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

In a viatical settlement, a policyholder sells their life insurance policy to a third party for a lump sum that is less than the policy’s death benefit but more than its cash surrender value. The buyer then becomes the policy’s beneficiary and receives the full death benefit upon the insured’s death.

According to Ohio Administrative Code 3901-5-09, insurers are required to notify the superintendent within 30 days after the termination of an agent’s appointment. This ensures that the state maintains accurate records of active and terminated appointments

A waiver of premium rider allows the policy to remain in force without premium payments if the insured becomes totally disabled and meets the terms of the rider. Once activated, the insurance company waives the premium payments, and the policy continues as if payments were being made. The cash value and death benefit remain unaffected, ensuring full policy performance.