OKLAHOMA LIFE AND HEALTH
INSURANCE EXAM QUESTIONS &
VERIFIED ANSWERS PASSED
ALREADY GRADED A+
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)?
When a change of management has occurred within the group
When the annual number of claims has increased by 25%
When contribution or participation rules have been violated
When group participation has increased by 25% - CORRECT ANSWER When
contribution or participation rules have been violated
A Renewable Term Life insurance policy can be renewed...?
at a predetermined date or age, regardless of the insured's health
, only if the insured provides evidence of insurability
anytime at the policyowner's request
typically with no change in premium - CORRECT ANSWER at a predetermined date or
age, regardless of the insured's health
A health benefit plan that provides maternity benefits must provide at least how many
hours of inpatient care for the mother and newborn infant following delivery?
24 hours for vaginal birth or 96 hours for caesarean section
36 hours for vaginal birth or 48 hours for caesarean section
48 hours for vaginal birth or 96 hours for caesarean section
72 hours for vaginal birth or 96 hours for caesarean section - CORRECT ANSWER 48
hours for vaginal birth or 96 hours for caesarean section
Which type of coverage pays an amount per day for hospitalization directly to the
insured regardless of the insured's other health insurance?
MEWA
Mutual
Group
Hospital indemnity - CORRECT ANSWER Hospital indemnity
A Medicare Supplement policy may be cancelled for which of the following reasons?
Claims exceed specified loss-ratio percentage
Non-payment of premium
End stage renal disease diagnosis
Prescription drug cost exceeds the "donut hole threshold" - CORRECT ANSWER Non-
payment of premium
A producer may be disciplined by the Commissioner for which of the following actions?
Being accused of a felony
Misappropriation of premium funds
INSURANCE EXAM QUESTIONS &
VERIFIED ANSWERS PASSED
ALREADY GRADED A+
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)?
When a change of management has occurred within the group
When the annual number of claims has increased by 25%
When contribution or participation rules have been violated
When group participation has increased by 25% - CORRECT ANSWER When
contribution or participation rules have been violated
A Renewable Term Life insurance policy can be renewed...?
at a predetermined date or age, regardless of the insured's health
, only if the insured provides evidence of insurability
anytime at the policyowner's request
typically with no change in premium - CORRECT ANSWER at a predetermined date or
age, regardless of the insured's health
A health benefit plan that provides maternity benefits must provide at least how many
hours of inpatient care for the mother and newborn infant following delivery?
24 hours for vaginal birth or 96 hours for caesarean section
36 hours for vaginal birth or 48 hours for caesarean section
48 hours for vaginal birth or 96 hours for caesarean section
72 hours for vaginal birth or 96 hours for caesarean section - CORRECT ANSWER 48
hours for vaginal birth or 96 hours for caesarean section
Which type of coverage pays an amount per day for hospitalization directly to the
insured regardless of the insured's other health insurance?
MEWA
Mutual
Group
Hospital indemnity - CORRECT ANSWER Hospital indemnity
A Medicare Supplement policy may be cancelled for which of the following reasons?
Claims exceed specified loss-ratio percentage
Non-payment of premium
End stage renal disease diagnosis
Prescription drug cost exceeds the "donut hole threshold" - CORRECT ANSWER Non-
payment of premium
A producer may be disciplined by the Commissioner for which of the following actions?
Being accused of a felony
Misappropriation of premium funds
