Oklahoma Life Insurance Exam Question With Verified Answers.

Oklahoma Life Insurance Exam Question With Verified Answers. Providing claim payments to the insureds under the guidelines of the insurance contract - answerWhich of these is NOT an Unfair Claims Settlement Practice? 30 - answerA licensee MUST notify the commissioner of an address change within ___ days of the change. Annual increases in premium for a stated number of years then remains level - answerWhich is an accurate descriptions of the premium in a graded premium life insurance policy? 63 - answerUnder HIPAA (Health Insurance Portability and Accountability) requires guarantee issue of insurance as long as there has not been more than a ___ day gap in coverage. It allows a policy loan to cover premium payments if the policyowner becomes totally disabled - answerWhich of these would NOT be a valid reason to add the waiver of premium rider to a life insurance policy? relieve the insured of premium payments following an initial waiting period after the insured becomes totally disabled - answerA life insurance policy's waiver of premium rider has the ability to Face amount DECREASES over the policy period - answerWhich statement concerning a decreasing term life policy is accurate? 100% - answerWhat minimum percentage of all eligible employees must participate in a group life insurance plan if the premiums are completely paid for by the employer? Insurer - answerWho is required to notify the producer in the even of appointment termination? Survivorship life policy is lower - answerHow does the cost for a survivorship life policy compare to the cost of combining two separate individual life insurance policies? Free look period - answerWhich life insurance policy provision allows a policyowner to cancel the policy and receive a full refund within a limited time period after policy delivery? business in the state of Oklahoma - answerIf a Texas company proposes, and/or makes an insurance contract by mail for an Oklahoma resident, this is considered: Eye examination - answerWhen an applicant applies for a large amount of life insurance coverage, which of the following would likely NOT be an underwriting requirement? Cash value - answerA source of supplemental income for a life insurance policyowner can be derived from the Give notice, explain, and allow opting out - answerWhen the disclosure of an insured's nonpublic information is involved, what is the insurer obligated to do? Determining the final rate classification - answerWhich of these is NOT an underwriting responsibility of a life insurance agent ? The premium to purchase the coverage comes from the policy's cash value - answerWhich of these statements regarding the extended term insurance nonforfeiture option in a life policy is accurate ? Lender - answerThe death proceeds of a credit life insurance policy are typically paid to the 6 months - answerHow long can an insurer legally defer paying the cash value of a surrendered life insurance policy? Reduced death benefit - answerWhat effect can a long term care benefit rider have on a life insurance policy? Misdemeanor conviction - answerWhich of the following actions by a producer would NOT result in a license suspension or revocation? Credit - answer_____ life insurance is designed to pay the balance of a loan if the insured dies before the loan has been repaid. When the initial premium has been paid with the application - answerWhen does the producer give a premium receipt for a life insurance application? to accumulate savings - answerWhich of these is NOT a reason to buy a term life policy? single premium deferred annuity - answerSylvia purchased an annuity for $100,000 from the proceeds of an inheritance. No further payments are permitted and the income stream begins in 15 years. This contract is a(n) Education - answerThe following is information that should be taken into consideration when making suitable recommendations concerning the purchase of insurance, EXCEPT 2 years - answerA life insurance policy becomes incontestable after it has been in force for As an optional policy rider - answerHow may an insurance company classify an accidental death benefit on a life policy?