Ohio Insurance Laws and Regulations Practice Exam

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Study for the Ohio Insurance Laws and Regulations Exam. Prepare with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

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What does the Ohio Life and Health Insurance Guaranty Association protect insured individuals from?

  1. Unfair claims practices

  2. Insurance company insolvency

  3. Fraudulent agents

  4. Policy cancellations

The correct answer is: Insurance company insolvency

The Ohio Life and Health Insurance Guaranty Association guarantees that insured individuals will still receive their insurance benefits even if their insurance company becomes insolvent or is unable to fulfill their obligations. Option A (Unfair claims practices) and C (Fraudulent agents) deal with unethical behavior rather than insurance company insolvency. Option D (Policy cancellations) may be covered by the guaranty association, but it is not the primary purpose of the association. Therefore, the best answer is B.

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