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

A "Period Certain" annuity, also known as a "term certain" or "fixed period" annuity, guarantees payments for a specified period, such as 10, 15, or 20 years, regardless of whether the annuitant lives or dies during that period. If the annuitant dies before the end of the period, the remaining payments are made to a designated beneficiary. This option provides a predictable income stream for a set duration.

AnAccelerated Death Benefit (ADB)is a provision in a life insurance policy that allows the policyholder to receive a portion of the death benefit while still alive, under certain qualifying conditions. According to the Ohio Administrative Code Rule 3901-6-06, accelerated death benefits are payable to the policyowner during the lifetime of the insured upon the occurrence of a qualifying event, which includes:

A medical condition that drastically reduces the potential life span of the insured to a period of time specified in the policy, often 24 months or less.

A medical condition that requires extraordinary medical intervention, such as a major organ transplant or continuous artificial life support, without which the insured would die.

A condition that normally results in continuous confinement in an eligible institution, if the insured is expected to remain there for the rest of their life.

The amount received through an ADB reduces the death benefit payable to beneficiaries upon the insured's death.

A hazard is any condition or behavior that increases the likelihood of a loss occurring. Hazards are categorized as physical, moral, or morale. For example, driving under the influence is a hazard because it elevates the chance of a car accident. In contrast, a peril is the actual cause of loss, such as fire or theft.