Oklahoma Life and Health Insurance
Final Test Review Questions All
Answered Correctly 2026/2027 Update.
A licensee MUST notify the Commissioner of an address change within _______ days of the
change. - Answer 30
Which of the following statements accurately describes the "time limit on certain defenses"? -
Answer After a stated period of time, claims cannot be denied due to material
misrepresentation on the application
All of these are duties that a producer may be required to perform when delivering an insurance
policy EXCEPT - Answer Leave a conditional receipt with client
How long can an insurer legally defer paying the cash value of a surrendered life insurance
policy? - Answer 6 months
An advantage of owning a flexible premium life insurance policy would be - Answer The
Policyowner can make policy changes without difficulty
Which of the following is NOT a duty of the Insurance Commissioner? - Answer Enact
insurance legislation
What type of premiums are associated with individual mortgage protection life insurance
policies? - Answer Level premiums
When compared to a fixed annuity, a variable annuity has what distinguishing feature? - Answer
Investment risk is assumed by the purchaser
If an employee loses employment, how long does the employee have to apply for COBRA
(continuation of coverage)? - Answer 60 days
The grouping of two or more small employers in order to obtain group health insurance at a
favorable rate is called a multiple employer - Answer Trust
Which of these statements regarding the extended term insurance nonforfeiture option in a life
policy is accurate? - Answer The premium to purchase the coverage comes from the policy's
cash value
, When a lapsed policy's premium has been paid current, it has the potential of being - Answer
Reinstated
Medicare Part A does NOT provide coverage for - Answer First 3 pints of blood
The Change of Occupation provision in a Disability Income policy states that, in the event the
insured changes to a less hazardous occupation, which of the following may apply? - Answer
Benefits can be increased in the event of a covered claim
All of these may be an Unfair Claims Practice EXCEPT - Answer Refusing to pay persons
bringing false or fraudulent claims
All of these statements concerning group credit life insurance are false EXCEPT - Answer The
face amount is determined by the outstanding loan balance
Which report contains information regarding an individual's general reputation and credit
standing? - Answer Consumer report
All life insurance illustration showing future premiums being paid out of nonguaranteed values
must disclose that - Answer the policy owner may need to resume premium payments
depending on actual results
How may an insurance company classify an accidental death benefit on a life policy? - Answer
As an optional policy rider
The agreement in which hospitals and physician groups in a specific area contract with an
insurance company to provide medical care at predetermined costs is - Answer Preferred
Provider Organization (PPO)
In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of - Answer 8%
Prepaid dental plans differ form most other types of dental plans in what way? - Answer
Closed panel of dentists can only be used
A MET third-party administrator may NOT perform which of the following functions? - Answer
Marketing the plan
A health insurer MUST provide a proof of loss form - Answer Within 15 days of receipt of the
notice of loss
Final Test Review Questions All
Answered Correctly 2026/2027 Update.
A licensee MUST notify the Commissioner of an address change within _______ days of the
change. - Answer 30
Which of the following statements accurately describes the "time limit on certain defenses"? -
Answer After a stated period of time, claims cannot be denied due to material
misrepresentation on the application
All of these are duties that a producer may be required to perform when delivering an insurance
policy EXCEPT - Answer Leave a conditional receipt with client
How long can an insurer legally defer paying the cash value of a surrendered life insurance
policy? - Answer 6 months
An advantage of owning a flexible premium life insurance policy would be - Answer The
Policyowner can make policy changes without difficulty
Which of the following is NOT a duty of the Insurance Commissioner? - Answer Enact
insurance legislation
What type of premiums are associated with individual mortgage protection life insurance
policies? - Answer Level premiums
When compared to a fixed annuity, a variable annuity has what distinguishing feature? - Answer
Investment risk is assumed by the purchaser
If an employee loses employment, how long does the employee have to apply for COBRA
(continuation of coverage)? - Answer 60 days
The grouping of two or more small employers in order to obtain group health insurance at a
favorable rate is called a multiple employer - Answer Trust
Which of these statements regarding the extended term insurance nonforfeiture option in a life
policy is accurate? - Answer The premium to purchase the coverage comes from the policy's
cash value
, When a lapsed policy's premium has been paid current, it has the potential of being - Answer
Reinstated
Medicare Part A does NOT provide coverage for - Answer First 3 pints of blood
The Change of Occupation provision in a Disability Income policy states that, in the event the
insured changes to a less hazardous occupation, which of the following may apply? - Answer
Benefits can be increased in the event of a covered claim
All of these may be an Unfair Claims Practice EXCEPT - Answer Refusing to pay persons
bringing false or fraudulent claims
All of these statements concerning group credit life insurance are false EXCEPT - Answer The
face amount is determined by the outstanding loan balance
Which report contains information regarding an individual's general reputation and credit
standing? - Answer Consumer report
All life insurance illustration showing future premiums being paid out of nonguaranteed values
must disclose that - Answer the policy owner may need to resume premium payments
depending on actual results
How may an insurance company classify an accidental death benefit on a life policy? - Answer
As an optional policy rider
The agreement in which hospitals and physician groups in a specific area contract with an
insurance company to provide medical care at predetermined costs is - Answer Preferred
Provider Organization (PPO)
In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of - Answer 8%
Prepaid dental plans differ form most other types of dental plans in what way? - Answer
Closed panel of dentists can only be used
A MET third-party administrator may NOT perform which of the following functions? - Answer
Marketing the plan
A health insurer MUST provide a proof of loss form - Answer Within 15 days of receipt of the
notice of loss
