Oklahoma Life and Health Final Exam Latest Version Graded A+

Oklahoma Life and Health Final Exam Latest Version Graded A+ A licensee MUST notify the Commissioner of an address change within _______ days of the change. 30 Which of the following statements accurately describes the "time limit on certain defenses"? After a stated period of time, claims cannot be denied due to material misrepresentation on the application All of these are duties that a producer may be required to perform when delivering an insurance policy EXCEPT Leave a conditional receipt with client How long can an insurer legally defer paying the cash value of a surrendered life insurance policy? 6 months An advantage of owning a flexible premium life insurance policy would be The Policyowner can make policy changes without difficulty Which of the following is NOT a duty of the Insurance Commissioner? Enact insurance legislation What type of premiums are associated with individual mortgage protection life insurance policies? Level premiums When compared to a fixed annuity, a variable annuity has what distinguishing feature? Investment risk is assumed by the purchaser If an employee loses employment, how long does the employee have to apply for COBRA (continuation of coverage)? 60 days The grouping of two or more small employers in order to obtain group health insurance at a favorable rate is called a multiple employer Trust Which of these statements regarding the extended term insurance nonforfeiture option in a life policy is accurate? The premium to purchase the coverage comes from the policy's cash value When a lapsed policy's premium has been paid current, it has the potential of being Reinstated Medicare Part A does NOT provide coverage for First 3 pints of blood The Change of Occupation provision in a Disability Income policy states that, in the event the insured changes to a less hazardous occupation, which of the following may apply? Benefits can be increased in the event of a covered claim All of these may be an Unfair Claims Practice EXCEPT Refusing to pay persons bringing false or fraudulent claims All of these statements concerning group credit life insurance are false EXCEPT The face amount is determined by the outstanding loan balance Which report contains information regarding an individual's general reputation and credit standing? Consumer report All life insurance illustration showing future premiums being paid out of nonguaranteed values must disclose that the policy owner may need to resume premium payments depending on actual results How may an insurance company classify an accidental death benefit on a life policy? As an optional policy rider The agreement in which hospitals and physician groups in a specific area contract with an insurance company to provide medical care at predetermined costs is Preferred Provider Organization (PPO) In Oklahoma, a life insurance policy