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

A Variable Universal Life (VUL) policy is a type of permanent life insurance that combines the flexible premium and adjustable death benefit features of universal life insurance with the investment options of variable life insurance. Policyholders can allocate a portion of their premium payments to a variety of investment options, such as stocks and bonds, allowing for potential growth of the policy's cash value. However, this also introduces investment risk, as the cash value and death benefit can fluctuate based on market performance.

According to the Ohio Life Insurance Study Guide:

"Variable universal life insurance combines the features of universal life insurance with investment options, allowing policyholders to invest the cash value in various separate accounts."

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

Insurable interest is a fundamental principle in life insurance, requiring that the policyholder has a financial or emotional interest in the continued life of the insured. This principle prevents individuals from taking out policies on strangers for speculative purposes. According to Ohio Revised Code Section 3911.09, a person may procure life insurance on their own life or on the life of another person in whom they have an insurable interest, such as a spouse, child, or business partner. This ensures that the policyholder would suffer a genuine loss upon the death of the insured.