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

Decreasing term insurance provides a death benefit that reduces over time, typically in line with the declining balance of a mortgage. This makes it a low-cost option for mortgage protection. Since the coverage decreases with the loan, the premium is generally lower than level term insurance.

Key person insurance is purchased by a business on the life of a key employee—someone whose knowledge, work, or overall contribution is essential to the business’s success. If the key employee dies or becomes disabled, the policy pays a benefit to the company to offset lost income, training of replacements, and potential business disruption.

An insurance agent's responsibilities in the underwriting process involve gathering necessary information for the insurer to assess risk. This includes completing applications accurately and collecting initial premiums. The final underwriting decisions, such as accepting or declining applications and setting premium amounts, are made by the insurance company's underwriters.

According to the Ohio Life Insurance Study Guide:

"The agent's role in underwriting includes completing the application, collecting initial premiums, and submitting the application to the insurer for approval."