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 is the standard grace period for a life insurance policy sold in Ohio?

  1. 2 weeks

  2. 1 month

  3. 6 months

  4. 1 year

The correct answer is: 1 month

A grace period refers to the amount of time after a payment due date during which a policy holder can make a late payment without incurring penalties or having their policy cancelled. In this case, the question specifically mentions a life insurance policy sold in Ohio. While the other options may be potential grace periods for insurance policies in general, the standard grace period for life insurance policies sold in Ohio is 1 month. This means that policy holders have 1 month from the due date to make a late payment before facing consequences. Options A, C, and D all have grace periods shorter or longer than the standard 1 month in Ohio, making them incorrect.

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