Insurance Licensing OH-Life-Agent-Series-11-44 Dumps Questions Answers

Term life insurance provides coverage for a specific period and is generally more affordable than whole life insurance. It is suitable when maximum protection is needed at a lower cost, especially if the insured cannot afford the higher premiums associated with permanent insurance. Term policies do not accumulate cash value but offer substantial death benefits during the term.

The primary purpose of life insurance is to provide a death benefit to beneficiaries upon the death of the insured. This financial protection helps cover expenses such as funeral costs, outstanding debts, and provides income replacement for dependents. According to the Ohio Life Insurance Study Guide, life insurance is designed to offer financial security to loved ones in the event of the insured's untimely death.

Awaiveris defined as theintentional and voluntary relinquishment of a known right. In insurance, this often occurs when an insurer chooses not to enforce a policy provision.

"A waiver is the intentional relinquishment of a known right. It may occur when an insurer voluntarily gives up a right under the policy."