Ohio Insurance Laws and Regulations Practice Exam

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Prepare for the Ohio Insurance Laws and Regulations Exam. Dive into essential topics with detailed practice questions designed to enhance your knowledge and readiness. Ace your exam and ensure your success in the insurance field!

Practice this question and more.

Long-term care policies or certificates issued in Ohio are required to have?

A grace period
A nonforfeiture value
A guaranteed renewal feature
A free-look period

The correct answer is: A nonforfeiture value

Long-term care policies or certificates issued in Ohio are required to have a nonforfeiture value. This means that if the policyholder is unable to continue paying premiums, they have the option to receive a reduced benefit or cash value. Option A, a grace period, refers to a period of time after the due date of a premium where it can still be paid without penalty. Option C, a guaranteed renewal feature, means that the policy cannot be cancelled due to the policyholder's age or health status. Option D, a free-look period, allows the policyholder to review the policy after purchasing it and cancel it for a full refund if they are not satisfied. While all of these options may be included in a long-term care policy issued in Ohio, the only required feature is a nonforfeiture value.