OHIO LIFE AND HEALTH INSURANCE LATEST 2025 EXAM COMPREHENSIVE QUESTIONS WITH VERIFIED SOLN, Exams of Insurance Economics

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OHIO HEALTH AND LIFE INSURANCE

2025 EXAM ACTUAL QUESTIONS

WITH 100% VERIFIED SOLUTIONS-

GRADED A+

The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called cancelable Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Which of these statements is true? The policy automatically converts to whole life after the 10-year period The face amount and premium will remain constant over the 10 year period Which of the following provides Medicare supplement policies? Private insurance companies Under the Health Insurance Portability and Accountability Act (HIPAA), the employee's new Group Health Plan will verify Creditable Coverage so that the employee's waiting period for coverage of a preexisting condition can be reduced under the new employer's health plan Which of the following is typically NOT eligible for the coverage in a group health policy? Temporary employee Which of the following is a reinstatement condition? Proof of insurability Ohio requires that a licensee complete ______ hours of continuing education on the subject of ethics every reporting period. 3 Carole is a licensed agent who lives in Michigan and transacts insurance in Ohio. In Ohio, Carole is considered to be a nonresident agent Long- term care insurance applications must contain plain and unambiguous health questions. The exception to this rule would be applications for guaranteed issue Continuous 24- hour care provided by licensed medical professionals under the direct supervision of a physician is called skilled nursing care The entire contract includes the actual policy and the application The branch of dentistry which deals with the replacement of missing parts is called Prosthodontics An agent's license has been suspended for non-renewal. The agent my apply for reinstatement within 12 months of the license renewal date

A spouse and child can be added to the primary insured's coverage as what kind of rider? Family Term What is known as the immediate specific event causing loss and giving rise to risk? Peril Insurance agent Kelly offers a prospect a $1,000 shopping card if an insurance policy is purchased through her. What illegal activity is this an example of? Rebating A provision that allows a policyowner to withdraw a policy's cash value interest free in a partial surrender An employee has ___ days after the date of marriage to add a new spouse to a small group health plan. 30 days All of these are considered forms of advertising EXCEPT An insurer's AM Best rating A Medicare supplement plan can be canceled by the insurer for nonpayment of premiums Which of these preventative care services is NOT provided by health insuring corporation (HIC) primary care physicians? Hearing screenings Under group health insurance, a certificate of coverage is issued to the employee Preferred risk policies with reduced premiums are issued by insurance companies because the insured has better than average mortality or morbidity experience

An insurer may refuse to renew an employer's small group health plan due to nonpayment of premium Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death? Human Life Value A Long-term care policy typically provides all of the following levels of care EXCEPT acute care Pre-death distributions from a modified endowment contract (MEC) receive different tax treatment than other life insurance policies because the MEC tends to be an investment vehicle An employer with under 20 employees must allow a terminated employee to continue accident and health coverage for a MINIMUM of ____months. 12 How does one become eligible for Part D: Prescription Drug coverage? must have Medicare Which of these is NOT a legal reason for an HIC to release a subscriber's confidential health information? Public interest Amy has a group medical policy through her employer with a $500 deductible and a 90% coinsurance provision. She incurs $1,500 in covered health care services. How much will her group insurance carrier pay? $ Ken is a producer who has obtained Consumer Information Reports under false pretenses. Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? $5, Which of the following annuity payout options makes no additional payments regardless of when the annuitant dies? Life only Which of these ensures that proceeds of a life insurance policy will be free from the attachment or seizure by the beneficiary's creditors?

An insurance company has just received a request for verification from a viatical settlement provider. The insurer is required to respond within ____ calendar days of this request. 30 Which of these annuities require premium payments that vary from year to year? flexible premium deferred annuity Under a Modified Endowment Contract, what are the likely tax consequences? Pre-death destructions will become taxable A dread disease policy is considered to be a type of limited health insurance policy Which of the following statements is CORRECT regarding an individual applying for life or health insurance? The applicant's medical history may be analyzed and reported All of these are valid policy dividend options for a life insurance policyowner EXCEPT accumulate without interest A life insurance policyowner is allowed______ days upon policy delivery to return the policy for a full premium refund 10 All of the following are considered to be nonforfeiture options available to a policyowner EXCEPT Reduction of premium An interest-sensitive life insurance policyowner may be able to withdraw the policy's cash value interest free. The provision that allows this is called Partial Surrender A life insurance applicant in Ohio may backdate the application for up to _______ month(s) 3 Joanne has a $100,000 whole life policy with an accumulated $25,000 of cash value. She would like to borrow $15,000 against the cash value. Which of the following statements is TRUE? Net death benefit will be reduced if the loan is not repaid Which of these is NOT considered a supplemental health insuring corporation (HIC) service? outpatient medical services A client told an intentional lie to an insurer to receive a favorable premium. This is an example of fraud

Which of the following is INELIGIBLE to participate in section 125 plan? An S- corp owner with greater than 2% share Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? contingent beneficiary What will the beneficiary receive if an annuitant dies during the accumulation period? The greater of the accumulated cash value or the total premium paid Shirley has a Medigap policy, which is designed to pay costs associated with Medicare parts A and B Major medical insurance will typically cover medical expenses that result from a negative reaction to a prescribed medication Sole proprietors are permitted tax deductions for health costs paid from their earnings in the amount of 100% of costs Unmarried children who are incapable of self support and have proof of incapacity are included under their parent's health coverage until policy termination Kristi purchases an annuity that will pay her husband an income for 15 years. If he dies, this income will become payable to their children for the remainder of the period. Kristi has what kind of annuity? Temporary annuity certain Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? Hospital indemnity Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life policy covering all three of their lives. If Mike dies first, the policy proceeds will no longer provide insurance protection

Irrevocable Paul is an employee who caught a disease unique to the trade in which he was exposed to. Paul has a(n) occupational disease How much does Medicare Part B pay for physician fees? 80% A health insurance policy where the insurer has the right to terminate the policy for reasons other than the insured's health is called conditionally renewable Which of the following is Medicare Part B also known as? medical insurance Which of the following enables a life policy to be replaced with another life policy and results in the postponement of the tax consequence? Section 1035 exchange According to the principle of Utmost Good Faith, the insured will answer questions on the application to the best of their knowledge and pay the required premium, while the insurer will deal fairly with the insured and it's promises made A whole life policy option where extended term insurance is selected is called a(n) nonforfeiture option Which of the following pertains to the analysis of an applicant's personal information and determining whether insurance should be issued or declined? Underwriting In most dental plans, a deductible typically is NOT applied to preventative and diagnostics services In group health care, what is the purpose of the coordination of benefits provision? Determines what is paid by the primary and secondary insurers in the event of a claim Mortality is calculated by using a large risk pool of people and time Frank is shopping for a disability income policy. Which of the following would have the HIGHEST premium? 14 day waiting period/ 10 year benefit period What is considered to be the primary reason for buying life insurance? Provide death benefits

An insurance producer is often responsible for field underwriting during the application process. All of these are possible field underwriting roles EXCEPT providing commission information to the applicant What is involved when a life insurance policy has been backdated? Making the policy effective on an earlier date than the present Which of the following is NOT typically included under "hospital care" for the most health insuring corporation (HIC) plans? Private duty nursing An agent has committed an insurance crime that violates US Code 1033 (interstate commerce). Who would be responsible for the prosecution of this crime? US Attorney General Which disability policy provision would address any concerns of the value of the benefits decreasing over time? Cost of living benefit How soon can the benefit payments begin with a deferred annuity? A minimum of 12 months after date of purchase Which of these factors is NOT taken into consideration when determining the cost of a long- term care policy? Personal income An agent is legally permitted to share his/her commissions with another licensed agent The waiver of premium does NOT include which provision? All future premiums are waived if the insured recovers from the disability An employer is issued a group medical insurance policy. This single contract is known as a(n) Master policy Who is the individual paid on a fee-for-service basis Provider Which type of plan would be most appropriate for an individual on Medicare and is concerned that Medicare will NOT pay for charges exceeding the approved amount?

An endorsement found in an insurance plan which modifies the provisions of the policy is called a(n) rider When an insured has a major medical plan with first dollar coverage, how does this impact the benefits paid? No deductible payment is required A rehabilitation benefit is intended to prepare the insured to return to employment James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount? The death benefit paid will be what the premium would have purchased at the correct age According to HIPAA, when an insured individual leaves an employer and immediately begins working for a new company that offers group health insurance, the individual is eligible for coverage upon hire An agent's renewal date for his/her license is on or before the last day of the licensee's birth month Which situation accurately describes a reduced paid- up nonforfeiture option? Policy has a decreased face amount Under the Affordable Care Act, a large employer that does NOT provide health insurance and owes an employer mandate penalty MUST pay an annual penalty, which is calculated by multiplying $2,000 by the number of full time employees minus 30 Which of these is a TRUE statement regarding HIC's HIC's operate on a prepayment basis A clause that allows an insurer the right to terminate coverage at any anniversary date is called a(n) optional renewability clause Who provides all preventative and routine medical care given to a health insuring corporation (HIC) member? Primary care physician Coverage for newborns under an accident and health plan MUST include coverage for birth abnormalities A minor may receive a life insurance policy's death benefit ONLY if the minor has an appointed guardian

A disability elimination period is best described as a time deductible All of the following plans allow for employee contributions to be taken on a pre- tax basis EXCEPT Health Reimbursement Arrangement Plan The Superintendent determines an examination of an insurer's books and records is necessary. After receiving the notification, the insurer must not impede the examination An attending physician's statement would be appropriate for which of the following life insurance purpose? At the request of the insurer to assist in the underwriting decision An agent's license may only be suspended or revoked if the agent has been afforded a right to a hearing An example of endodontic treatment is a root canal Which approach predicts a person's earning potential and determines how much of that amount would be devoted to dependents? Human life value approach Replacement can be BEST described as exchanging a new policy for one already in force