Insurance Licensing OH-Life-Agent-Series-11-44 Dumps Questions Answers

Adjustable Life Insurance is a type of permanent life insurance that combines features of term and whole life insurance. It allows the policyowner to adjust two key policy features: the premium payment amount and the face amount (death benefit). This flexibility enables the policyowner to adapt the policy to changing financial needs and circumstances. Adjustments to the death benefit may require evidence of insurability, depending on the insurer's policies.

A Single Premium Immediate Annuity (SPIA) is designed to provide a stream of income payments that begin almost immediately after a lump-sum payment is made. This type of annuity is most commonly utilized to secure a steady income during retirement. Upon purchasing an SPIA, the annuitant starts receiving payments, typically within one month, which can be structured for a specific period or for the lifetime of the annuitant.

This immediate commencement of income makes SPIAs particularly suitable for individuals seeking to convert a portion of their savings into a predictable income stream during retirement years.

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.