Ohio Insurance Laws and Regulations Practice Exam

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Prepare for your Ohio Insurance Laws and Regulations Exam with comprehensive multiple-choice questions that challenge your knowledge and ensure you understand the rules. Our platform provides explanations and study aids to help you excel.

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What is it called when an insurance agent agrees to pay the first monthly premium for an applicant?

Donation
Rebate
Gift
Bonus

The correct answer is: Rebate

This practice is known as a rebate. Although a donation, gift, or bonus may also involve one party giving something to another, there is typically no expectation of payment or exchange of services in return. In contrast, a rebate specifically involves the insurance agent agreeing to cover a portion or the entirety of the first monthly premium in order to incentivize the applicant to purchase a policy. Therefore, B is the most accurate option.