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

In Ohio, life insurance policies can be backdated up to six months prior to the application date. Backdating is often used to obtain a lower premium by setting the policy's effective date to an earlier age of the insured. However, the applicant must pay premiums from the backdated effective date. This practice is subject to the insurer's approval and must comply with state regulations.

An irrevocable beneficiary has a vested interest in the life insurance policy. This means that the policyowner cannot change the beneficiary designation, take loans, or surrender the policy without the written consent of the irrevocable beneficiary. This designation provides strong protection for the beneficiary’s interest.

A hazard is any condition or behavior that increases the likelihood of a loss occurring. Hazards are categorized as physical, moral, or morale. For example, driving under the influence is a hazard because it elevates the chance of a car accident. In contrast, a peril is the actual cause of loss, such as fire or theft.