Insurance Licensing Updated OH-Life-Agent-Series-11-44 Exam Questions and Answers by mari

Extended termis anonforfeiture option, not a settlement option. Settlement options includefixed period,life income with period certain, andpure life income, which determine how policy proceeds are paid out.

"Settlement options refer to how the death benefit proceeds are paid to beneficiaries. Options include fixed period, life income, and life income with period certain. Extended term is a nonforfeiture option, not a settlement option."

The premium mode refers to the frequency with which premium payments are made on an insurance policy. Common premium modes include annual, semi-annual, quarterly, and monthly payments. While the mode affects the payment schedule, it does not change the total annual premium amount; however, insurers may apply additional charges for more frequent payment modes due to increased administrative costs.

According to Ohio Revised Code Section 3905.55, an insurance agent may charge a fee to a consumer only if:

The fee is disclosed separately from the premium.

The fee is not refundable.

The consumer consents to the fee.Submitting an initial application for coverage is not a condition that permits charging a fee. Therefore, option C is the correct answer as it does not meet the stipulated conditions.

According to the Ohio Revised Code, misrepresentation involves making false or misleading statements about the terms, benefits, advantages, or conditions of an insurance policy. Specifically, Section 3901.21 of the Ohio Revised Code identifies such actions as unfair and deceptive practices in the business of insurance. This includes any misrepresentation or false or misleading statement concerning the terms, benefits, or advantages of any insurance policy