OKLAHOMA INSURANCE HEALTH AND LIFE
TEST QUESTIONS AND CORRECT ANSWERS
VERIFIED LATEST 2023-2024 GRADE A +
who is protected with the "other insurance with this insurer
provision" - CORRECT ANSWER >>policy owner.
which would not be a location where skilled nursing care is
provided - CORRECT ANSWER >>personal residence
how is a collared assignment used in a life insurance contract. -
CORRECT ANSWER >>transfer specific ownership rights to a
creatitor
an insurance producer would be found guilty of inducing a
customer to purchase insurance in all of the following situations
except. - CORRECT ANSWER >>giving the applicant
merchandise worth $75 for the purchase of insurance
what happens to a life insurance policy when the policy loan
balance exceeds the cash value? - CORRECT ANSWER
>>Policy will no longer be in force
,Karen is considering replacing her individual accident and health
insurance policy with another individual policy. She has had
issues in the past with her gall bladder that would be considered a
pre-existing condition. How will a pre-existing conditions exclusion
affect Karen's new insurance contract? - CORRECT ANSWER
>>may reduce her benefits
The principle source of information concerning an applicant's
identity, age and marital status is found in the - CORRECT
ANSWER >>completed application
Steve has a group disability income policy where the premiums
are paid by his employer. He elected to pay for additional residual
disability coverage. Which of the following statements is true? -
CORRECT ANSWER >>Steve will pay taxes on the benefit
received from his employer but will receive my residual disability
benefits tax free.
these are all accurate statements regarding universal life
insurance except. - CORRECT ANSWER >>policy loans are not
permitter
,A producer may begin to solicit insurance only when - CORRECT
ANSWER >>appointed by an insurer
Part A Medicare includes coverage for all of the following services
except - CORRECT ANSWER >>120 days
K is an agent who takes an application for individual life insurance
and accepts a check from the client. He submits the application
and check to the insurance company, however the check was
never signed by the applicant. If the application is approved, when
will coverage be effective? - CORRECT ANSWER >>the date the
agent delivered the policy, collected the initial premium, and
obtained a good health statement from the insured
which action will trigger a penalty tax on premature distributions
from a modified endowment contract (MEC)? - CORRECT
ANSWER >>Policy Loans
Kevin has an existing life insurance policy and assigns it to
another insurer for a new contract. How would this transaction be
treated for tax purposes? - CORRECT ANSWER >>As a section
1035 exchange
, Mike applied for life insurance and was issued a conditional
receipt. He is later found to be insurable and is issued a policy.
When does his coverage become effective? - CORRECT
ANSWER >>Date of insurance of the conditional receipt
which of the following is generally a form of group credit life
insurance - CORRECT ANSWER >>decreasing term insurance
A policy owner suffers a covered accident and health insurance
less on June 30 and submit the proof of loss July 10. If the policy
owner canceled July 2 what's happens ? - CORRECT ANSWER
>>claim must be paid after proof of loss is received
when a life insurance or annuity replacement policy is sold, the
policy owner has a right to return the policy for a full refund of
premium within - CORRECT ANSWER >>20 days
medicare part A does not provide coverage for - CORRECT
ANSWER >>the first 3 pints of blood
the act of using misrepresentation to induce an insured person to
terminate an existing policy and purchase a new policy is referred
as - CORRECT ANSWER >>twisting
TEST QUESTIONS AND CORRECT ANSWERS
VERIFIED LATEST 2023-2024 GRADE A +
who is protected with the "other insurance with this insurer
provision" - CORRECT ANSWER >>policy owner.
which would not be a location where skilled nursing care is
provided - CORRECT ANSWER >>personal residence
how is a collared assignment used in a life insurance contract. -
CORRECT ANSWER >>transfer specific ownership rights to a
creatitor
an insurance producer would be found guilty of inducing a
customer to purchase insurance in all of the following situations
except. - CORRECT ANSWER >>giving the applicant
merchandise worth $75 for the purchase of insurance
what happens to a life insurance policy when the policy loan
balance exceeds the cash value? - CORRECT ANSWER
>>Policy will no longer be in force
,Karen is considering replacing her individual accident and health
insurance policy with another individual policy. She has had
issues in the past with her gall bladder that would be considered a
pre-existing condition. How will a pre-existing conditions exclusion
affect Karen's new insurance contract? - CORRECT ANSWER
>>may reduce her benefits
The principle source of information concerning an applicant's
identity, age and marital status is found in the - CORRECT
ANSWER >>completed application
Steve has a group disability income policy where the premiums
are paid by his employer. He elected to pay for additional residual
disability coverage. Which of the following statements is true? -
CORRECT ANSWER >>Steve will pay taxes on the benefit
received from his employer but will receive my residual disability
benefits tax free.
these are all accurate statements regarding universal life
insurance except. - CORRECT ANSWER >>policy loans are not
permitter
,A producer may begin to solicit insurance only when - CORRECT
ANSWER >>appointed by an insurer
Part A Medicare includes coverage for all of the following services
except - CORRECT ANSWER >>120 days
K is an agent who takes an application for individual life insurance
and accepts a check from the client. He submits the application
and check to the insurance company, however the check was
never signed by the applicant. If the application is approved, when
will coverage be effective? - CORRECT ANSWER >>the date the
agent delivered the policy, collected the initial premium, and
obtained a good health statement from the insured
which action will trigger a penalty tax on premature distributions
from a modified endowment contract (MEC)? - CORRECT
ANSWER >>Policy Loans
Kevin has an existing life insurance policy and assigns it to
another insurer for a new contract. How would this transaction be
treated for tax purposes? - CORRECT ANSWER >>As a section
1035 exchange
, Mike applied for life insurance and was issued a conditional
receipt. He is later found to be insurable and is issued a policy.
When does his coverage become effective? - CORRECT
ANSWER >>Date of insurance of the conditional receipt
which of the following is generally a form of group credit life
insurance - CORRECT ANSWER >>decreasing term insurance
A policy owner suffers a covered accident and health insurance
less on June 30 and submit the proof of loss July 10. If the policy
owner canceled July 2 what's happens ? - CORRECT ANSWER
>>claim must be paid after proof of loss is received
when a life insurance or annuity replacement policy is sold, the
policy owner has a right to return the policy for a full refund of
premium within - CORRECT ANSWER >>20 days
medicare part A does not provide coverage for - CORRECT
ANSWER >>the first 3 pints of blood
the act of using misrepresentation to induce an insured person to
terminate an existing policy and purchase a new policy is referred
as - CORRECT ANSWER >>twisting
