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

Key person insurance is purchased by a business on the life of a key employee—someone whose knowledge, work, or overall contribution is essential to the business’s success. If the key employee dies or becomes disabled, the policy pays a benefit to the company to offset lost income, training of replacements, and potential business disruption.

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.

Mortality tablesare statistical charts used by insurers to predict life expectancy and the probability of death at various ages. These tables are based on a large pool ofpeople over time, allowing insurers to estimate risk and set appropriate premiums.