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

Risk sharinginvolvesdistributing risk among a group, such as in mutual insurance companies or professional groups pooling money for coverage. This differs from risk transfer (insurance) or risk avoidance.

"Risk sharing occurs when a group of individuals or entities pools resources to mutually cover potential losses, such as pooling funds to cover professional liability."

According to Ohio Revised Code Section 5815.33, if an individual designates their spouse as the beneficiary of a life insurance policy and subsequently divorces, the designation of the former spouse as beneficiary is automatically revoked, unless the policy or divorce decree explicitly states otherwise. This means that, post-divorce, the former spouse is treated as if they predeceased the policyholder, and the policy's proceeds will be distributed to the contingent beneficiary or the policyholder's estate if no other beneficiary is named.

Aflexible premium deferred annuity (FPDA)allows the annuitant to makevarying premium paymentsover time. The annuity starts paying out at a future date, making it suitable for retirement savings.

"Flexible premium deferred annuities permit payments of varying amounts over time before annuitization, offering flexibility for savers."