Ohio Insurance Laws and Regulations Practice Exam

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What does the Ohio Life and Health Insurance Guaranty Association provide?

Loans to insureds
Protection to insureds from financially insolvent insurers
Tax benefits on premiums
Investment advice

The correct answer is: Protection to insureds from financially insolvent insurers

The Ohio Life and Health Insurance Guaranty Association provides protection to insureds from financially insolvent insurers. This means that in the event an insurance company becomes financially insolvent and is unable to fulfill their financial obligations to policyholders, the Guaranty Association will step in to provide coverage and protect the insured individuals. The other options, such as loans to insureds, tax benefits on premiums, and investment advice, are not services that are typically provided by Guaranty Associations.