State RegulationsOH specificDifficulty 1/5
Under Ohio law governing life insurance policy provisions, when is a change or modification to an issued life insurance policy valid?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Ohio law requires that modifications to a life insurance policy be made only in a writing endorsed on or attached to the policy and effected by authorized company representatives (ORC 3915.12). Verbal statements by a producer cannot alter the contract, so policyholders must insist on written endorsements for any change in benefits or other policy provisions.
Why the other options are wrong
- A) A verbal agreement, even noted in the company's file, does not satisfy the writing requirement and cannot modify the policy.
- C) A notarized amendment drafted by the policyholder's attorney is not part of the contract unless it is endorsed on or attached to the policy by authorized company representatives.
- D) A producer has no authority to effect a policy change; initialing a data page is not a valid modification under ORC 3915.12.
Memory hook
No ink on the policy, no change - producer promises don't modify.