Oklahoma Life & Health Insurance Exam 2023-2024 Questions and Answers 100%
Correct
In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of - ANSWER-8%
Under HIPAA requirements, eligibility for the pre-existing conditions exclusion waiver under new coverage is lost if - ANSWER-there is a break in coverage of more than 63 days
Which of the following health insurance provisions requires that the application becomes part of the policy? - ANSWER-Entire Contract clause
impatient psychiatric care is covered under Part A Medicare for 190 days per - ANSWER-lifetime
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
ABC Corporation purchases and is beneficiary of an individual disability income insurance policy on a key employee. Which of the following statements is true? - ANSWER-Benefits are received tax-free by the company
All parts of the Medicare program (except for public information and enrollment) are administered by which federal agency? - ANSWER-The Centers of Medicare and Medicaid Services
Which of the following is NOT an intended use of an annuity? - ANSWER-Create new funds upon the death of wage-earner
Part A Medicare includes coverage for all of the following services EXCEPT - ANSWER-120 days of Skilled Nursing Facility care
Which of these factors does NOT affect the life insurance premium rates? - ANSWER-
Producer Certification
A license is NOT required when you are - ANSWER-providing referrals Producers must complete a total of ___ Continuing Education credits for each two-year licensing period. - ANSWER-24
Which life insurance policy would be eligible to include an automatic premium loan provision? - ANSWER-Whole life
A Guaranteed Renewable provision allows - ANSWER-premiums which can only be increased per rate class
An insurance producer is BEST defined as - ANSWER-a person who has a contract with an insurance company to represent it
If a new policy is replacing an existing one, the insured is given the right to return for a full refund of at least how many days after policy delivery. - ANSWER-20
All of these are used to prevent adverse selection in a group dental plan EXCEPT - ANSWER-decreased employee participation
How long can an insurer legally defer paying the cash value of a surrendered life insurance policy? - ANSWER-6 months
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
Field underwriting by a producer - ANSWER-may result in the disclosure of hazardous activities of the applicant
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
At what point are death proceeds paid in a joint life insurance policy? - ANSWER-When the first insured dies
Emergency health care coverage for Medicare enrollees traveling abroad is - ANSWER-
a Medicare Supplement additional benefit
Tim is covered by an accident and health insurance policy that may not be changed in any way by the insurer up to a stated age, as long as the premiums are paid. What type of policy is this? - ANSWER-Noncancelable
How long does one premium payment cover in a single premium whole life policy? - ANSWER-full life of the policy The interest credited to the cash values of personally-owned non-qualified annuities is considered - ANSWER-tax-deferred
Which of the following statements accurately describes the "time limit on certain defenses"? - ANSWER-After a stated period of time, claims cannot be denied due to material misrepresentation on the application
Producers must complete how many hours of continuing education biannually. - ANSWER-24
Who may terminate coverage under a cancelable health insurance policy? - ANSWER-
the insurer or the insured
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
What could be the potential result of taking out a cash value loan under a life insurance policy? - ANSWER-Reduces the amount receivable upon surrender of the contract
Which of these statements regarding the extended term insurance nonforfeiture option in a life policy is accurate? - ANSWER-The premium to purchase the coverage comes from the policy's cash value
Which statement concerning the Entire Contract provision in an individual accident and health insurance policy is TRUE? - ANSWER-The agent doesn't have the authority to change the policy or waive its provisions
What must be given to a life insurance applicant when the agent receives an application
and the initial premium? - ANSWER-Conditional receipt
A medical expense health plan claim may be denied due to material misrepresentation within how many years of issue. - ANSWER-two
A preferred provider plan and an indemnity plan are similar in what way? - ANSWER-
Both pay on a fee-for-service basis
Who is required to notify the producer in the event of appointment termination? - ANSWER-Insurer
What kind of arrangement gives the policyowner the right to change the beneficiary? - ANSWER-Revocable designation
Proceeds payable under a life insurance contract to a policyowner in anticipation of death are called - ANSWER-accelerated benefits
Correct
In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of - ANSWER-8%
Under HIPAA requirements, eligibility for the pre-existing conditions exclusion waiver under new coverage is lost if - ANSWER-there is a break in coverage of more than 63 days
Which of the following health insurance provisions requires that the application becomes part of the policy? - ANSWER-Entire Contract clause
impatient psychiatric care is covered under Part A Medicare for 190 days per - ANSWER-lifetime
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
ABC Corporation purchases and is beneficiary of an individual disability income insurance policy on a key employee. Which of the following statements is true? - ANSWER-Benefits are received tax-free by the company
All parts of the Medicare program (except for public information and enrollment) are administered by which federal agency? - ANSWER-The Centers of Medicare and Medicaid Services
Which of the following is NOT an intended use of an annuity? - ANSWER-Create new funds upon the death of wage-earner
Part A Medicare includes coverage for all of the following services EXCEPT - ANSWER-120 days of Skilled Nursing Facility care
Which of these factors does NOT affect the life insurance premium rates? - ANSWER-
Producer Certification
A license is NOT required when you are - ANSWER-providing referrals Producers must complete a total of ___ Continuing Education credits for each two-year licensing period. - ANSWER-24
Which life insurance policy would be eligible to include an automatic premium loan provision? - ANSWER-Whole life
A Guaranteed Renewable provision allows - ANSWER-premiums which can only be increased per rate class
An insurance producer is BEST defined as - ANSWER-a person who has a contract with an insurance company to represent it
If a new policy is replacing an existing one, the insured is given the right to return for a full refund of at least how many days after policy delivery. - ANSWER-20
All of these are used to prevent adverse selection in a group dental plan EXCEPT - ANSWER-decreased employee participation
How long can an insurer legally defer paying the cash value of a surrendered life insurance policy? - ANSWER-6 months
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
Field underwriting by a producer - ANSWER-may result in the disclosure of hazardous activities of the applicant
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
At what point are death proceeds paid in a joint life insurance policy? - ANSWER-When the first insured dies
Emergency health care coverage for Medicare enrollees traveling abroad is - ANSWER-
a Medicare Supplement additional benefit
Tim is covered by an accident and health insurance policy that may not be changed in any way by the insurer up to a stated age, as long as the premiums are paid. What type of policy is this? - ANSWER-Noncancelable
How long does one premium payment cover in a single premium whole life policy? - ANSWER-full life of the policy The interest credited to the cash values of personally-owned non-qualified annuities is considered - ANSWER-tax-deferred
Which of the following statements accurately describes the "time limit on certain defenses"? - ANSWER-After a stated period of time, claims cannot be denied due to material misrepresentation on the application
Producers must complete how many hours of continuing education biannually. - ANSWER-24
Who may terminate coverage under a cancelable health insurance policy? - ANSWER-
the insurer or the insured
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
What could be the potential result of taking out a cash value loan under a life insurance policy? - ANSWER-Reduces the amount receivable upon surrender of the contract
Which of these statements regarding the extended term insurance nonforfeiture option in a life policy is accurate? - ANSWER-The premium to purchase the coverage comes from the policy's cash value
Which statement concerning the Entire Contract provision in an individual accident and health insurance policy is TRUE? - ANSWER-The agent doesn't have the authority to change the policy or waive its provisions
What must be given to a life insurance applicant when the agent receives an application
and the initial premium? - ANSWER-Conditional receipt
A medical expense health plan claim may be denied due to material misrepresentation within how many years of issue. - ANSWER-two
A preferred provider plan and an indemnity plan are similar in what way? - ANSWER-
Both pay on a fee-for-service basis
Who is required to notify the producer in the event of appointment termination? - ANSWER-Insurer
What kind of arrangement gives the policyowner the right to change the beneficiary? - ANSWER-Revocable designation
Proceeds payable under a life insurance contract to a policyowner in anticipation of death are called - ANSWER-accelerated benefits
