Final Exam - Oklahoma Life and Health Exam Question With Verified Answers.

Final Exam - Oklahoma Life and Health Exam Question With Verified Answers. A licensee MUST notify the Commissioner of an address change within _______ days of the change. - answer30 Which of the following statements accurately describes the "time limit on certain defenses"? - answerAfter 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 - answerLeave a conditional receipt with client How long can an insurer legally defer paying the cash value of a surrendered life insurance policy? - answer6 months An advantage of owning a flexible premium life insurance policy would be - answerThe Policyowner can make policy changes without difficulty Which of the following is NOT a duty of the Insurance Commissioner? - answerEnact insurance legislation What type of premiums are associated with individual mortgage protection life insurance policies? - answerLevel premiums When compared to a fixed annuity, a variable annuity has what distinguishing feature? - answerInvestment risk is assumed by the purchaser If an employee loses employment, how long does the employee have to apply for COBRA (continuation of coverage)? - answer60 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 - answerTrust Which of these statements regarding the extended term insurance nonforfeiture option in a life policy is accurate? - answerThe 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 - answerReinstated Medicare Part A does NOT provide coverage for - answerFirst 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? - answerBenefits can be increased in the event of a covered claim All of these may be an Unfair Claims Practice EXCEPT - answerRefusing to pay persons bringing false or fraudulent claims All of these statements concerning group credit life insurance are false EXCEPT - answerThe face amount is determined by the outstanding loan balance Which report contains information regarding an individual's general reputation and credit standing? - answerConsumer report All life insurance illustration showing future premiums being paid out of nonguaranteed values must disclose that - answerthe 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? - answerAs 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 - answerPreferred Provider Organization (PPO) In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of - answer8% Prepaid dental plans differ form most other types of dental plans in what way? - answerClosed panel of dentists can only be used A MET third-party administrator may NOT perform which of the following functions? - answerMarketing the plan A health insurer MUST provide a proof of loss form - answerWithin 15 days of receipt of the notice of loss Insurance producer Karey offers clients a $250 shopping card if they purchase an insurance product through her. What is this an example of? - answerRebating Which of the following does NOT meet the requirements of "skilled nursing care"? - answerMust be provided exclusively in a hospital A licensed producer is prohibited from giving a gift of more than _______ in value to a client as an inducement to purchase insurance. - answer$100 Which of these may NOT be deducted from premium payments or the cash value of a variable life insurance policy? - answerFedera