Ohio Insurance Laws and Regulations Practice Exam

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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!

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What is the standard grace period for a life insurance policy sold in Ohio?

2 weeks
1 month
6 months
1 year

The correct answer is: 1 month

A grace period refers to the amount of time after a payment due date during which a policy holder can make a late payment without incurring penalties or having their policy cancelled. In this case, the question specifically mentions a life insurance policy sold in Ohio. While the other options may be potential grace periods for insurance policies in general, the standard grace period for life insurance policies sold in Ohio is 1 month. This means that policy holders have 1 month from the due date to make a late payment before facing consequences. Options A, C, and D all have grace periods shorter or longer than the standard 1 month in Ohio, making them incorrect.