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

Policy loans taken against the cash value of a life insurance policy are generally not considered taxable income, provided the policy remains in force. However, if the policy lapses or is surrendered with an outstanding loan, the loan amount exceeding the premiums paid may become taxable.

Variable universal life insurancecombines flexible premium options and death benefit features of universal life withinvestment choicestypically found in variable life policies. Theunique featureis thepolicyholder’s ability to select investment optionsfrom a separate account to maximize returns.

"Variable universal life insurance allows the policyholder to allocate premium dollars to a variety of separate accounts which may increase or decrease in value based on investment performance."

Under Ohio law, the superintendent of insurance has the authority to access the books, records, and documents of insurers and their agents during examinations or investigations. Agents are required to make these records available upon the superintendent’s request.