Oklahoma Life and Health Insurance Final Exam
Questions & Correct Answers | 100% Verified
( 2025 Edition).
480 QUESTIONS AND ANSWERS
All of the following are included as part of a contract in the entire contract provision EXCEPT the
riders
application
changes made by the producer
policy -✓✓ Correct: changes made by the producer
Health insurance involves two perils, accident and ____. -✓✓ Correct: sickness
All of the following riders can increase the death benefit amount EXCEPT
Cost of Living
Waiver of Premium
Accidental Death Rider
Guaranteed Insurability -✓✓ Correct: Waiver of Premium
Of the following dividend options, which of these is taxable?
Reduction of premium
One year term
1|Page
,Paid-up additions
Accumulation at interest -✓✓ Correct: Accumulation at interest
Insurance that is designed to pay the balance of a loan if the insured dies before the loan has been repaid in
full is
life settlement
whole life
universal life
credit life -✓✓ Correct: credit life
A temporary producer's license issued by the Insurance Commissioner without examination is valid for a period
of no longer than
90 days
120 days
180 days
270 days -✓✓ Correct: 180 days
How do interest earnings accumulate in a deferred annuity?
On a tax credit basis
On a tax-deferred basis
On a tax-free basis
On a taxable basis -✓✓ Correct: On a tax-deferred basis
2|Page
,Tom has a home health care benefit and is confined to his home. Which of these benefits is NOT typically
covered?
Part-time nursing care
Full-time nursing care
Physical therapy
Home health aides -✓✓ Correct: Full-time nursing care
A beneficiary has just received a claim payment for a life insurance policy. Which of the following is TRUE
regarding the federal income tax liability owed?
A flat tax of 10% is owed on all proceeds
Federal income tax is owed if proceeds exceed $250,000
No federal income tax is owed on life insurance proceeds
Tax liability owed depends on the type of life insurance policy -✓✓ Correct: No federal income tax is owed on
life insurance proceeds
Medicare Supplement coverage permits an open enrollment period on a guaranteed issue basis upon reaching
age 60
age 62
age 65
3|Page
, age 70 -✓✓ Correct: age 65
Group and individual health insurance policies that provide coverage to women must cover annual
mammography screenings for women aged:
30 and older
35 and older
40 and older
50 and older -✓✓ Correct: 40 and older
Jennifer is required to pay a specific sum out of pocket before any benefits are paid in a year. Her health policy
most likely contains a(n)
stop-loss provision
deductible
copayment
out of pocket provision -✓✓ Correct: deductible
In Oklahoma, all of these are considered forms of inducement EXCEPT
4|Page
Questions & Correct Answers | 100% Verified
( 2025 Edition).
480 QUESTIONS AND ANSWERS
All of the following are included as part of a contract in the entire contract provision EXCEPT the
riders
application
changes made by the producer
policy -✓✓ Correct: changes made by the producer
Health insurance involves two perils, accident and ____. -✓✓ Correct: sickness
All of the following riders can increase the death benefit amount EXCEPT
Cost of Living
Waiver of Premium
Accidental Death Rider
Guaranteed Insurability -✓✓ Correct: Waiver of Premium
Of the following dividend options, which of these is taxable?
Reduction of premium
One year term
1|Page
,Paid-up additions
Accumulation at interest -✓✓ Correct: Accumulation at interest
Insurance that is designed to pay the balance of a loan if the insured dies before the loan has been repaid in
full is
life settlement
whole life
universal life
credit life -✓✓ Correct: credit life
A temporary producer's license issued by the Insurance Commissioner without examination is valid for a period
of no longer than
90 days
120 days
180 days
270 days -✓✓ Correct: 180 days
How do interest earnings accumulate in a deferred annuity?
On a tax credit basis
On a tax-deferred basis
On a tax-free basis
On a taxable basis -✓✓ Correct: On a tax-deferred basis
2|Page
,Tom has a home health care benefit and is confined to his home. Which of these benefits is NOT typically
covered?
Part-time nursing care
Full-time nursing care
Physical therapy
Home health aides -✓✓ Correct: Full-time nursing care
A beneficiary has just received a claim payment for a life insurance policy. Which of the following is TRUE
regarding the federal income tax liability owed?
A flat tax of 10% is owed on all proceeds
Federal income tax is owed if proceeds exceed $250,000
No federal income tax is owed on life insurance proceeds
Tax liability owed depends on the type of life insurance policy -✓✓ Correct: No federal income tax is owed on
life insurance proceeds
Medicare Supplement coverage permits an open enrollment period on a guaranteed issue basis upon reaching
age 60
age 62
age 65
3|Page
, age 70 -✓✓ Correct: age 65
Group and individual health insurance policies that provide coverage to women must cover annual
mammography screenings for women aged:
30 and older
35 and older
40 and older
50 and older -✓✓ Correct: 40 and older
Jennifer is required to pay a specific sum out of pocket before any benefits are paid in a year. Her health policy
most likely contains a(n)
stop-loss provision
deductible
copayment
out of pocket provision -✓✓ Correct: deductible
In Oklahoma, all of these are considered forms of inducement EXCEPT
4|Page
