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

According to Ohio Revised Code Section 3905.55, an insurance agent may charge a fee to a consumer only if:

The fee is disclosed separately from the premium.

The fee is not refundable.

The consumer consents to the fee.Submitting an initial application for coverage is not a condition that permits charging a fee. Therefore, option C is the correct answer as it does not meet the stipulated conditions.

TheOhio Superintendent of Insurancemay issue acease and desist orderagainst a licensee if a violation of insurance law is suspected and substantiated through a hearing process. This is a legal measure to stop the unlawful conduct.

"If, after a hearing, the Superintendent determines a person has committed or is about to commit an unfair or deceptive act, they may issue a cease and desist order."

The IRS mandates that to maintain the tax-deferred status of funds, a rollover from one Traditional IRA to another must be completed within 60 days of receiving the distribution. Failing to do so may result in the distribution being treated as taxable income, and if the account holder is under age 59½, it could also be subject to a 10% early withdrawal penalty.