Ohio Laws and Rules (Chapter 10)
A life insurance policyowner is allowed _____ days upon policy delivery to return the policy for a full premium refund.
10 days
A life insurance applicant in Ohio may backdate the application for up to _____ month(s).
3
Ohio requires that a licensee complete ___ hours of continuing education on the subject of ethics every reporting period.
3
Greg has recently been terminated from his job that covered him for group life insurance. How long does he have to convert his coverage to an individual policy?
31
A policyowner who anticipates death or develops a life-threatening condition may obtain proceeds from a life insurance contract. These proceeds are known as:
Accelerated Benefits
This is NOT considered a form of advertising:
An insurer's AM Best rating
What is NOT considered a form of life insurance advertisement?
Buyer's Guide
What is required for an insurer to conduct business in this state?
Certificate of Authority
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
Which of the following is required for the renewal of an agent's insurance license?
Continuing education (24 hours of education every 2 years)
______ life is designed to pay the balance of a loan if the insured dies before repayment of the loan.
Credit
What is NOT a specific power given to the superintendent?
Enact insurance Legislation
What is NOT a responsibility of the superintendent?
Endorsing Insurers
One role of the superintendent is to:
Enforce state insurance laws
Replacement can be BEST described as:
Exchanging a new policy for one already in force.
What is considered to be an act of misrepresentation?
Falsifying the terms, benefits, advantages, or conditions of an insurance policy
A client told an intentional lie to an insurer in order to receive a favorable premium. This is an example of:
Fraud
Maria, the agent, would like to advertise an annuity product on a highway billboard. Which of the following must be included in the advertisement?
Her Name
Who is required to notify the agent in the event of appointment termination?
Insurer
If an agent is believed to be causing considerable harm, the superintendent:
May 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
Knowingly making an untrue or incomplete statement during an insurance transaction is considered an example of:
Misrepresentation
An example of an Unfair Claims Settlement practice is:
Misrepresenting insurance policy provisions affecting a loss
Carole is a licensed agent who lives in Michigan and transacts insurance in Ohio. In Ohio, Carole is considered to be a(n):
Nonresident Agent
Inducement is BEST defined as:
Offering to buy, sell, give, or allow a prospective insured employment, stock or special favors in exchange for an insurance transcation
Insurance agent Kelly offers a prospect a $1000 shopping card if an insurance policy is purchased through her. What illegal activity is this an example of?
Rebating
A life insurance policy sold in Ohio can be contested by the insurer ONLY during the first _____ year(s) of the contract.
Two
An order issued by the superintendent that prohibits a specific practice listed in the order is called a(n):
cease and desist order
Advertising regulations exist in order to:
demonstrate full and truthful disclosures to the public
An agent's license may only be suspended or revoked if the agent:
has been afforded a right to a hearing
A minor may receive a life insurance policy's death benefit ONLY:
if the minor has an appointed guardian
When screening an applicant for HIV, the insurer:
may require a blood test for HIV
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 advertisement for an insurance product may contain:
the insurer's name
An agent's renewal date for his/her license is on or before:
the last day of the licensee's birth month. (License term is every 2 years)
An agent is legally permitted to share his/her commissions:
with another licensed agent
The Fair Credit Reporting Act protects consumers...
with guidelines regarding credit reporting and distribution
An insurance company has just received a request for verification from a viatical settlement provider. The insurer is required to respond _____ calendar days to this request.
30
An agent must notify the superintendent within ______ days of a felony conviction.
30 days
An agent's appointment has been terminated by the insurer. The insurer must then notify the superintendent within _____ days of the termination
30 days
