In Ohio, an agent must be appointed by the Insurer within how many days from the date the agency contract Is executed, or the first Insurance application Is submitted?

A. 10

B. 15

C. 20

D. 30

Falsifying the terms, benefits, advantages, or conditions of an insurance policy Is an example of which of the following?

A. Forgery

B. Coercion

C. Concealment

D. Misrepresentation

Who can surrender an annuity during the accumulation period?

A. The company.

B. The beneficiary.

C. The annuitant.

D. The policyowner.

Which of the following describes the process of selection, classification, and rating of risks?

A. underwriting

B. cost containment

C. adverse selection

D. claims experience

The type of insurance used to indemnify a firm for the loss of earnings brought about by the death or disability of an officer or other significant employee Is

A. business continuation life.

B. business overhead.

C. key person.

D. employee welfare.

A modified endowment contract (MEC) receives different tax treatment on pre-death distributions than other life Insurance policies because the modified endowment policy

A. has a larger cash surrender value.

B. generally pays dividends to the policyowner.

C. tends to be an investment vehicle.

D. does not provide for loans to the policyowner.

An insured has chosen to receive the payout from her husband's life insurance policy so that she will receive an Income for the next 10 years. At the end of that time, the entire proceeds from the policy will have been paid out. The insured has selected which option?

A. Fixed period.

B. Interest only.

C. Fixed amount.

D. Life income.

The Group Life Underwriting risk selection process helps protect Insurers from

A. risk selection.

B. medical underwriting.

C. adverse selection.

D. risk underwriting.

An agent qualified to sell variable products in Ohio must report each of the following to the superintendent of Insurance EXCEPT

A. a suspension from the National Association of Securities Dealers.

B. the revocation of an insurance license held in another state.

C. the sharing of commissions with another qualified agent.

D. a felony criminal conviction.

Which of the following statements BEST describes a single premium cash value policy?

A. It requires only one payment to make the policy paid up.

B. It provides for only one premium to be paid without evidence of insurability.

C. It waives one future premium if the owner becomes disabled.

D. It requires the policyowner to pay one premium annually.