Oklahoma Life and Health Insurance Questions
with Detailed Verified Answers (100% Correct
Answers) /Already Graded A+
The Commissioner must examine every domestic insurer and every foreign
insurer at least once every_____ years. Answer: 5 years
Maximum penalty for acting on a revoked, suspended, or surrendered license
license is $_____ and up to 5 years in jail. Answer: $5,000
The Commissioner may issue a temporary producer license for a maximum of
____ days to a surviving spouse, business partner, or employee if a producer
dies, becomes disabled, or is called to active military service. Answer: 180 days
An insurer must file a notice of appointment within ____ days of the agency
contact date or first insurance application. Answer: 15 days
The Commissioner must be notified of termination within ___ days, if the
reason for termination is a cause for the producer's license to be revoked or
suspended. Answer: 30 days
Minimum age to obtain a producer's license Answer: Age 18
Producer continuing education credits are required biennially.
-Includes____ hours of ethics
-Includes_____ hours of legislative updates
-Includes____ hours of general Answer: 24 hours
3 hours
2 hours
19 hours
© 2025 Get it right Stuvia US All rights reserved
,Producer licenses renew every _____ months Answer: 24 months
Timeframe to report change of legal name, address, or email address. Answer:
30 days
Civil Penalties for insurance violations:
Minimum per violation fine for insurance violations
Maximum per violation fine for insurance violations Answer: $100
$1000
Records must be retained for at least ____ years Answer: 3 years
Inducements such as prizes or merchandise may not exceed $____ Answer:
$100
Commission may not exceed____% of the total commissions earned on all
business written by the applicant or licensees during the same period. Answer:
25%
Age that a minor is deemed competent to enter into a contact of life or
disability insurance on the minor's own life Answer: Age 15
Unfair Claims Settlement Practices Act penalties:
Minimum civil penalty for each violation
Maximum civil penalty for each violation Answer: $100
$5000
The Association's Maximum liability is as follows:
-Life Insurance death benefits for any one life
© 2025 Get it right Stuvia US All rights reserved
, -annuity benefits
-life insurance net cash surrender and withdraw values
-basic hospital, medical and surgical insurance, or major medical insurance
-disability insurance benefits
-long-term care insurance
-other health insurance benefits Answer: -$300,000
-$300,000
-$100,000
-$500,000
-$300,000
-$300,000
-$100,000
Nonforfeiture benefits must be available after the policy has been in force at
least___ years. Answer: 3 years
Accidental death and dismemberment benefits must be payable if the loss
occurs within___ days from the accident Answer: 90 days
Free-look provision for health insurance Answer: 10 days
right to return(free-look) for Medicare supplements Answer: 30 days
Maximum preexisting condition exclusion period Answer: 6 months
Permitted Compensation:
© 2025 Get it right Stuvia US All rights reserved
with Detailed Verified Answers (100% Correct
Answers) /Already Graded A+
The Commissioner must examine every domestic insurer and every foreign
insurer at least once every_____ years. Answer: 5 years
Maximum penalty for acting on a revoked, suspended, or surrendered license
license is $_____ and up to 5 years in jail. Answer: $5,000
The Commissioner may issue a temporary producer license for a maximum of
____ days to a surviving spouse, business partner, or employee if a producer
dies, becomes disabled, or is called to active military service. Answer: 180 days
An insurer must file a notice of appointment within ____ days of the agency
contact date or first insurance application. Answer: 15 days
The Commissioner must be notified of termination within ___ days, if the
reason for termination is a cause for the producer's license to be revoked or
suspended. Answer: 30 days
Minimum age to obtain a producer's license Answer: Age 18
Producer continuing education credits are required biennially.
-Includes____ hours of ethics
-Includes_____ hours of legislative updates
-Includes____ hours of general Answer: 24 hours
3 hours
2 hours
19 hours
© 2025 Get it right Stuvia US All rights reserved
,Producer licenses renew every _____ months Answer: 24 months
Timeframe to report change of legal name, address, or email address. Answer:
30 days
Civil Penalties for insurance violations:
Minimum per violation fine for insurance violations
Maximum per violation fine for insurance violations Answer: $100
$1000
Records must be retained for at least ____ years Answer: 3 years
Inducements such as prizes or merchandise may not exceed $____ Answer:
$100
Commission may not exceed____% of the total commissions earned on all
business written by the applicant or licensees during the same period. Answer:
25%
Age that a minor is deemed competent to enter into a contact of life or
disability insurance on the minor's own life Answer: Age 15
Unfair Claims Settlement Practices Act penalties:
Minimum civil penalty for each violation
Maximum civil penalty for each violation Answer: $100
$5000
The Association's Maximum liability is as follows:
-Life Insurance death benefits for any one life
© 2025 Get it right Stuvia US All rights reserved
, -annuity benefits
-life insurance net cash surrender and withdraw values
-basic hospital, medical and surgical insurance, or major medical insurance
-disability insurance benefits
-long-term care insurance
-other health insurance benefits Answer: -$300,000
-$300,000
-$100,000
-$500,000
-$300,000
-$300,000
-$100,000
Nonforfeiture benefits must be available after the policy has been in force at
least___ years. Answer: 3 years
Accidental death and dismemberment benefits must be payable if the loss
occurs within___ days from the accident Answer: 90 days
Free-look provision for health insurance Answer: 10 days
right to return(free-look) for Medicare supplements Answer: 30 days
Maximum preexisting condition exclusion period Answer: 6 months
Permitted Compensation:
© 2025 Get it right Stuvia US All rights reserved
