Oklahoma Life and Health State Exam (Questions & Answers) Rated 100%

A Health Reimbursement Arrangement MUST be established - by the employer A life annuity feature which provides benefit payments for a minimum number of years, no matter when the annuitant dies, is called - period certain A life insurance policyowner would like a dividend option that results in a limited current outlay of funds. Which dividend option would be chosen? - Reduction of premium payment A policyowner has just borrowed from a life insurance policy's cash value. Which of these statements is true? - In the event of death, the loan amount is deducted from the policy proceeds A reciprocal insurer typically has an administrator who manages the premiums collected from the group's members. This administrator is called a(n) - Attorney in fact A retired couple would like to maximize the income derived from their combined life savings and have it payable until they both die. Which annuity would be their best choice? - Joint and survivor annuity A single-life annuity only has ONE - annuitant A stock insurance company is owned by its - stockholders A survivorship life insurance policy usually covers how many lives? - 2 All of these statements correctly describe an aleatory contract EXCEPT - Only one party makes any kind of legally enforceable offer An accident and health insurance policy's premium requirements are set forth in which of the following provisions? - Consideration clauseAn applicant for accident and health insurance has a risk factor that is similar to a majority of the insurer's other applicants. What will be the likely outcome of this applicant? - Issued with a standard premium rate An HMO prescription drug plan is generally characterized by - drugs dispensed through participating pharmacies An insurance policy that can also be classified as a securities product is called - Variable Life An organization that requires healthcare services to be provided by a network of physicians and hospitals is known as a(n) - HMO Christine is receiving benefits provided from her disability income insurance. As compared to her previous earnings, the disability benefits should be - somewhat less Dividends from a mutual insurance company are paid to whom? - Policyholders Federally qualified HMO's must offer - family planning services How are monthly life annuity benefit payments treated under a tax sheltered annuity (TSA)? - Taxed as ordinary income in the year received If an individual would like to enroll in Medicare or seek public information about Medicare, which federal agency handles this? - Social Security Administration In conjunction with an Oklahoma insurance license renewal, which one of the following is the continuing education REQUIREMENT? - 24 hours every 2 years In Oklahoma, an insurer providing small employer group medical plans may discontinue an employer's coverage if - Discontinued to all employees (lost answer)Insurable interest involves what assumption? - One person benefits from another person's continued life Jerry has an indemnity plan which covers dental expenses. Typically, these type of plans - cover preventative care once every six months Julie is an employee with a group health plan that contains the Mandatory Second Surgical Opinion provision. What is to be expected with this provision in place? - Out-of-pocket expenses are lower when a second surgical opinion is obtained as opposed to having only one Larry has a Major Medical Expense policy for his family with a $1,000 per family/per year deductible and an 80/20 coinsurance provision. If Larry's family files four claims of $400, $800, $100, and $700 in one year, how much will the insurance company pay? - $800 Laura has an employer-based preventative health care plan that focuses on an enrollee's problems, such as drug abuse or stress. These plans are called - Wellness programs