OH-Life-Agent-Series-11-44 Exam Dumps - OHIO Life Insurance Agent Series 11-44

According to the Ohio Revised Code, the "owner" of a life insurance policy is defined as the person who has the right to designate the beneficiary of the policy and to change the designation. This means that the policy owner holds the authority to name or change the beneficiary at any time, unless the beneficiary designation is irrevocable.

The insured is the individual whose life is covered by the policy, but they may not necessarily be the owner. The producer (agent) facilitates the sale of the policy but does not have rights to designate beneficiaries. An assignee may have certain rights assigned to them, but unless specifically granted, they do not have the authority to name or change beneficiaries.

A Cost of Living Adjustment (COLA) rider is an optional feature that can be added to a life insurance policy to help protect the death benefit against inflation. This rider automatically increases the policy's face amount periodically, typically in line with the Consumer Price Index (CPI), ensuring that the purchasing power of the death benefit remains consistent over time.

In Ohio, insurance licensees are required to complete 24 hours of continuing education (CE) every two years. This includes a mandatory 3 hours of ethics training. The CE requirements must be fulfilled by the last day of the licensee's birth month in the renewal year. This ensures that insurance professionals remain knowledgeable about current laws, regulations, and best practices.

A first-to-die joint life policy pays the death benefit upon the death of the first insured among the covered individuals. Once the benefit is paid, the policy terminates and provides no further coverage for the surviving insureds. It is typically used in business or family situations to provide immediate funds upon the first death.

The IRS mandates that to maintain the tax-deferred status of funds, a rollover from one Traditional IRA to another must be completed within 60 days of receiving the distribution. Failing to do so may result in the distribution being treated as taxable income, and if the account holder is under age 59½, it could also be subject to a 10% early withdrawal penalty.

Universal life insurance policies offer flexible premium payments and adjustable death benefits. One of the features of universal life policies is the ability to make partial surrenders or withdrawals from the policy's cash value without terminating the policy. This allows policyholders to access funds for various needs while maintaining life insurance coverage. Therefore, the correct answer is B

Under Ohio regulations governing viatical settlements, insurers are required to respond to a verification of coverage request within 30 calendar days. This ensures timely processing and supports consumer protection during transactions involving the sale of life insurance policies.

Underwriting is the process by which insurers evaluate the risk of insuring a potential policyholder. This involves the selection of risks, classification of those risks into categories (such as preferred, standard, or substandard), and the determination of appropriate premium rates. The goal of underwriting is to ensure that the insurer maintains a balanced and profitable risk