Life Insurance: Ohio Laws

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An agent must submit notification of a change of business address within a MAXIMUM of how many days after the change?

30

After a request has been received for verification from a viatical settlement provider, an insurance company authorized to do business shall respond within

30 calendar days

Suitability is

obtaining information from the applicant to determine whether an insurance or annuity product is appropriate

What is the purpose of the Ohio Life and Health Insurance Guaranty Association Act?

to protect the insured from company insolvency

An agent may share commission in which one of the following scenarios?

with another licensed but unappointed agent

A temporary agent license can be issued in any of the following circumstances EXCEPT

a prospective agent who is enrolled in an insurance pre-license class

The Ohio insurance superintendent is appointed to office and has all of the following powers and duties EXCEPT

enact legislation dealing with insurance

The superintendent is NOT responsible for

endorsing insurers

The superintendent is empowered to

enforce state laws relating to insurance

When an agent is replacing an existing ordinary life insurance policy, the agent must take all of the following actions EXCEPT

obtain the beneficiary's signature on a summary of all policies to be replaced

How long must a life insurance policy be in effect before the policyowner may use the nonforfeiture provision?

3 years

The superintendent is REQUIRED to examine domestic insurers AT LEAST every

3 years

To receive proceeds from a death benefit, a minor

must have an appointed guardian

With the majority of companies, within how many days does the free-look provision allow the insured the right to return the life insurance policy for full premium?

10 days

When can a policy no longer be cancelled for nonfraudulent misstatements after its date of issue?

2 years

In conjunction with an Ohio insurance license renewal, which one of the following is the continuing education REQUIREMENT?

24 hours every 2 years

A licensee who is required to take continuing education must include how many ethics coursework hours?

3

In Ohio, a life insurance policy can be backdated before the application date for up to

3 months

A life insurance policy loan shall bear interest at a specified rate, NOT in excess of

8%

Which of the following is a characteristic of a non-admitted insurer?

A non-admitted insurer is not afforded protection by the guaranty fund

Which of the following represents an insurer?

Agent

Which of the following is NOT considered advertising?

An AM Best company rating

Which of the following statements is TRUE about an insurer's right to screen applicants for HIV?

An insurer can require a blood test for HIV

Which of the following acts by an insurer, if committed without just cause and performed with such frequency as to indicate standard operating procedures, constitutes an unfair claims settlement practice?

Failing to adopt and implement reasonable standards for the prompt investigations of claims

In Ohio, an agent may have his/her license revoked for which of the following acts?

Failure to pay state income tax

When determining whether an annuity is suitable for a client, the agent should ask about which of the following?

Financial objectives

Which of the following statements is CORRECT about a Buyer's Guide?

It's content must be approved by the superintendent

What MUST the company do prior to conducting an HIV related test?

Obtain a written authorization from the proposed insured

What is the renewal date of a resident insurance agent's license?

On or before the last day of the licensee's birth month

All of the following may be an unfair claims practice EXCEPT

Refusing to pay persons bringing false or fraudulent claims

What information is NOT required to be included in advertising material for a life policy?

The agent's compensation

Which of the following statements regarding an examination of an insurer's books and records by the superintendent is true?

The insurer must not impede an examination and is required to assist in the examination procedures

What is a certificate of authority?

The license required for an insurer to conduct business in the state

Which of the following statements about the contestability of a life insurance policy is true?

The policy can be contested by the insurer only during the first two years of the contract

A life insurance illustration showing future premiums being paid out of nonguaranteed values must disclose that

The policyowner may need to resume premium payments depending on actual results

Under US Code 1033, crimes by or affecting persons engaged in the business of insurance which affect interstate commerce are prosecuted by the

US Attorney General

A licensed agent who lives in another state and transacts insurance in Ohio is called

a nonresident agent

Proceeds payable under a life insurance contract to a policyowner in anticipation of death or upon the occurrence of specified life-threatening conditions as defined by the policy are best described as:

accelerated benefits

Before a licensed agent is eligible to transact insurance sales, they must be

appointed by an insurance company

All of the following may be considered forms of advertisement for life insurance EXCEPT

buyers guide

An Ohio insurance agent solicits a life insurance policy. In the event of a controversy between the insured and the company, the agent is considered to represent the

company

An agent license is renewed by paying the applicable renewal fee and completing

continuing education

If an agent gives a prospect literature indicating that an Ohio insurer can transact business for which they are NOT approved, the agent is committing which of the following?

false advertising

A deliberate lie by an insured to the insurer to obtain a lower premium is an example of

fraud

Which of the following is the specified period when the insured may still make payment for the continuance of the policy after the premium payment due date?

grace period

No insurer, agent, broker, solicitor, or person, in connection with an insurance transaction shall offer or promise to buy, sell, give, or allow the prospective insured employment, stock or special favors. This is the definition of

inducement

When an insurance appointment with an agent is terminated, the party that must notify the agent of the termination is the

insurer

Who may terminate an agent's appointment?

insurer

When the superintendent believes an agent is causing substantial and material harm, the superintendent has the authority to

issue a cease and desist order against the agent

An insurance agent who convinces a prospective insured to purchase a policy by exaggerating the benefits of the policy may be found guilty of

misrepresentation

A cease and desist order issued by the superintendent against an agent

prohibits a specific practice listed in the order

An insurance agent agrees to pay the first monthly premium for an insurance applicant. This is called a(n)

rebate

Insurance agent Kelly offers insured a $500 shopping card if they purchase an insurance product through her. What is this an example of?

rebating, which is an unfair trade practice

What is the term used when exchanging a new policy for one already in force?

replacement

If a licensee is suspended for non-renewal, the licensee may apply for reinstatement within

the 12 month period following the date when the license should have been renewed

No existing agent's license will be revoked until

the agent has been afforded a right to a hearing on the charges

When an agent's license is suspended or revoked because the licensee is found to be in violation of a state law

the licensee may be assessed the administrative costs incurred by the Department


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