Xcel Final Exam Oklahoma Life and Health
UPDATED Exam Questions and
CORRECT Answers
How long does one premium payment cover in a premium whole life policy - CORRECT
ANSWER - Full life of the policy
The owner of a single premium deferred annuity (SPDA) - CORRECT ANSWER - Makes
only one premium payment
Scott has a life insurance policy in which the dividends are left with the insurance company. This
particular policy may be paid up when the cash value plus accumulated dividends - CORRECT
ANSWER - equal the net single premium for the same face amount at the insured's
attained age
Which statement concerning the Entire Contract provision in an individual accident and health
insurance policy is true - CORRECT ANSWER - The agent doesn't have the authority to
change the policy or waive its provisions
Who normally pays the premiums for group credit life insurance? - CORRECT
ANSWER - borrower
Upon reaching age___, Medicare supplement coverage is offered on a guaranteed-issued basis
during the open enrollment period - CORRECT ANSWER - 65
Which of these is NOT a true statement of the war exclusion? - CORRECT ANSWER -
Civil insurrections apply
A license is NOT required when you are - CORRECT ANSWER - providing referrals
,An insurance producer is BEST defined as - CORRECT ANSWER - a person who has a
contract with an insurance company to represent it
Which of the following actions by a producer would NOT result in a license suspension or
revocation - CORRECT ANSWER - Producing an inadequate amount of new premium
A small employer in Oklahoma may NOT consist of more than___ eligible employees -
CORRECT ANSWER - 50
Which of the following is NOT true of participants in multiple-employer trusts - CORRECT
ANSWER - Participants must purchase all coverages the trust offers
Periodic health claim payments MUST be made at least - CORRECT ANSWER - Monthly
What happens to death benefit of a life insurance policy if the insured elects a partial payment
from the accelerated (living) benefit provision? - CORRECT ANSWER - Reduced
The standard provision of an accident and health insurance policy require that the - CORRECT
ANSWER - Policy, endorsement, and attached papers constitute the "entire contract"
Dan has a major medical expense policy with a $200 deductible and an 80/20 coinsurance
provision. He incurs covered medical expenses of $100 in November and $400 in January. Under
the carryover provision, what will the insurer pay? - CORRECT ANSWER - $240
The promise of a discount in premium as an inducement to purchase insurance is known as -
CORRECT ANSWER - Rebating
A characteristic of preferred provider organizations (PPO) is - CORRECT ANSWER - If
service is obtained outside the PPO, benefits are reduced and costs increase
, Which of these is a valid reason for an insurer's cancellation of a Medicare supplement policy -
CORRECT ANSWER - Non-payment of premium
When does the producer give a premium receipt for a life insurance application? - CORRECT
ANSWER - When the initial premium has been paid with the application
What is the face amount of a $50,000 graded death benefit life insurance policy when the policy
is issued? - CORRECT ANSWER - Under $50,000, but increases annually until fully
insured
Which of the following is considered a limited accident and health plan - CORRECT
ANSWER - Cancer plan
Which of the following is true regarding a person receiving a waiver of premium benefit -
CORRECT ANSWER - The insured must be disabled for a period of time
How long must a life insurance policy be in effect before the policyowner may use the
nonforfeiture provision? - CORRECT ANSWER - 3 years
All parts of the Medicare program (except for public information and enrollment) are
administered by which federal agency? - CORRECT ANSWER - Centers for Medicare
and Medicaid Services
An accident and health insurance policy's premium requirements are set forth in which of the
following provisions? - CORRECT ANSWER - Consideration clause
Proceeds payable under a life insurance contract to a policyowner in anticipation of death are
called - CORRECT ANSWER - Accelerated benefits
James is covered with health insurance by two different insurers. The "insurance with other
insurers" provision in an individual health insurance policy allows an insurer to pay benefits to
UPDATED Exam Questions and
CORRECT Answers
How long does one premium payment cover in a premium whole life policy - CORRECT
ANSWER - Full life of the policy
The owner of a single premium deferred annuity (SPDA) - CORRECT ANSWER - Makes
only one premium payment
Scott has a life insurance policy in which the dividends are left with the insurance company. This
particular policy may be paid up when the cash value plus accumulated dividends - CORRECT
ANSWER - equal the net single premium for the same face amount at the insured's
attained age
Which statement concerning the Entire Contract provision in an individual accident and health
insurance policy is true - CORRECT ANSWER - The agent doesn't have the authority to
change the policy or waive its provisions
Who normally pays the premiums for group credit life insurance? - CORRECT
ANSWER - borrower
Upon reaching age___, Medicare supplement coverage is offered on a guaranteed-issued basis
during the open enrollment period - CORRECT ANSWER - 65
Which of these is NOT a true statement of the war exclusion? - CORRECT ANSWER -
Civil insurrections apply
A license is NOT required when you are - CORRECT ANSWER - providing referrals
,An insurance producer is BEST defined as - CORRECT ANSWER - a person who has a
contract with an insurance company to represent it
Which of the following actions by a producer would NOT result in a license suspension or
revocation - CORRECT ANSWER - Producing an inadequate amount of new premium
A small employer in Oklahoma may NOT consist of more than___ eligible employees -
CORRECT ANSWER - 50
Which of the following is NOT true of participants in multiple-employer trusts - CORRECT
ANSWER - Participants must purchase all coverages the trust offers
Periodic health claim payments MUST be made at least - CORRECT ANSWER - Monthly
What happens to death benefit of a life insurance policy if the insured elects a partial payment
from the accelerated (living) benefit provision? - CORRECT ANSWER - Reduced
The standard provision of an accident and health insurance policy require that the - CORRECT
ANSWER - Policy, endorsement, and attached papers constitute the "entire contract"
Dan has a major medical expense policy with a $200 deductible and an 80/20 coinsurance
provision. He incurs covered medical expenses of $100 in November and $400 in January. Under
the carryover provision, what will the insurer pay? - CORRECT ANSWER - $240
The promise of a discount in premium as an inducement to purchase insurance is known as -
CORRECT ANSWER - Rebating
A characteristic of preferred provider organizations (PPO) is - CORRECT ANSWER - If
service is obtained outside the PPO, benefits are reduced and costs increase
, Which of these is a valid reason for an insurer's cancellation of a Medicare supplement policy -
CORRECT ANSWER - Non-payment of premium
When does the producer give a premium receipt for a life insurance application? - CORRECT
ANSWER - When the initial premium has been paid with the application
What is the face amount of a $50,000 graded death benefit life insurance policy when the policy
is issued? - CORRECT ANSWER - Under $50,000, but increases annually until fully
insured
Which of the following is considered a limited accident and health plan - CORRECT
ANSWER - Cancer plan
Which of the following is true regarding a person receiving a waiver of premium benefit -
CORRECT ANSWER - The insured must be disabled for a period of time
How long must a life insurance policy be in effect before the policyowner may use the
nonforfeiture provision? - CORRECT ANSWER - 3 years
All parts of the Medicare program (except for public information and enrollment) are
administered by which federal agency? - CORRECT ANSWER - Centers for Medicare
and Medicaid Services
An accident and health insurance policy's premium requirements are set forth in which of the
following provisions? - CORRECT ANSWER - Consideration clause
Proceeds payable under a life insurance contract to a policyowner in anticipation of death are
called - CORRECT ANSWER - Accelerated benefits
James is covered with health insurance by two different insurers. The "insurance with other
insurers" provision in an individual health insurance policy allows an insurer to pay benefits to
