Oklahoma Life and Health
Insurance Exam Questions and
Verified Answers
changes made by the producer - correct answer ✔✔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
sickness - correct answer ✔✔Health insurance involves two perils, accident and ____.
Waiver of Premium - correct answer ✔✔All of the following riders can increase the death
benefit amount EXCEPT
Cost of Living
Waiver of Premium
Accidental Death Rider
Guaranteed Insurability
Accumulation at interest - correct answer ✔✔Of the following dividend options, which of these
is taxable?
,Reduction of premium
One year term
Paid-up additions
Accumulation at interest
credit life - correct answer ✔✔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
180 days - correct answer ✔✔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
On a tax-deferred basis - correct answer ✔✔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
Full-time nursing care - correct answer ✔✔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
No federal income tax is owed on life insurance proceeds - correct answer ✔✔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
No federal income tax is owed on life insurance proceeds
Tax liability owed depends on the type of life insurance policy
age 65 - correct answer ✔✔Medicare Supplement coverage permits an open enrollment period
on a guaranteed issue basis upon reaching
age 60
, age 62
age 65
age 70
40 and older - correct answer ✔✔Group and individual health insurance policies that provide
coverage to women must cover annual mammography screenings for women aged:
30 and older
35 and older
40 and older
50 and older
deductible - correct answer ✔✔Jennifer is required to pay a specific sum out of pocket before
any benefits are paid in a year. Her health policy most likely contains a(n)
stop-loss provision
deductible
copayment
out of pocket provision
Insurance Exam Questions and
Verified Answers
changes made by the producer - correct answer ✔✔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
sickness - correct answer ✔✔Health insurance involves two perils, accident and ____.
Waiver of Premium - correct answer ✔✔All of the following riders can increase the death
benefit amount EXCEPT
Cost of Living
Waiver of Premium
Accidental Death Rider
Guaranteed Insurability
Accumulation at interest - correct answer ✔✔Of the following dividend options, which of these
is taxable?
,Reduction of premium
One year term
Paid-up additions
Accumulation at interest
credit life - correct answer ✔✔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
180 days - correct answer ✔✔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
On a tax-deferred basis - correct answer ✔✔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
Full-time nursing care - correct answer ✔✔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
No federal income tax is owed on life insurance proceeds - correct answer ✔✔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
No federal income tax is owed on life insurance proceeds
Tax liability owed depends on the type of life insurance policy
age 65 - correct answer ✔✔Medicare Supplement coverage permits an open enrollment period
on a guaranteed issue basis upon reaching
age 60
, age 62
age 65
age 70
40 and older - correct answer ✔✔Group and individual health insurance policies that provide
coverage to women must cover annual mammography screenings for women aged:
30 and older
35 and older
40 and older
50 and older
deductible - correct answer ✔✔Jennifer is required to pay a specific sum out of pocket before
any benefits are paid in a year. Her health policy most likely contains a(n)
stop-loss provision
deductible
copayment
out of pocket provision
