OHIO Life Insurance OH-Life-Agent-Series-11-44 Book

A deferred annuity is characterized by premium payments made over time, with the income payments commencing at a future date. This allows the annuitant to accumulate funds on a tax-deferred basis before the payout phase begins. In contrast, an immediate annuity starts income payments shortly after a lump-sum premium is paid.

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.

Reinsurers form a separate segment of the insurance industry by providing coverage to primary insurance companies. This process, called reinsurance, allows insurers to reduce their exposure to large losses by sharing risks with another company. This enhances the stability and solvency of the insurance system.

The Ohio Life and Health Insurance Guaranty Association (OLHIGA) provides protection to policyholders in the event that a member insurer becomes insolvent. According to Ohio Revised Code Section 3956.08, the association may guarantee, assume, reissue, or reinsure the policies of an impaired or insolvent insurer to ensure the payment of contractual obligations. This protection is specifically activated when an insurer is declared insolvent and is unable to fulfill its obligations to policyholders.