OKLAHOMA LIFE HEALTH INSURANCE EXAM

PDF Download OKLAHOMA LIFE & HEALTH INSURANCE EXAM Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Who may terminate coverage under a cancelable health insurance policy?

Answer:

the insurer or the insured Question 2: Which of these statements regarding Major Medical Expense insurance is NOT true?

Answer:

Benefits are paid on a capitation basis

Question 3: Some standard Medicare Supplement policies include which benefit?

Answer:

Hospice care Question 4: Jerry is a resident producer who has moved to another city in Oklahoma. How long does he have to notify the Insurance Commissioner of the change of address?

Answer:

30 days Question 5: The amount of a covered loss to be paid by the insured before a major medical expense policy begins to pay is called the

Answer:

deductible amount

Question 6: Mike applied for life insurance and was issued a conditional receipt. He is later found to be insurable and is issued a policy. When does his coverage become effective?

Answer:

date of issuance of the conditional receipt Question 7: 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?

Answer:

$25,000

Question 8: The Fair Credit Reporting Act protects consumers

Answer:

with guidelines regarding credit reporting and distribution 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: Producers must complete a total of ___ Continuing Education credits for each two-year licensing period.

Answer:

24 Question 11: Which of the following does a Medicare Advantage enrollee typically pay for?

Answer:

Small co-pay per visit or per service Question 12: In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of

Answer:

8% Question 13: Part A Medicare includes coverage for all of the following services EXCEPT

Answer:

120 days of Skilled Nursing Facility care

Question 14: What happens when a policyowner borrows against the cash value of his life insurance policy?

Answer:

The policy proceeds would be reduced by the outstanding loan balance Question 15: Joe is a military retiree after having served 20 years of active duty. Upon retiring, he requests reinstatement of his lapsed individual health policy and is denied. Which of the following is correct?

Answer:

Joe cannot be denied reinstatement to his original individual health plan Question 16: What is considered a valid reason for an insurer's refusal to pay policy proceeds directly to a minor?

Answer:

Minors are normally not capable of handling money in a reasonable manner Question 17: Proceeds payable under a life insurance contract to a policyowner in anticipation of death are called

Answer:

accelerated benefits Question 18: Producers must complete how many hours of continuing education biannually.

Answer:

24 Question 19: Before emailing a client an insurance document during a transaction, what must the client provide before the producer can send the document?

Answer:

consent to receive the email

Question 20: A single-life annuity only has ONE

Answer:

annuitant

Question 21: How long can an insurer legally defer paying the cash value of a surrendered life insurance policy?

Answer:

• months

Question 22: At what point are death proceeds paid in a joint life insurance policy?

Answer:

When the first insured dies Question 23: An individual whose producer's license had been suspended continues to perform insurance transactions illegally. This individual could be charged with a felony and fined up to

Answer:

$5,000

Question 24: Disability income insurance normally excludes coverage for disabilities that arise from

Answer:

active military duty Question 25: If an employee loses employment, how long does the employee have to apply for COBRA (continuation of coverage)?

Answer:

60 days Question 26: The insurance information and Privacy Protection Act is designed to limit or direct

the information collection activities of all of the following, EXCEPT:

Answer:

COBRA representatives Question 27: Which of these factors does NOT affect the life insurance premium rates?

Answer:

Producer Certification