Oklahoma Life & Health Insurance Exam Latest Update Graded A+

Oklahoma Life & Health Insurance Exam Latest Update Graded A+ In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of 8% Under HIPAA requirements, eligibility for the pre-existing conditions exclusion waiver under new coverage is lost if 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? Entire Contract clause impatient psychiatric care is covered under Part A Medicare for 190 days per lifetime What happens when a policyowner borrows against the cash value of his life insurance policy? 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? 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? The Centers of Medicare and Medicaid Services Which of the following is NOT an intended use of an annuity? Create new funds upon the death of wage-earner Part A Medicare includes coverage for all of the following services EXCEPT 120 days of Skilled Nursing Facility care Which of these factors does NOT affect the life insurance premium rates? Producer Certification A license is NOT required when you are providing referrals Producers must complete a total of ___ Continuing Education credits for each two-year licensing period. 24 Which life insurance policy would be eligible to include an automatic premium loan provision? Whole life A Guaranteed Renewable provision allows premiums which can only be increased per rate class An insurance producer is BEST defined as 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. 20 All of these are used to prevent adverse selection in a group dental plan EXCEPT decreased employee participation How long can an insurer legally defer paying the cash value of a surrendered life insurance policy? 6 months The insurance information and Privacy Protection Act is designed to limit or direct the information collection activities of all of the