Oklahoma Life and Health Insurance Exam
Questions with Detailed Verified Answers (100%
Correct Answers) /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 Answer: changes made by the producer
Health insurance involves two perils, accident and ____. 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 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 Answer: Accumulation at interest
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,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 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 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 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
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,Full-time nursing care
Physical therapy
Home health aides 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 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 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
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, 50 and older 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 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 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% Answer: When contribution or
participation rules have been violated
A Renewable Term Life insurance policy can be renewed...?
© 2025 Get it right Stuvia US All rights reserved
Questions with Detailed Verified Answers (100%
Correct Answers) /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 Answer: changes made by the producer
Health insurance involves two perils, accident and ____. 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 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 Answer: Accumulation at interest
© 2025 Get it right Stuvia US All rights reserved
,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 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 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 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
© 2025 Get it right Stuvia US All rights reserved
,Full-time nursing care
Physical therapy
Home health aides 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 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 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
© 2025 Get it right Stuvia US All rights reserved
, 50 and older 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 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 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% Answer: When contribution or
participation rules have been violated
A Renewable Term Life insurance policy can be renewed...?
© 2025 Get it right Stuvia US All rights reserved
