Ohio Life Insurance Exam Questions with Complete
Answers- 2024 Update.
To qualify for appointment of agent - Correct Answer 18 YOA, US citizenship not
required, no minimum residency
Original certificate good for.... - Correct Answer 180 days
Renewal for license - Correct Answer biennially on birth month, $5 fee
Types of risk - Correct Answer Pure risk - covered by insurance
Speculative risk - not covered (gambling)
How to handle risk - Correct Answer avoid it
Retain it - self insurance
Reduce it
Share it
Transfer it - buy insurance, spreads risk to large group
Mortality Rate - Correct Answer based on "law of large numbers"
By age 100 we assume everyone dies
Females live longer
Principal - Correct answer the insurance company
The agent represents the principal
Implied Authority - Correct Answer needed to do job
Not written in contract
Expressed Authority - Correct Answer written out authority
Ex. collecting premiums...
Apparent Authority - Correct Answer actions seem to be those of principal
Ex. business cards, applications....
Change of name and address - Correct Answer 30 days to be reported
Fiduciary - Correct Answer financial trust
Timely manner
Agents cannot comingle
Amount of solicitors allowed to be hired - Correct Answer unlimited
Brokers - Correct Answer Represent their client/insured person
