State RegulationsOH specificDifficulty 1/5
An Ohio resident purchases a life insurance policy on their own life. Under ORC 3911.09(A), which of the following may properly be named as the beneficiary?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
ORC 3911.09(A) provides that any person may insure their own life for the benefit of a spouse, children, other dependents, a qualifying charitable institution, or a creditor named in the policy. The named creditor therefore is a lawful beneficiary, and the designation belongs to the policyowner rather than the producer.
Why the other options are wrong
- B) A producer cannot select the beneficiary; the designation belongs to the policyowner, and the statute lists the permissible categories.
- C) The statute does not limit beneficiaries to heirs at law; dependents, charities, and named creditors also qualify.
- D) A spouse may be named, but the statute expressly permits other beneficiaries, including children, dependents, charities, and named creditors.
Memory hook
Own-life policy: spouse, kids, dependents, charity, or your named creditor.