OH-Life-Agent-Series-11-44 Exam Dumps - OHIO Life Insurance Agent Series 11-44

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Question # 9

Deliberate withholding of material facts that would affect the validity of an Insurance policy or a claim under the policy Is known as

slanting.

concealment.

misrepresentation.

aleatory contract.

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Question # 10

Under Ohio insurance laws, what must a licensee do prior to operating under an assumed business name?

notify the superintendent

notify all prospective insureds

obtain approval from the insurer

notify the National Association of Insurance Commissioners

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Question # 11

Under an executive bonus plan, premiums paid by the employer are

reported as taxable income to the employee.

tax deductible to both the employee and employer.

reported as taxable Income to the employer.

only tax deductible when the bonus is an insurance plan.

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Question # 12

As a form of level premium permanent Insurance, ordinary life Insurance accumulates a reserve that eventually

equals the face amount of the policy.

results In a dividend payment to the policyowner.

ceases to earn interest or grow in a positive earnings direction.

requires mandatory cash value distributions.

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Question # 13

Kelvin is receiving tax deferred growth until retirement. In what phase would Kelvin's annuity be?

Nonforfeiture period.

Accumulation period.

Annuity period.

Payout period.

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Question # 14

In Ohio, an agent must be appointed by the Insurer within how many days from the date the agency contract Is executed, or the first Insurance application Is submitted?

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Question # 15

Bettie has a $200,000 whole life policy with a $50,000 cash value. She wishes to borrow $30,000 for the purchase of a new van. Which of the following Is TRUE In this situation?

There is no requirement that she pay back the loan.

Loans can only be taken for hardship situations.

Whole life policies do not have any loan provisions.

This type of loan is interest free.

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Question # 16

Loans may generally be obtained against the cash value of a personal life Insurance policy and policy loan proceeds

accelerate the benefits under the policy.

are not treated as taxable income.

are subject to Federal estate tax.

generate nontaxable interest income.

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