OKLAHOMA LIFE AND HEALTH INSURANCE EXAM

PDF Download

OKLAHOMA LIFE AND HEALTH INSURANCE EXAM

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance?

MEWA Mutual Group Hospital indemnity

Answer:

Hospital indemnity Question 2: Which of the following types of deductibles would apply a single deductible to both medical and dental insurance coverage?Standard deductible Combined deductible Integrated deductible Blended deductible

Answer:

Integrated deductible Question 3: In contrast to a guaranteed renewable policy, a noncancellable policy may cancel the policy only at renewal may raise premiums at policy renewal may raise premiums at anytime may never raise premiums

Answer:

may never raise premiums

Question 4: Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires, he has the option of resuming the original policy and paying the same premium the coverage can be extended with a lump sum payment all remaining cash values are paid to the policyowner the protection ends

Answer:

the protection ends

Question 5: The premium for a Modified whole life policy is?

higher than the typical whole life policy during the first few years and then lower than typical for the remainder lower than the typical whole life policy during the first few years and then higher than typical for the remainder normally graded over a period of 20 years level for the first 5 years then decreases for the remainder of the policy

Answer:

lower than the typical whole life policy during the first few years and then higher than typical for the remainder Question 6: Under the Oklahoma Insurance Code, a licensed insurance producer is prohibited from which of the following?Inviting a client to his or her home for a holiday party Giving a gift of more than $100 value to a client as an inducement to purchase insurance Collecting premiums on renewal policies Taking a client to lunch

Answer:

Giving a gift of more than $100 value to a client as an inducement to purchase insurance

Question 7: In Oklahoma, all of these are considered forms of inducement EXCEPT

Gift whose value is under $100 Contract promising special profits or favor $250 gift Promised employment

Answer:

Gift whose value is under $100

Question 8: What is the purpose for having an accelerated death benefit on a life insurance policy?It allows for a spouse to be added as a rider to a life insurance policy It allows for policy loans to be advanced to the insured in the event of unemployment It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill It allows for a third party to purchase a life insurance policy at a discounted rate and immediately advance a portion of the death benefit

Answer:

It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill Question 9: The envelope in which insurance solicitation material is contained may be addressed to the parents of students. The address may NOT include any combination of words which imply that the correspondence is from the?insurer directly captive producer school government

Answer:

school

Question 10: What happens when an insurance policy is backdated?

The policy's elimination period is waived The time frame for reinstating a lapsed policy is extended The policy's probation period is earlier than the present The policy's effective date is earlier than the present

Answer:

The policy's effective date is earlier than the present Question 11: It is the responsibility of the producer to report all of the following information to the insurance commissioner EXCEPT changes of his or her address marital status name status with regard to felonies

Answer:

marital status

Question 12: The Oklahoma Insurance Commissioner is REQUIRED to examine domestic insurers AT LEAST every

• years
• years
• years
• years

Answer:

• years

Question 13: A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called a(n) guaranteed renewable policy conditionally renewable policy optionally renewable policy noncancelable policy

Answer:

guaranteed renewable policy Question 14: The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called?noncancelable conditionally renewable optionally renewable cancelable

Answer:

cancelable Question 15: Donald is the primary insured of a life insurance policy and adds a children's term rider. What is the advantage of adding this rider?Can be converted to permanent coverage without evidence of insurability Coverage can be different for each child Premiums on this rider are not required until the limiting age is reached Increases the policy's overall cash value

Answer:

Can be converted to permanent coverage without evidence of insurability