Oklahoma Life and Health State Exam Simulator3/4 Questions and Answers Graded A+

Oklahoma Life and Health State Exam Simulator3/4 Questions and Answers Graded A+ Which statement concerning adjustable life insurance is accurate? The face amount and premiums can be changed simultaneously by the policyowner Federally qualified HMO's must offer family planning services How are monthly life annuity benefit payments treated under a tax sheltered annuity (TSA)? Taxed as ordinary income in the year received Insurable interest involves what assumption? One person benefits from another person's continued life What does the rehabilitation benefit cover in a disability income policy? Covers the approved cost of the rehabilitation necessary to help a disabled insured return to work Which of the following relationships demonstrates insurable interest in the absence of economic interest? marriage partners Which life insurance settlement option pays a stated monthly benefit until both principal and interest are exhausted? Fixed amount installment option Which life insurance clause prohibits an insurance company from questioning the validity of the contract after a stated period of time has passed? Incontestable clause Which event triggers a deferred annuity to start making benefit payments to the annuitant? When the contract is annuitized When a producer submits an application that discloses personal information regarding the applicant, who supplies the privacy notice? producer Which of the following best describes the presumptive disability provision? Waives the normal total disability requirements Jerry has an indemnity plan which covers dental expenses. Typically, these type of plans cover preventative care once every six months A life insurance policyowner would like a dividend option that results in a limited current outlay of funds. Which dividend option would be chosen? Reduction of premium payment Which parties are directly involved in a group accident and health insurance contract? The employer and the insurer Which statement regarding universal life insurance is correct? Cash value accumulations have a guaranteed minimum interest rate Laura has an employer-based preventative health care plan that focuses on an enrollee's problems, such as drug abuse or stress. These plans are called Wellness programs A retired couple would like to maximize the income derived from their combined life savings and have it payable until they both die. Which annuity would be their best choice? Joint and survivor annuity What effect can a long-term care benefit rider have on a life insurance policy? Reduced DEATH benefit A single-life annuity only has ONE annuitant A Health Reimbursement Arrangement MUST be established by the employer A reciprocal insurer typically has an administrator who manages the premiums collected from the group's members. This administrator is called a(n) Attorney in fact Which of the following statements about universal life insurance is NOT true? Universal life insurance normally has a minimum guaranteed cash value for duration of the policy When does the producer give a premium receipt for a life insurance application? When the initial premium has been collected with the application Which statement concerning a decreasing term life policy is accurate? FACE AMOUNT decreases over the policy period