OKLAHOMA LIFE & HEALTH INSURANCE: EXAM QUESTIONS & ANSWERS SCORED A+ TO PASS

A comprehensive group policy also covers expenses related to vision care. Which of the following is not typically covered under a vision plan? - Answer-cataract surgery A false written or oral statement made by a producer for the purpose of replacing an existing policy to the detriment of the insured is - Answer-twisting A Fraternal Benefit Society has each of the following characteristics EXCEPT - Answer-exists for profit A Guaranteed Renewable provision allows - Answer-premiums which can only be increased per rate class A health insurer MUST provide a proof of loss from - Answer-within 15 days of receipt of the notice of loss A license is NOT required when you are - Answer-providing referrals A licensee MUST notify the Commissioner of an address change within how many days of the change. - Answer-30 A life annuity with period certain is characterized as - Answer-guaranteeing benefit payments for a stated minimum number of years A life insurance company just paid a $100,000 death benefit to a beneficiary. When the insured died, the cash value was $15,000 and the total premiums-paid equaled $10,000. How much of the proceeds will be added to the beneficiary's gross income for federal income tax purposes? - Answer-Nothing A life insurance illustration showing future premiums being paid out of nonguaranteed values must disclose that - Answer-the policyowner may need to resume premium payments depending on actual resultsA life insurance policy becomes incontestable after it has been in force for - Answer-2 years A life insurance policy's contingent beneficiary is the - Answer-person who receives the death benefits if the primary beneficiary dies before the insured A life policy that has premiums that are lower than normal during the early years is called - Answermodified life A major medical expense plan typically includes coverage for hospital room and board. Which of the following is normally covered under the category "room and board"? - Answer-general nursing care A medical expense health plan claim may be denied due to material misrepresentation within how many years of issue. - Answer-two A MET third-party administrator may NOT perform which of the following functions? - Answer-marketing the plan A physician who accepts assignment on all Medicare claims is called a(n) - Answer-participating provider A policyowner has just borrowed from a life insurance policy's cash value. Which of these statements is true? - Answer-In the event of death, the loan amount is deducted from the policy proceeds A policyowner is permitted to take out a policy loan on a whole life policy at what point? - Answer-When the policy has a cash value A policyowner suffers a covered accident and health insurance loss on June 30 and submits the proof of loss to the insurer July 10. If the policyowner cancelled the coverage on July 2, how will the insurance company handle the claim? - Answer-claim must be paid after proof of loss is received A policyowner suffers an injury that renders him incapable of performing one or more important job duties. Any decrease in income resulting from this injury would make him eligible for benefits under which provision? - Answer-partial disabilityA preferred provider plan and an indemnity plan are similar in what way? - Answer-Both pay on a fee-forservice basis A producer may be disciplined by the Commissioner for which of the following actions? - AnswerMisappropriation of premium funds A producer MUST maintain insurance transactions records for a minimum of how many years. - Answer-3 A producer recently replaced an existing Medicare Supplement policy with a new policy. The producer's compensation for the new policy - Answer-CANNOT exceed the renewal commission of the original policy A producer who is licensed in Oklahoma but resident in another state is called a - Answer-nonresident producer A producer's license MUST be renewed every years(s). - Answer-2 A single-life annuity only has ONE - Answer-annuitant A small employer in Oklahoma may NOT consist of more than eligible employees. - Answer-50 A survivorship life insurance policy usually covers how many lives? - Answer-2 ABC Corporation purchases and is beneficiary of an individual disability income insurance policy on a key employee. Which of the following statements is true? - Answer-Benefits are received tax-free by the company According to the Federal Fraud and False Statements Act, which of these is considered to be an intentional violation? - Answer-Making false entries in a company's booksAfter an applicant reads and signs an insurance application, he/she should be conscious of the fact that - Answer-a false statement could lead to loss of coverage After an insurance application has been originated, the producer normally - Answer-is the major personal contract to the insured After the extended term life nonforfeiture option is chosen, the available insurance will be - Answer-level term for a stated period of time All individual and group health insurance policies that provide coverage for a newborn child require that the insurer be notified of a child's birth. Any additional premium due must be paid within how many days of the child's birth. - Answer-31 All of these are used to prevent adverse selection in a group dental plan EXCEPT - Answer-decreased employee participation All of these may be an Unfair Claims Practice EXCEPT - Answer-refusing to pay persons bringing false or fraudulent claims All parts of the Medicare program (except for public information and enrollment) are administered by which federal agency? - Answer-The Centers of Medicare and Medicaid Services