Oklahoma Life & Health Insurance Exam
With complete solution Latest | RATED
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 following, EXCEPT: - COBRA
representatives
Field underwriting by a producer - 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? - Joe cannot be denied reinstatement to his original individual
health plan
At what point are death proceeds paid in a joint life insurance policy? - When the first
insured dies
Emergency health care coverage for Medicare enrollees traveling abroad is - 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? - Noncancelable
How long does one premium payment cover in a single premium whole life policy? -
full life of the policy
The interest credited to the cash values of personally-owned non-qualified annuities is
considered - tax-deferred
Which of the following statements accurately describes the "time limit on certain
defenses"? - 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. - 24
Who may terminate coverage under a cancelable health insurance policy? - 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 - deductible amount
What could be the potential result of taking out a cash value loan under a life insurance
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policy? - Reduces the amount receivable upon surrender of the contract
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Which of these statements regarding the extended term insurance nonforfeiture option in
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a life policy is accurate? - The premium to purchase the coverage comes from the policy's
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cash value
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Which statement concerning the Entire Contract provision in an individual accident and
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health insurance policy is TRUE? - The agent doesn't have the authority to change the
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policy or waive its provisions
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What must be given to a life insurance applicant when the agent receives an application
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and the initial premium? - Conditional receipt
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A medical expense health plan claim may be denied due to material misrepresentation
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within how many years of issue. - two
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A preferred provider plan and an indemnity plan are similar in what way? - Both pay on a
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fee-for-service basis
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ii Who is required to notify the producer in the event of appointment termination? - Insurer
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What kind of arrangement gives the policyowner the right to change the beneficiary? -
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Revocable designation
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Proceeds payable under a life insurance contract to a policyowner in anticipation of death
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are called - accelerated benefits
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The automatic premium loan provision can be accurately described as a - provision that
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provides a policy loan to pay any premiums by the end of the grace period
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Which statement concerning a decreasing term life policy is accurate? - face amount
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decreases over the policy period
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Which of the following is NOT a qualification to be licensed as a producer? - High school
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
diploma
ii
With complete solution Latest | RATED
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 following, EXCEPT: - COBRA
representatives
Field underwriting by a producer - 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? - Joe cannot be denied reinstatement to his original individual
health plan
At what point are death proceeds paid in a joint life insurance policy? - When the first
insured dies
Emergency health care coverage for Medicare enrollees traveling abroad is - 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? - Noncancelable
How long does one premium payment cover in a single premium whole life policy? -
full life of the policy
The interest credited to the cash values of personally-owned non-qualified annuities is
considered - tax-deferred
Which of the following statements accurately describes the "time limit on certain
defenses"? - 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. - 24
Who may terminate coverage under a cancelable health insurance policy? - 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 - deductible amount
What could be the potential result of taking out a cash value loan under a life insurance
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
policy? - Reduces the amount receivable upon surrender of the contract
ii ii ii ii ii ii ii ii ii ii ii ii ii
Which of these statements regarding the extended term insurance nonforfeiture option in
ii ii ii ii ii ii ii ii ii ii ii ii
a life policy is accurate? - The premium to purchase the coverage comes from the policy's
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
cash value
ii ii
Which statement concerning the Entire Contract provision in an individual accident and
ii ii ii ii ii ii ii ii ii ii ii ii
health insurance policy is TRUE? - The agent doesn't have the authority to change the
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
policy or waive its provisions
ii ii ii ii ii
What must be given to a life insurance applicant when the agent receives an application
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
and the initial premium? - Conditional receipt
ii ii ii ii ii ii ii ii ii
A medical expense health plan claim may be denied due to material misrepresentation
ii ii ii ii ii ii ii ii ii ii ii ii ii
within how many years of issue. - two
ii ii ii ii ii ii ii ii ii ii
A preferred provider plan and an indemnity plan are similar in what way? - Both pay on a
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
fee-for-service basis
ii ii
ii Who is required to notify the producer in the event of appointment termination? - Insurer
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
What kind of arrangement gives the policyowner the right to change the beneficiary? -
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
Revocable designation
ii ii
Proceeds payable under a life insurance contract to a policyowner in anticipation of death
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
are called - accelerated benefits
ii ii ii ii ii ii ii
The automatic premium loan provision can be accurately described as a - provision that
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
provides a policy loan to pay any premiums by the end of the grace period
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
Which statement concerning a decreasing term life policy is accurate? - face amount
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
decreases over the policy period
ii ii ii ii ii
Which of the following is NOT a qualification to be licensed as a producer? - High school
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
diploma
ii
