Oklahoma Life & Health Insurance Exam
Questions and Answers 100% Solved
In Oklahoma, a life insurance policy loan may NOT exceed an interest rate
of - ✔✔8%
Under HIPAA requirements, eligibility for the pre-existing conditions
exclusion waiver under new coverage is lost if - ✔✔there is a break in
coverage of more than 63 days
Which of the following health insurance provisions requires that the
application becomes part of the policy? - ✔✔Entire Contract clause
impatient psychiatric care is covered under Part A Medicare for 190 days
per - ✔✔lifetime
What happens when a policyowner borrows against the cash value of his
life insurance policy? - ✔✔The policy proceeds would be reduced by the
outstanding loan balance
ABC Corporation purchases and is beneficiary of an individual disability
income insurance policy on a key employee. Which of the following
statements is true? - ✔✔Benefits are received tax-free by the company
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,All parts of the Medicare program (except for public information and
enrollment) are administered by which federal agency? - ✔✔The Centers of
Medicare and Medicaid Services
Which of the following is NOT an intended use of an annuity? - ✔✔Create
new funds upon the death of wage-earner
Part A Medicare includes coverage for all of the following services EXCEPT
- ✔✔120 days of Skilled Nursing Facility care
Which of these factors does NOT affect the life insurance premium rates? -
✔✔Producer Certification
A license is NOT required when you are - ✔✔providing referrals
Producers must complete a total of ___ Continuing Education credits for
each two-year licensing period. - ✔✔24
Which life insurance policy would be eligible to include an automatic
premium loan provision? - ✔✔Whole life
A Guaranteed Renewable provision allows - ✔✔premiums which can only
be increased per rate class
An insurance producer is BEST defined as - ✔✔a person who has a
contract with an insurance company to represent it
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,If a new policy is replacing an existing one, the insured is given the right to
return for a full refund of at least how many days after policy delivery. -
✔✔20
All of these are used to prevent adverse selection in a group dental plan
EXCEPT - ✔✔decreased employee participation
How long can an insurer legally defer paying the cash value of a
surrendered life insurance policy? - ✔✔6 months
The insurance information and Privacy Protection Act is designed to limit or
direct the information collection activities of all of the following, EXCEPT: -
✔✔COBRA representatives
Field underwriting by a producer - ✔✔may result in the disclosure of
hazardous activities of the applicant
Joe is a military retiree after having served 20 years of active duty. Upon
retiring, he requests reinstatement of his lapsed individual health policy and
is denied. Which of the following is correct? - ✔✔Joe cannot be denied
reinstatement to his original individual health plan
At what point are death proceeds paid in a joint life insurance policy? -
✔✔When the first insured dies
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Emergency health care coverage for Medicare enrollees traveling abroad is
- ✔✔a Medicare Supplement additional benefit
Tim is covered by an accident and health insurance policy that may not be
changed in any way by the insurer up to a stated age, as long as the
premiums are paid. What type of policy is this? - ✔✔Noncancelable
How long does one premium payment cover in a single premium whole life
policy? - ✔✔full life of the policy
The interest credited to the cash values of personally-owned non-qualified
annuities is considered - ✔✔tax-deferred
Which of the following statements accurately describes the "time limit on
certain defenses"? - ✔✔After a stated period of time, claims cannot be
denied due to material misrepresentation on the application
Producers must complete how many hours of continuing education
biannually. - ✔✔24
Who may terminate coverage under a cancelable health insurance policy? -
✔✔the insurer or the insured
The amount of a covered loss to be paid by the insured before a major
medical expense policy begins to pay is called the - ✔✔deductible amount
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Questions and Answers 100% Solved
In Oklahoma, a life insurance policy loan may NOT exceed an interest rate
of - ✔✔8%
Under HIPAA requirements, eligibility for the pre-existing conditions
exclusion waiver under new coverage is lost if - ✔✔there is a break in
coverage of more than 63 days
Which of the following health insurance provisions requires that the
application becomes part of the policy? - ✔✔Entire Contract clause
impatient psychiatric care is covered under Part A Medicare for 190 days
per - ✔✔lifetime
What happens when a policyowner borrows against the cash value of his
life insurance policy? - ✔✔The policy proceeds would be reduced by the
outstanding loan balance
ABC Corporation purchases and is beneficiary of an individual disability
income insurance policy on a key employee. Which of the following
statements is true? - ✔✔Benefits are received tax-free by the company
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,All parts of the Medicare program (except for public information and
enrollment) are administered by which federal agency? - ✔✔The Centers of
Medicare and Medicaid Services
Which of the following is NOT an intended use of an annuity? - ✔✔Create
new funds upon the death of wage-earner
Part A Medicare includes coverage for all of the following services EXCEPT
- ✔✔120 days of Skilled Nursing Facility care
Which of these factors does NOT affect the life insurance premium rates? -
✔✔Producer Certification
A license is NOT required when you are - ✔✔providing referrals
Producers must complete a total of ___ Continuing Education credits for
each two-year licensing period. - ✔✔24
Which life insurance policy would be eligible to include an automatic
premium loan provision? - ✔✔Whole life
A Guaranteed Renewable provision allows - ✔✔premiums which can only
be increased per rate class
An insurance producer is BEST defined as - ✔✔a person who has a
contract with an insurance company to represent it
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,If a new policy is replacing an existing one, the insured is given the right to
return for a full refund of at least how many days after policy delivery. -
✔✔20
All of these are used to prevent adverse selection in a group dental plan
EXCEPT - ✔✔decreased employee participation
How long can an insurer legally defer paying the cash value of a
surrendered life insurance policy? - ✔✔6 months
The insurance information and Privacy Protection Act is designed to limit or
direct the information collection activities of all of the following, EXCEPT: -
✔✔COBRA representatives
Field underwriting by a producer - ✔✔may result in the disclosure of
hazardous activities of the applicant
Joe is a military retiree after having served 20 years of active duty. Upon
retiring, he requests reinstatement of his lapsed individual health policy and
is denied. Which of the following is correct? - ✔✔Joe cannot be denied
reinstatement to his original individual health plan
At what point are death proceeds paid in a joint life insurance policy? -
✔✔When the first insured dies
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Emergency health care coverage for Medicare enrollees traveling abroad is
- ✔✔a Medicare Supplement additional benefit
Tim is covered by an accident and health insurance policy that may not be
changed in any way by the insurer up to a stated age, as long as the
premiums are paid. What type of policy is this? - ✔✔Noncancelable
How long does one premium payment cover in a single premium whole life
policy? - ✔✔full life of the policy
The interest credited to the cash values of personally-owned non-qualified
annuities is considered - ✔✔tax-deferred
Which of the following statements accurately describes the "time limit on
certain defenses"? - ✔✔After a stated period of time, claims cannot be
denied due to material misrepresentation on the application
Producers must complete how many hours of continuing education
biannually. - ✔✔24
Who may terminate coverage under a cancelable health insurance policy? -
✔✔the insurer or the insured
The amount of a covered loss to be paid by the insured before a major
medical expense policy begins to pay is called the - ✔✔deductible amount
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
