Oklahoma Life and Health Insurance Exam with correct
| | | | | | | |
detailed answers |
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 |- |correct |answer |changes |made |by |the |producer
Health |insurance |involves |two |perils, |accident |and |____. |- |correct |answer |sickness
All |of |the |following |riders |can |increase |the |death |benefit |amount |EXCEPT
Cost |of |Living
Waiver |of |Premium
Accidental |Death |Rider
Guaranteed |Insurability |- |correct |answer |Waiver |of |Premium
Of |the |following |dividend |options, |which |of |these |is |taxable?
| Reduction |of |premium
| One |year |term
| Paid-up |additions
| Accumulation |at |interest |- |correct |answer |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 |- |correct |answer |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 |- |correct |answer |180 |days
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 |- |correct |answer |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 |- |correct |answer |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
| No |federal |income |tax |is |owed |on |life |insurance |proceeds
|Tax |liability |owed |depends |on |the |type |of |life |insurance |policy |- |correct |answer |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 |- |correct |answer |age |65
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 |- |correct |answer |40 |and |older
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 |- |correct |answer |deductible
In |Oklahoma, |all |of |these |are |considered |forms |of |inducement |EXCEPT
|
| Gift |whose |value |is |under |$100
| Contract |promising |special |profits |or |favor
| $250 |gift
| Promised |employment |- |correct |answer |Gift |whose |value |is |under |$100
When |can |a |group |health |policy |renewal |be |denied |according |to |the |Health |Insurance |
Portability |and |Accountability |Act |(HIPAA)?
|
| | | | | | | |
detailed answers |
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 |- |correct |answer |changes |made |by |the |producer
Health |insurance |involves |two |perils, |accident |and |____. |- |correct |answer |sickness
All |of |the |following |riders |can |increase |the |death |benefit |amount |EXCEPT
Cost |of |Living
Waiver |of |Premium
Accidental |Death |Rider
Guaranteed |Insurability |- |correct |answer |Waiver |of |Premium
Of |the |following |dividend |options, |which |of |these |is |taxable?
| Reduction |of |premium
| One |year |term
| Paid-up |additions
| Accumulation |at |interest |- |correct |answer |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 |- |correct |answer |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 |- |correct |answer |180 |days
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 |- |correct |answer |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 |- |correct |answer |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
| No |federal |income |tax |is |owed |on |life |insurance |proceeds
|Tax |liability |owed |depends |on |the |type |of |life |insurance |policy |- |correct |answer |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 |- |correct |answer |age |65
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 |- |correct |answer |40 |and |older
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 |- |correct |answer |deductible
In |Oklahoma, |all |of |these |are |considered |forms |of |inducement |EXCEPT
|
| Gift |whose |value |is |under |$100
| Contract |promising |special |profits |or |favor
| $250 |gift
| Promised |employment |- |correct |answer |Gift |whose |value |is |under |$100
When |can |a |group |health |policy |renewal |be |denied |according |to |the |Health |Insurance |
Portability |and |Accountability |Act |(HIPAA)?
|
