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FINAL EXAM - OKLAHOMA LIFE AND HEALTH
Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers
-Format: Multiple-choice / Flashcard
Question 1: Which of these is NOT considered the responsibility of a producer during the underwriting process?
Answer:
selecting the final approval date Question 2: Which of the following health insurance provisions requires that the application becomes part of the policy?
Answer:
Entire Contract clause Question 3: A producer may be disciplined by the Commissioner for which of the following actions?
Answer:
Misappropriation of premium funds Question 4: James is covered with health insurance by two different insurers. The "insurance with other insurers" provision in an individual health insurance policy allows an insurer to pay benefits to the insured on a pro-rata basis when
Answer:
the insurer was not notified prior to the claim that the insured has other health coverage
Question 5: Which type of policy can group term life insurance normally be converted to?
Answer:
An individual permanent life insurance policy Question 6: John received a one-time distribution of $50,000 from his modified endowment contract (MEC). Prior to that, the contract's cash value was $150,000, the contract investment amount was $100,000, and the death benefit was $500,000. What percentage of the $50,000 distribution was taxable as ordinary income?
Answer:
100% Question 7: A false written or oral statement made by a producer for the purpose of replacing an existing policy to the detriment of the insured is
Answer:
twisting Question 8: The Insurance Commissioner may revoke a producer's license for each of the following violations, EXCEPT
Answer:
misdemeanor conviction Question 9: A preferred provider plan and an indemnity plan are similar in what way?
Answer:
both pay on a fee-for-service basis Question 10: Rick owns a variable universal life policy and chooses a variable death benefit option. What will typically happen to the death benefit as a result of this selection?
Answer:
fluctuate with changes in the cash account Question 11: Which of the following is NOT covered by a comprehensive long-term care policy?
Answer:
Acute Care
Question 12: Group and individual health insurance policies that provide coverage to women
must cover annual mammography screenings for women aged:
Answer:
40 and older Question 13: In a disability buy-sell agreement, the policies funding the agreement are owned by the
Answer:
business entity Question 14: In what situation could an insurance policy's coverage be modified?
Answer:
applicant is a substandard risk
Question 15: Which of the these is NOT a true statement of the war exclusion?
Answer:
civil insurrections apply
Question 16: Field underwriting by a producer
Answer:
may result in the disclosure of hazardous activities of the applicant Question 17: Kelly purchases a health insurance policy issued on a conditionally renewable basis. The insurance company has a right to refuse renewal of the policy for
Answer:
specific reasons stated in the contract Question 18: Which of the following could be a future use of the cash value that builds in a recently-purchased whole life insurance policy?
Answer:
Provide supplemental income in 35 years Question 19: Tonya has been diagnosed with kidney failure and is covered by group accident and health insurance through her large employer. Which of these accident and health plans will be primary during the months immediately following her diagnosis?
Answer:
her employer's group accident and health plan
Question 20: A material change in a modified endowment contract (MEC) results in
Answer:
the seven pay test, adjusted for cash value, applies again
Question 21: How is a collateral assignment used in a life insurance contract?
Answer:
transfers specific ownership rights to a creditor Question 22: Health providers are compensated by a preferred provider organization (PPO) for normal dental procedures by what means?
Answer:
decreased fee schedules Question 23: Which of the following does a Medicare Advantage enrollee typically pay for?
Answer:
Small co-pay per visit or per service Question 24: When must a producer provide disclosure about information practices to an applicant?
Answer:
Prior to or at the time of signing the application
Question 25: Medicare Part A does NOT provide coverage for
Answer:
first 3 pints of blood
Question 26: The reason for backdating a policy is
Answer:
to obtain a premium rate based on an earlier age Question 27: An insured has a $25,000 whole life insurance policy with $6,000 cash value available. Under the extended term nonforfeiture option, what is the amount of insurance available to the insured?
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