FREE INSURANCE AND STUDY GAMES ABOUT

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FREE INSURANCE AND STUDY GAMES ABOUT

INSURANCE1 EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -170 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: A variable annuity has a payout that is

Answer:

Contingent upon the profitablity of the investment portfolio Question 2: Which is the following non-forfeiture options has the highest death benefit?

Answer:

extended term Question 3: If the Insurance Department suspends a producer's license, all of the following would be notified EXCEPT?

Answer:

The producer's client

Question 4: The cash value under a MEC accumulates

Answer:

On a tax-deferred basis

Question 5: Under which of the following annuities is the exact monthly benefit not known in advance?

Answer:

Variable annuity Question 6: Which life insurance policy places the risk of investment performance upon the insured?

Answer:

Variable Life

Question 7: Under a pure life annuity, an income is payable by the company

Answer:

Only for the life of the annuitant Question 8: An Oklahoma insurance producer is required to keep business records and client file info for a minimum period of?

Answer:

• Years

Question 9: A disclosure statement is required at various times during the solicitation and effectuation of an accelerated benefit rider. At what point in time is a revised disclosure statement required?

Answer:

At the time of payment of an accelerated benefit.

Question 10: A universal life insurance policy is best described as?

Answer:

An annually renewable policy with a cash value account.Question 11: The life and healthy guaranty association would cover policies issued by which of the following types of insurers?

Answer:

Alien Insurer

Question 12: Alden is involved in a small plane accident that renders him permanently deaf, although he does not sustain any other major injuries. Alden is still able to perform his current job. To what extent will he receive Presumptive Disability benefts?

Answer:

FULL BENEFITS

Question 13: An insurer licensed to sell insurance in Oklahoma is referred to as?

Answer:

An admitted insurer

Question 14: Another term for "no deductible"

Answer:

"first dollar basis"

Question 15: What is true about nonforfeiture values?

Answer:

They are required by state law to be included in the policy.Question 16: The illegal act of replacing an insurance policy through misrepresentation of the benefits and disadvantages of an insurance policy is called?

Answer:

twisting Question 17: True statement regarding a producer selling insurance for a fraternal insurer?

Answer:

to receive a commission the producer must be licensed and have an insurer appointment Question 18: If the Commissioner has reason to believe that a person or insurer has violated the Insurance Code, the Commissioner may set a hearing. The notice of the hearing must be gven how many days in advance?

Answer:

10 days in advance

Question 19: What type of annuity promises to pay to a beneficiary, in a lump sum, the difference between the amount paid into the contract and the benefits received prior to the annuitants death?

Answer:

Cash refund annuity

Question 20: COBRA applies to employers with at least

Answer:

20 employees Question 21: what is the advantage of reinstating a policy instead of applying for a new one?

Answer:

Original age is used Question 22: With respect to a variable annunity, when is the number of annunity units determined?

Answer:

At the time of the initial payout.Question 23: Under the Oklahoma Insurance Code, a producer is a representative of which of the following?

Answer:

Insurer

Question 24: What is true about variable life?

Answer:

The return is not guaranteed Question 25: Each insurer must maintain at its principal office a complete file containing every printed, published, or prepared advertisement of its policies for a period of at least?

Answer:

• years