Oklahoma Life and Health Insurance
Exam Questions and Answers 100%
Solved
All of the following are included as part of a contract in the entire contract
provision EXCEPT the
riders
application
changes made by the producer
policy - ✔✔changes made by the producer
Health insurance involves two perils, accident and ____. - ✔✔sickness
All of the following riders can increase the death benefit amount EXCEPT
Cost of Living
Waiver of Premium
Accidental Death Rider
Guaranteed Insurability - ✔✔Waiver of Premium
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Of the following dividend options, which of these is taxable?
Reduction of premium
One year term
Paid-up additions
Accumulation at interest - ✔✔Accumulation at interest
Insurance that is designed to pay the balance of a loan if the insured dies
before the loan has been repaid in full is
life settlement
whole life
universal life
credit life - ✔✔credit life
A temporary producer's license issued by the Insurance Commissioner
without examination is valid for a period of no longer than
90 days
120 days
180 days
270 days - ✔✔180 days
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,How do interest earnings accumulate in a deferred annuity?
On a tax credit basis
On a tax-deferred basis
On a tax-free basis
On a taxable basis - ✔✔On a tax-deferred basis
Tom has a home health care benefit and is confined to his home. Which of
these benefits is NOT typically covered?
Part-time nursing care
Full-time nursing care
Physical therapy
Home health aides - ✔✔Full-time nursing care
A beneficiary has just received a claim payment for a life insurance policy.
Which of the following is TRUE regarding the federal income tax liability
owed?
A flat tax of 10% is owed on all proceeds
Federal income tax is owed if proceeds exceed $250,000
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, No federal income tax is owed on life insurance proceeds
Tax liability owed depends on the type of life insurance policy - ✔✔No
federal income tax is owed on life insurance proceeds
Medicare Supplement coverage permits an open enrollment period on a
guaranteed issue basis upon reaching
age 60
age 62
age 65
age 70 - ✔✔age 65
Group and individual health insurance policies that provide coverage to
women must cover annual mammography screenings for women aged:
30 and older
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Exam Questions and Answers 100%
Solved
All of the following are included as part of a contract in the entire contract
provision EXCEPT the
riders
application
changes made by the producer
policy - ✔✔changes made by the producer
Health insurance involves two perils, accident and ____. - ✔✔sickness
All of the following riders can increase the death benefit amount EXCEPT
Cost of Living
Waiver of Premium
Accidental Death Rider
Guaranteed Insurability - ✔✔Waiver of Premium
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Of the following dividend options, which of these is taxable?
Reduction of premium
One year term
Paid-up additions
Accumulation at interest - ✔✔Accumulation at interest
Insurance that is designed to pay the balance of a loan if the insured dies
before the loan has been repaid in full is
life settlement
whole life
universal life
credit life - ✔✔credit life
A temporary producer's license issued by the Insurance Commissioner
without examination is valid for a period of no longer than
90 days
120 days
180 days
270 days - ✔✔180 days
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,How do interest earnings accumulate in a deferred annuity?
On a tax credit basis
On a tax-deferred basis
On a tax-free basis
On a taxable basis - ✔✔On a tax-deferred basis
Tom has a home health care benefit and is confined to his home. Which of
these benefits is NOT typically covered?
Part-time nursing care
Full-time nursing care
Physical therapy
Home health aides - ✔✔Full-time nursing care
A beneficiary has just received a claim payment for a life insurance policy.
Which of the following is TRUE regarding the federal income tax liability
owed?
A flat tax of 10% is owed on all proceeds
Federal income tax is owed if proceeds exceed $250,000
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, No federal income tax is owed on life insurance proceeds
Tax liability owed depends on the type of life insurance policy - ✔✔No
federal income tax is owed on life insurance proceeds
Medicare Supplement coverage permits an open enrollment period on a
guaranteed issue basis upon reaching
age 60
age 62
age 65
age 70 - ✔✔age 65
Group and individual health insurance policies that provide coverage to
women must cover annual mammography screenings for women aged:
30 and older
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
