Ohio Insurance Laws and Regulations Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Ohio Insurance Laws Exam. Study with comprehensive materials, including flashcards and quizzes. Each question is detailed with explanations. Set yourself up for success!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Long-term care policies or certificates issued in Ohio are required to have?

A grace period
A nonforfeiture value
A guaranteed renewal feature
A free-look period

The correct answer is: A nonforfeiture value

Long-term care policies or certificates issued in Ohio are required to have a nonforfeiture value. This means that if the policyholder is unable to continue paying premiums, they have the option to receive a reduced benefit or cash value. Option A, a grace period, refers to a period of time after the due date of a premium where it can still be paid without penalty. Option C, a guaranteed renewal feature, means that the policy cannot be cancelled due to the policyholder's age or health status. Option D, a free-look period, allows the policyholder to review the policy after purchasing it and cancel it for a full refund if they are not satisfied. While all of these options may be included in a long-term care policy issued in Ohio, the only required feature is a nonforfeiture value.