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

During the accumulation period of an annuity, the policyowner holds the rights to the contract, including the ability to surrender the annuity. Surrendering the annuity means the policyowner can terminate the contract and receive the accumulated value, subject to any applicable surrender charges or tax implications. The annuitant is the individual whose life expectancy is used to determine the annuity payments, but they do not have ownership rights unless they are also the policyowner.

An insurance agent's responsibilities in the underwriting process involve gathering necessary information for the insurer to assess risk. This includes completing applications accurately and collecting initial premiums. The final underwriting decisions, such as accepting or declining applications and setting premium amounts, are made by the insurance company's underwriters.

According to the Ohio Life Insurance Study Guide:

"The agent's role in underwriting includes completing the application, collecting initial premiums, and submitting the application to the insurer for approval."

In a viatical settlement, a policyholder sells their life insurance policy to a third party for a lump sum that is less than the policy’s death benefit but more than its cash surrender value. The buyer then becomes the policy’s beneficiary and receives the full death benefit upon the insured’s death.