Oklahoma laws and rules - exam Questions And Answers Rated A+

_____ life insurance is designed to pay the balance of a lone if the insured dies before the loan has been repaid - Credit A domestic company in Oklahoma must - Be formed under Oklahoma insurance laws A foreign insurance company doing business in Oklahoma - is a company domiciled under the laws of another state A licensed producer is prohibited from giving a gift of more than ___ in value to a client as an inducement to purchase insurance - $100 A life insurance Illustration showing future premiums being paid out of nonguaranteed values must disclose that - The policyowner may need to resume premium payments depending on actual results A producer MUST maintain insurance transaction records for a minimum of ___ years. - 3 A producers license has been suspended due to non-renewal. The license may be reinstated within the ___ month period following the date when the license should have been renewed. - 12 A producers license must be renewed every ___ year(s) - 2 A(n) _____ insurance company is one that was formed under the laws of another country outside of the U.S. - alien All of these may be an Unfair Claims Practice EXCEPT - Refusing to pay persons bringing false or fraudulent claimsAn individual whose producers license has been suspended, continues to perform insurance transactions illegally. This individual could be charged with a felony and fined up to - $5,000 An insurer may peg mission in which of the following scenarios - To a licensed producer, who is appointed with the insurer Before emailing a client an insurance document during a transaction, what must the client provide before the producer can send the document? - consent to receive the email Charging different rates between individuals of the same class and equal expectation of life is best described as - Unfair discrimination Failing to properly provide a reasonable explanation for the denial of a claim is considered to be a(n) - Unfair claims settlement practice False written, or oral statement made by a producer for the purpose of replacing existing policy to the detriment of the insured is - Twisting Fraternal Benefit Society has each of the following characteristics EXCEPT - Exist For profit How long must a life insurance policy be in effect before the policy owner may use the non-forfeiture provision? - 3 years If a producer is found to have violated an Oklahoma insurance statute, a fine can be given up to _____ for each violation - $1,000 If a Texas company proposes, and/or makes an insurance contract by mail for an Oklahoma resident, this is considered: - Business in the state of Oklahoma