Life Insurance Exam Test Questions with
Guaranteed Pass Solutions 2026/2027
Newest Update.
A producer's license has been suspended due to non-renewal. The license may be reinstated
within the ___ month period following the date when the license should have been renewed.
6
12
3
18 - Answer 12
A producer's license MUST be renewed every ___ year(s).
3
1
4
2 - Answer 2
A(n) _______ insurance company is one that was formed under the laws of another country
outside of the U.S.
foreign
reciprocal
alien
international - Answer alien
An alien insurer:
writes insurance on risks located only outside of Oklahoma
is a company that was formed under the laws of another state
must be organized under Oklahoma insurance laws
is an insurer operating in the U.S. but headquartered outside the U.S. - Answer is an insurer
operating in the U.S. but headquartered outside the U.S.
,If a producer is found to have violated an Oklahoma insurance statute, a fine can be given up to
______ for each violation.
$1,500
$2,000
$500
$1,000 - Answer 1,000
A life insurance illustration showing future premiums being paid out of nonguaranteed values
must disclose that
The policyowner may need to resume premium payments depending on actual results
These policy premiums will vanish
The policy guarantees payment of these premiums
The policyowner forfeits the option of paying these premiums from other - Answer The
policyowner may need to resume premium payments depending on actual results
Insurance producer Karey offers clients a $250 shopping card if they purchase an insurance
product through her. What is this an example of?
Coercion
Intimidation
Defamation
Rebating - Answer Rebating
An insurance producer is BEST defined as
a person who places insurance with nonadmitted companies
an employee of an insurance company who has the authority to underwrite insurance
a person appointed by more than one insurance company to issue policies
a person who has a contract with an insurance company to represent it - Answer a person who
has a contract with an insurance company to represent it
,A life insurance policy becomes incontestable after it has been in force for
6 months
30 days
3 years
2 years - Answer 2 years
How long must a life insurance policy be in effect before the policyowner may use the
nonforfeiture provision?
1 year
2 years
4 years
3 years - Answer 3 years
Barry offers Chris his mountain cabin for the weekend to secure his order for his insurance
business. This is an example of:
reduction
bartering
twisting
rebating - Answer rebating
In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of
8%
9%
6%
7% - Answer 8%
In the event of employment termination, a person covered by a group life policy also has the
right to convert such coverage to an individual policy within ___ days without proving
insurability.
31
30
15
10 - Answer 31
, Proceeds payable under a life insurance contract to a policyowner in anticipation of death are
called:
cost of living benefits
expedited benefits
accelerated benefits
anticipated benefits - Answer accelerated
Replacement regulation is designed to protect:
insurance companies
policyowners from misrepresentations and loss of benefits
existing producers
beneficiaries - Answer policyowners from misrepresentations and loss of benefits
How often must the Commissioner examine each domestic insurance company?
Every 3 years
Every 5 years
Every 2 years
Every year - Answer Every 5 years
Producers must complete a total of ___ Continuing Education credits for each two-year licensing
period.
36
24
48
12 - Answer 24
Replacement can be BEST described as:
exchanging a new policy for one already in force
converting term insurance to a permanent policy
Guaranteed Pass Solutions 2026/2027
Newest Update.
A producer's license has been suspended due to non-renewal. The license may be reinstated
within the ___ month period following the date when the license should have been renewed.
6
12
3
18 - Answer 12
A producer's license MUST be renewed every ___ year(s).
3
1
4
2 - Answer 2
A(n) _______ insurance company is one that was formed under the laws of another country
outside of the U.S.
foreign
reciprocal
alien
international - Answer alien
An alien insurer:
writes insurance on risks located only outside of Oklahoma
is a company that was formed under the laws of another state
must be organized under Oklahoma insurance laws
is an insurer operating in the U.S. but headquartered outside the U.S. - Answer is an insurer
operating in the U.S. but headquartered outside the U.S.
,If a producer is found to have violated an Oklahoma insurance statute, a fine can be given up to
______ for each violation.
$1,500
$2,000
$500
$1,000 - Answer 1,000
A life insurance illustration showing future premiums being paid out of nonguaranteed values
must disclose that
The policyowner may need to resume premium payments depending on actual results
These policy premiums will vanish
The policy guarantees payment of these premiums
The policyowner forfeits the option of paying these premiums from other - Answer The
policyowner may need to resume premium payments depending on actual results
Insurance producer Karey offers clients a $250 shopping card if they purchase an insurance
product through her. What is this an example of?
Coercion
Intimidation
Defamation
Rebating - Answer Rebating
An insurance producer is BEST defined as
a person who places insurance with nonadmitted companies
an employee of an insurance company who has the authority to underwrite insurance
a person appointed by more than one insurance company to issue policies
a person who has a contract with an insurance company to represent it - Answer a person who
has a contract with an insurance company to represent it
,A life insurance policy becomes incontestable after it has been in force for
6 months
30 days
3 years
2 years - Answer 2 years
How long must a life insurance policy be in effect before the policyowner may use the
nonforfeiture provision?
1 year
2 years
4 years
3 years - Answer 3 years
Barry offers Chris his mountain cabin for the weekend to secure his order for his insurance
business. This is an example of:
reduction
bartering
twisting
rebating - Answer rebating
In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of
8%
9%
6%
7% - Answer 8%
In the event of employment termination, a person covered by a group life policy also has the
right to convert such coverage to an individual policy within ___ days without proving
insurability.
31
30
15
10 - Answer 31
, Proceeds payable under a life insurance contract to a policyowner in anticipation of death are
called:
cost of living benefits
expedited benefits
accelerated benefits
anticipated benefits - Answer accelerated
Replacement regulation is designed to protect:
insurance companies
policyowners from misrepresentations and loss of benefits
existing producers
beneficiaries - Answer policyowners from misrepresentations and loss of benefits
How often must the Commissioner examine each domestic insurance company?
Every 3 years
Every 5 years
Every 2 years
Every year - Answer Every 5 years
Producers must complete a total of ___ Continuing Education credits for each two-year licensing
period.
36
24
48
12 - Answer 24
Replacement can be BEST described as:
exchanging a new policy for one already in force
converting term insurance to a permanent policy
