Oklahoma Life Exam With 100% Correct
And Verified Answers
Ifianiapplicantiforiailifeiinsuranceipolicyiandipersonitoibeiinsuredibyithei
policyiareitwoidifferentipeopleitheiunderwriteriwouldibeiconcernediabo
uti-iCorrectiAnswer-
Whetherianiinsurableiinterestiexistsibetweenitheiindividuals
Whichiofitheifollowingitypesiofiriskiwilliresultiinitheihighestipremiumi-
iCorrectiAnswer-SubstandardiRisk
Whatidoiindividualsiuseitoitransferitheiririskiofilossitoiailargerigroup?i-
iCorrectiAnswer-insurance
Whichiofitheifollowingibestidescribesiaimisrepresentation?i-
iCorrectiAnswer-
Issuingisalesimaterialiwithiexaggeratedistatementsiaboutipolicyibenefi
ts
WhatiisitheimaximumideathibenefitithatitheiOklahomailifeiandihealthii
nsuranceiguarantyiassociationiwillipayiforihealthiinsuranceibenefitsifori
anyioneiindividuali-iCorrectiAnswer-$500,000
Whichiofitheifollowingitypesiofipoliciesiallowsitheipolicyiowneritoiskipi
premiumipayments,iprovidedithatithereiisienoughicashivalueiinitheipoli
cyitoicoveritheipremiumiamount?i-iCorrectiAnswer-Universalilife
Aniagentisellingivariableiannuitiesimustibeiregisterediwithi-
iCorrectiAnswer-FINRA
Ifianiinsuredicontinuallyiusesitheiautomaticipremiumiloanioptionitoipa
yitheipolicyipremiumi-iCorrectiAnswer-
Theipolicyiwilliterminateiwhenitheicashivalueiisireduceditoinothing
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, Whichipartiofianiinsuranceiapplicationiwouldicontainiinformationirega
rdingitheicauseiofideathiofitheiapplicant'sideceasedirelatives?i-
iCorrectiAnswer-Medicaliinformation
AlliofitheifollowingiareicategoriesiofiailimitediinsuranceilicenseiEXEPT
i-iCorrectiAnswer-Variableilifeiinsurance
Inigroupilifeipolicies,iaicertificateiofiinsuranceiisigivenitoi-
iCorrectiAnswer-Eachiinsurediperson
Ifitheiowneriofiaiwholeilifeipolicyiwhoiisialsoitheiinsuredidiesiatiagei80,ia
ndithereiareinoioutstandingiloansionitheipolicy,iwhatiportioniofitheideat
hibenefitiwillibeipaiditoitheibeneficiary?i-iCorrectiAnswer-
Aifullideathibenefit
Theiprovisioniwhichistatesithatibothitheipolicyiandiaicopyiofitheiapplica
tioniformitheicontractibetweenitheipolicyownerianditheiinsureriisicalledi
thei-iCorrectiAnswer-Entireicontract
ToibecomeilicenseditoitransactiinsuranceiiniOklahoma,ianiindividuali
mustimeetialliofitheifollowingirequirementsiEXCEPTi-
iCorrectiAnswer-
Becomeiairesidentiinitheicountryiiniwhichitheiindividualiwishesitoioper
ate
Theiminimumiinterestirateionianiequityiindexediannuityiisioftenibasedi
oni-iCorrectiAnswer-AniindexilikeiStandardi&iPoor'si500.
Ifitheiinsuredichoseitheireducedipaid-
upiinsuranceinonforfeitureioptioni-iCorrectiAnswer-
Theiamountipurchasediwillibeiasimuchiasitheicashivalueiwillipurchaseia
titheiinsurerd'sicurrentiage
JiappliediforiailifeiinsuranceipolicyioniJanuaryi10.iTheipolicyiwasiissuedi
oniJanuaryi31.iJ'siagentiwasivacationingiatitheitimeitheipolicyiwasiissue
d,isoiJididinotireceiveitheipolicyiuntiliFebruaryi18.iJidecidesithatiheidoesi
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And Verified Answers
Ifianiapplicantiforiailifeiinsuranceipolicyiandipersonitoibeiinsuredibyithei
policyiareitwoidifferentipeopleitheiunderwriteriwouldibeiconcernediabo
uti-iCorrectiAnswer-
Whetherianiinsurableiinterestiexistsibetweenitheiindividuals
Whichiofitheifollowingitypesiofiriskiwilliresultiinitheihighestipremiumi-
iCorrectiAnswer-SubstandardiRisk
Whatidoiindividualsiuseitoitransferitheiririskiofilossitoiailargerigroup?i-
iCorrectiAnswer-insurance
Whichiofitheifollowingibestidescribesiaimisrepresentation?i-
iCorrectiAnswer-
Issuingisalesimaterialiwithiexaggeratedistatementsiaboutipolicyibenefi
ts
WhatiisitheimaximumideathibenefitithatitheiOklahomailifeiandihealthii
nsuranceiguarantyiassociationiwillipayiforihealthiinsuranceibenefitsifori
anyioneiindividuali-iCorrectiAnswer-$500,000
Whichiofitheifollowingitypesiofipoliciesiallowsitheipolicyiowneritoiskipi
premiumipayments,iprovidedithatithereiisienoughicashivalueiinitheipoli
cyitoicoveritheipremiumiamount?i-iCorrectiAnswer-Universalilife
Aniagentisellingivariableiannuitiesimustibeiregisterediwithi-
iCorrectiAnswer-FINRA
Ifianiinsuredicontinuallyiusesitheiautomaticipremiumiloanioptionitoipa
yitheipolicyipremiumi-iCorrectiAnswer-
Theipolicyiwilliterminateiwhenitheicashivalueiisireduceditoinothing
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Vendarsol
, Whichipartiofianiinsuranceiapplicationiwouldicontainiinformationirega
rdingitheicauseiofideathiofitheiapplicant'sideceasedirelatives?i-
iCorrectiAnswer-Medicaliinformation
AlliofitheifollowingiareicategoriesiofiailimitediinsuranceilicenseiEXEPT
i-iCorrectiAnswer-Variableilifeiinsurance
Inigroupilifeipolicies,iaicertificateiofiinsuranceiisigivenitoi-
iCorrectiAnswer-Eachiinsurediperson
Ifitheiowneriofiaiwholeilifeipolicyiwhoiisialsoitheiinsuredidiesiatiagei80,ia
ndithereiareinoioutstandingiloansionitheipolicy,iwhatiportioniofitheideat
hibenefitiwillibeipaiditoitheibeneficiary?i-iCorrectiAnswer-
Aifullideathibenefit
Theiprovisioniwhichistatesithatibothitheipolicyiandiaicopyiofitheiapplica
tioniformitheicontractibetweenitheipolicyownerianditheiinsureriisicalledi
thei-iCorrectiAnswer-Entireicontract
ToibecomeilicenseditoitransactiinsuranceiiniOklahoma,ianiindividuali
mustimeetialliofitheifollowingirequirementsiEXCEPTi-
iCorrectiAnswer-
Becomeiairesidentiinitheicountryiiniwhichitheiindividualiwishesitoioper
ate
Theiminimumiinterestirateionianiequityiindexediannuityiisioftenibasedi
oni-iCorrectiAnswer-AniindexilikeiStandardi&iPoor'si500.
Ifitheiinsuredichoseitheireducedipaid-
upiinsuranceinonforfeitureioptioni-iCorrectiAnswer-
Theiamountipurchasediwillibeiasimuchiasitheicashivalueiwillipurchaseia
titheiinsurerd'sicurrentiage
JiappliediforiailifeiinsuranceipolicyioniJanuaryi10.iTheipolicyiwasiissuedi
oniJanuaryi31.iJ'siagentiwasivacationingiatitheitimeitheipolicyiwasiissue
d,isoiJididinotireceiveitheipolicyiuntiliFebruaryi18.iJidecidesithatiheidoesi
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Vendarsol