State RegulationsOH specificDifficulty 1/5
What does a guaranteed insurability option allow a life policyowner to do?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
A guaranteed insurability option lets the owner buy additional coverage at specified option dates or ages regardless of health, because the insurer waives evidence of insurability at those times. Such options are policy provisions regulated through Ohio's policy-form filing framework administered by the Ohio Department of Insurance (ORC 3915.14).
Why the other options are wrong
- A) Beneficiary changes are unrelated to this option and follow the change-of-beneficiary provision.
- C) Reinstatement still requires payment of arrears with interest; the insurability guarantee does not waive premiums.
- D) Group-to-individual conversion is a group-policy right tied to termination of employment, not this individual-policy option.
Memory hook
Guaranteed insurability: buy more later, no health questions asked.