Ohio Life And Health Practice Exam Questions And Verified Answers

In an insurance contract, the applicant's "consideration" is the A) offer and acceptance B) premium only C) statements made in the application and the premium D) statements made in the application only {Ans: statements made in the application and the premium}An insurance company advertises an accident and health insurance product in a local Ohio newspaper and refers to dollar amount benefits. This insurer must also disclose which of the following in the advertisement? {Ans: Any applicable benefit reduction}which of the following is considered to be an event or condition that increases the probability of an insured's loss? {Ans: harzard}A spouse and child can be added to the primary insured's coverage as what kind of rider? Dependent term Guaranteed insurability primary term family term {Ans: Family term}Pat owns a 20-pay life policy with a paid-up dividend option. Which of the following statements is true? {Ans: The policy may be paid up early by using policy dividends}Upon policy delivery, which of the following must a producer have an applicant sign if no initial premium was collected with the life insurance application? {Ans: a good health statement}What does the Consolidated Omnibus Budget Reconciliation Act (Cobra) of 1985