OREGON LIFE HEALTH INSURANCE EXAM QUESTIONS

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

-Format: Multiple-choice / Flashcard

Question 1: what type of insurance may be limited to a specified number of years or up to a certain age?

Answer:

Term Insurance Question 2: covers two or more persons as insureds but pays the death benefit after the last surviving insured dies.

Answer:

Survivorship life

Question 3: (info)

Some term insurance policies are convertible. This means the policyowner is able to convert the policy to a cash value policy, without proof of insurability, within a certain period of time before the policy expires.

Answer:

(info) the premium for the new policy is based on the insured's attained age or (original age (rarely))

Question 4: (Info)

Credit life may be obtained either as an individual policy or through a group policy.

Answer:

(info) in both the initial amount of insurance is the amount owing on the loan. Coverage decreases as payments are made and the loan balance decreases.

Question 5: what percent of eligible employees must participate in a noncontributory plan?

Answer:

100% Question 6: this policy is used to insure a person whose contributions to the business are considered essential. the employer is both the policyowner and the beneficiary of the policy

Answer:

Key Employee life Question 7: Face amount and cash value that does not fluctuate over the term of the policy

Answer:

Fixed Life

Question 8: (info)

adverse selection exist when people who expect to die prematurely are buying the life insurance while those who expect to live longer are not. insurer must avoid this by requiring:

Answer:

(info) the group have been formed for a purpose other than to obtain insurance and that the group is large enough to average out the risk; a steady flow of members in and out of the group; a certain percentage of eligible members enroll; there be no individual selection of coverage

Question 9: Death Benefit is also called what?

Answer:

Policy Face amount Question 10: this plan provides for a large partnership to purchase the interest of the deceased.the partnership itself owns, pays for and is the beneficiary of policies insuring the partners' lives. When one partner dies, the proceeds of the policy are paid to the partnership and used to buy the deceased partner's interest, which is then distributed among the surviving partners.

Answer:

Entity plan

Question 11: What type of policy is eligible for dividends?

Answer:

Participating Question 12: what are two forms of insurance that are written in the form of decreasing term insurance?

Answer:

Credit life insurance and mortgage protection insurance Question 13: In a Universal Life Policy there are two ways to cover sales and administrative expenses, what are they?

Answer:

Front-end load, and back-end load

Question 14: What are the three basic types of term insurance

Answer:

Level term, decreasing term, and increasing term.Question 15: Permanent life insurance covering two or more persons as insureds. the policy pays the face amount when the first of the insureds dies.

Answer:

Joint Life

Question 16: Third party ownership?

Answer:

Policyowner is a different person than the insured Question 17: The employee purchases a permanent life insurance policy on himself, and the employer covers the premium cost, either by reimbursing the employee or by paying the premium directly. (the employer may deduct any funds paid as a business expense.

Answer:

Executive Bonus Plan

Question 18: what plan is where the corporation agrees to buy each stockholder's stock. The funds to purchase the stock arise from proceeds of insurance policies purchased on stockholders' lives.

Answer:

Stock Redemption plan Question 19: Premiums are calculated, so that by the time the insured reaches age 100...

Answer:

The total cash value in the policy will equal the face amount Question 20: under what plan, is there a master policy issued to the policyowner, and the

insured individuals receive certificates that:

show evidence of coverage and benefits of the policy:

identify the beneficiary.

Answer:

Group Life Question 21: What policy allows the policyowner to change the death benefit from time to time and the premium is flexible? meaning the policyowner can change the amount and timing of the premium payments.

Answer:

Universal Life Question 22: Life Insurance may provide two benefits:

Answer:

Death Benefit and a living benefit Question 23: what type of policy allows at a specified age, the level of insurance jumps to five times the face amount of the original coverage with no evidence of insurability required or any increase in premiums, and the child becomes the owner of the policy.

Answer:

Jumping Juvenile Question 24: covers a minor child up to age 17. The payor of the policy owns it until the child reaches the age of majority.

Answer:

Juvenile life