©THEBRIGHT EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
Oklahoma Life & Health Insurance Exam
Questions With Verified Answers
In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of - Answers✔8%
Under HIPAA requirements, eligibility for the pre-existing conditions exclusion waiver under
new coverage is lost if - Answers✔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? - Answers✔Entire Contract clause
impatient psychiatric care is covered under Part A Medicare for 190 days per - Answers✔lifetime
What happens when a policyowner borrows against the cash value of his life insurance policy? -
Answers✔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? - Answers✔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? - Answers✔The Centers of Medicare and Medicaid
Services
Which of the following is NOT an intended use of an annuity? - Answers✔Create new funds
upon the death of wage-earner
Part A Medicare includes coverage for all of the following services EXCEPT - Answers✔120
days of Skilled Nursing Facility care
Which of these factors does NOT affect the life insurance premium rates? - Answers✔Producer
Certification
A license is NOT required when you are - Answers✔providing referrals
Producers must complete a total of ___ Continuing Education credits for each two-year licensing
period. - Answers✔24
1
, ©THEBRIGHT EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
Which life insurance policy would be eligible to include an automatic premium loan provision? -
Answers✔Whole life
A Guaranteed Renewable provision allows - Answers✔premiums which can only be increased
per rate class
An insurance producer is BEST defined as - Answers✔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. - Answers✔20
All of these are used to prevent adverse selection in a group dental plan EXCEPT -
Answers✔decreased employee participation
How long can an insurer legally defer paying the cash value of a surrendered life insurance
policy? - Answers✔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: - Answers✔COBRA
representatives
Field underwriting by a producer - Answers✔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? - Answers✔Joe cannot be denied reinstatement to his original individual health plan
At what point are death proceeds paid in a joint life insurance policy? - Answers✔When the first
insured dies
Emergency health care coverage for Medicare enrollees traveling abroad is - Answers✔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? -
Answers✔Noncancelable
How long does one premium payment cover in a single premium whole life policy? -
Answers✔full life of the policy
The interest credited to the cash values of personally-owned non-qualified annuities is
considered - Answers✔tax-deferred
2
, ©THEBRIGHT EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
Which of the following statements accurately describes the "time limit on certain defenses"? -
Answers✔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. - Answers✔24
Who may terminate coverage under a cancelable health insurance policy? - Answers✔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 - Answers✔deductible amount
What could be the potential result of taking out a cash value loan under a life insurance policy? -
Answers✔Reduces the amount receivable upon surrender of the contract
Which of these statements regarding the extended term insurance nonforfeiture option in a life
policy is accurate? - Answers✔The premium to purchase the coverage comes from the policy's
cash value
Which statement concerning the Entire Contract provision in an individual accident and health
insurance policy is TRUE? - Answers✔The agent doesn't have the authority to change the policy
or waive its provisions
What must be given to a life insurance applicant when the agent receives an application and the
initial premium? - Answers✔Conditional receipt
A medical expense health plan claim may be denied due to material misrepresentation within
how many years of issue. - Answers✔two
A preferred provider plan and an indemnity plan are similar in what way? - Answers✔Both pay
on a fee-for-service basis
Who is required to notify the producer in the event of appointment termination? -
Answers✔Insurer
What kind of arrangement gives the policyowner the right to change the beneficiary? -
Answers✔Revocable designation
Proceeds payable under a life insurance contract to a policyowner in anticipation of death are
called - Answers✔accelerated benefits
The automatic premium loan provision can be accurately described as a - Answers✔provision
that provides a policy loan to pay any premiums by the end of the grace period
Which statement concerning a decreasing term life policy is accurate? - Answers✔face amount
decreases over the policy period
3
ALL RIGHTS RESERVED.
Oklahoma Life & Health Insurance Exam
Questions With Verified Answers
In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of - Answers✔8%
Under HIPAA requirements, eligibility for the pre-existing conditions exclusion waiver under
new coverage is lost if - Answers✔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? - Answers✔Entire Contract clause
impatient psychiatric care is covered under Part A Medicare for 190 days per - Answers✔lifetime
What happens when a policyowner borrows against the cash value of his life insurance policy? -
Answers✔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? - Answers✔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? - Answers✔The Centers of Medicare and Medicaid
Services
Which of the following is NOT an intended use of an annuity? - Answers✔Create new funds
upon the death of wage-earner
Part A Medicare includes coverage for all of the following services EXCEPT - Answers✔120
days of Skilled Nursing Facility care
Which of these factors does NOT affect the life insurance premium rates? - Answers✔Producer
Certification
A license is NOT required when you are - Answers✔providing referrals
Producers must complete a total of ___ Continuing Education credits for each two-year licensing
period. - Answers✔24
1
, ©THEBRIGHT EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
Which life insurance policy would be eligible to include an automatic premium loan provision? -
Answers✔Whole life
A Guaranteed Renewable provision allows - Answers✔premiums which can only be increased
per rate class
An insurance producer is BEST defined as - Answers✔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. - Answers✔20
All of these are used to prevent adverse selection in a group dental plan EXCEPT -
Answers✔decreased employee participation
How long can an insurer legally defer paying the cash value of a surrendered life insurance
policy? - Answers✔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: - Answers✔COBRA
representatives
Field underwriting by a producer - Answers✔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? - Answers✔Joe cannot be denied reinstatement to his original individual health plan
At what point are death proceeds paid in a joint life insurance policy? - Answers✔When the first
insured dies
Emergency health care coverage for Medicare enrollees traveling abroad is - Answers✔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? -
Answers✔Noncancelable
How long does one premium payment cover in a single premium whole life policy? -
Answers✔full life of the policy
The interest credited to the cash values of personally-owned non-qualified annuities is
considered - Answers✔tax-deferred
2
, ©THEBRIGHT EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
Which of the following statements accurately describes the "time limit on certain defenses"? -
Answers✔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. - Answers✔24
Who may terminate coverage under a cancelable health insurance policy? - Answers✔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 - Answers✔deductible amount
What could be the potential result of taking out a cash value loan under a life insurance policy? -
Answers✔Reduces the amount receivable upon surrender of the contract
Which of these statements regarding the extended term insurance nonforfeiture option in a life
policy is accurate? - Answers✔The premium to purchase the coverage comes from the policy's
cash value
Which statement concerning the Entire Contract provision in an individual accident and health
insurance policy is TRUE? - Answers✔The agent doesn't have the authority to change the policy
or waive its provisions
What must be given to a life insurance applicant when the agent receives an application and the
initial premium? - Answers✔Conditional receipt
A medical expense health plan claim may be denied due to material misrepresentation within
how many years of issue. - Answers✔two
A preferred provider plan and an indemnity plan are similar in what way? - Answers✔Both pay
on a fee-for-service basis
Who is required to notify the producer in the event of appointment termination? -
Answers✔Insurer
What kind of arrangement gives the policyowner the right to change the beneficiary? -
Answers✔Revocable designation
Proceeds payable under a life insurance contract to a policyowner in anticipation of death are
called - Answers✔accelerated benefits
The automatic premium loan provision can be accurately described as a - Answers✔provision
that provides a policy loan to pay any premiums by the end of the grace period
Which statement concerning a decreasing term life policy is accurate? - Answers✔face amount
decreases over the policy period
3
