Free Life Insurance Basics Practice Questions
Ohio Life exam (series 11-44) — 136 practice questions.
Subtopics: Insurable interest, STOLI, Valued contract, Risk classification, Field underwriting, Premium factors, Adverse selection, Representations, Backdating, Insurable interest - employer, Charities as owners, Illustrations, Buyer's guide, Disclosure rule scope, Viatical definitions, Insurable interest parties, Personal uses, Liquidity, Human life value, Needs approach, Buy-sell funding, Key person, Term vs permanent, Participating policies, Separate account, Variable products licensing, Mortality, Interest assumption, Premium mode, Advertising, Application accuracy, Sources of underwriting, Substandard risk, Effective date, Statement of good health, MIB, Unfair discrimination underwriting, Group vs individual, Warranties vs representations, Disclosure statement, Estate conservation, Executive compensation, Expense factor, Declined risk, Surrender comparison index, Net amount at risk, Legal reserve, CSO mortality table, Level premium funding, Cash value accumulation, Endowment maturity, Free look period, Policy replacement rules, Twisting, Churning, Rebating, Defamation, Binding receipt, Insuring clause, Consideration clause, Owner vs insured, Stranger-originated life insurance, Suitability, Sales illustration, Producer appointment, Paramedical exam, Inspection report, Nonmedical limit, Split-dollar plan, Section 162 executive bonus, Dependency period need, Social Security blackout period, Capital retention approach, Final expense need, Insurance age, Flat extra premium, Postponed risk, Agent's report, Policy summary, Material misrepresentation, Estate creation, Cash accumulation, Charitable giving, Buy-sell cross purchase, Buy-sell entity purchase, Cross purchase count, Key person beneficiary, Deferred compensation, Split dollar collateral assignment, Executive bonus taxation, Business overhead uses, Information for needs analysis, Group vs individual class, Nonparticipating policy, Fixed vs variable, Variable minimum death benefit, Gross vs net premium, Modal factors, Mortality table use, Gender and mortality, Producer delivery duties, Constructive delivery, Rated policy delivery, Conditional receipt insurability, No premium with application, Application signatures, Application corrections, Insurable interest third party, Self insurable interest, Attending physician statement, MIB adverse decisions, MIB pre-notice, HIV testing consent, Underwriting prohibited factor, Rated policy, Standard risk, Prescription database, Social Security fully insured, Currently insured, Survivor benefits children, Spouse caring for child, Blackout period end, Lump-sum death benefit, Full retirement age, Social Security disability, Social Security as offset, Producer report purpose
Read the Life Insurance Basics study guide
Sample questions & answers
1. For an individual life insurance policy in Ohio, insurable interest must exist:
At the time the policy is applied for and issued
In life insurance, insurable interest must exist at policy inception, not necessarily at death.
2. Which person clearly has an insurable interest in another's life?
A spouse in the other spouse's life
Ohio law expressly allows a married person to insure the life of a spouse; spouses have an insurable interest in each other's lives.
3. Arranging life insurance for a person who lacks insurable interest so investors can profit at death is:
Stranger-originated life insurance (STOLI)
STOLI lacks insurable interest and is prohibited.
4. Life insurance is generally considered what type of contract with respect to the amount paid at death?
A valued contract paying a stated face amount
Life insurance is a valued contract; it pays the stated face amount regardless of actual loss.
Practice: Life Insurance Basics
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
