Question: What does it mean to sell in the context of
insurance?
Correct answer: Contract of insurance.
Question: What does it mean to solicit in the context of
insurance?
Correct answer: Try to sell insurance of any type.
Question: What is a nonresident agent?
Correct answer: Does not live in Ohio.
Question: How can you become a nonresident agent?
Correct answer: Submit the right application, be in good
standing, have a resident license.
Question: How long do you have to notify of an address
change as an insurance agent?
Correct answer: You have 30 days.
Question: When do you have to renew your insurance agent
license?
Correct answer: Every other year on or before the last day of
your birthday month.
Question: How much is the fee to renew your insurance agent
license?
Correct answer: The fee is 25 dollars.
Question: How many hours of CE courses are required to
renew an insurance agent license?
Correct answer: 24 hours, including 3 ethics.
Question: Who proves you took CE courses for license
renewal?
Correct answer: You do.
Question: How can you get an extension on your insurance
agent license renewal?
Correct answer: Military, disability, education.
Question: What happens if you renew your insurance agent
license late?
Correct answer: Within 2 months, pay a 50 dollar late fee.
Question: Can your insurance agent license be suspended for
nonrenewal?
Correct answer: Yes.
Question: What must you do first if you want to change your
insurance agent name?