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

Risk sharinginvolvesdistributing risk among a group, such as in mutual insurance companies or professional groups pooling money for coverage. This differs from risk transfer (insurance) or risk avoidance.

"Risk sharing occurs when a group of individuals or entities pools resources to mutually cover potential losses, such as pooling funds to cover professional liability."

A "Period Certain" annuity, also known as a "term certain" or "fixed period" annuity, guarantees payments for a specified period, such as 10, 15, or 20 years, regardless of whether the annuitant lives or dies during that period. If the annuitant dies before the end of the period, the remaining payments are made to a designated beneficiary. This option provides a predictable income stream for a set duration.

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.