Oklahoma insurance health and life test Exam Question With Verified Answers.

Oklahoma insurance health and life test Exam Question With Verified Answers. Who is protected with the "other insurance with this insurer provision" - answerpolicy owner which would not be a location where skilled nursing care is provided - answerpersonal residence how is a collared assignment used in a life insurance contract. - answertransfer specific ownership rights to a creatitor an insurance producer would be found guilty of inducing a customer to purchase insurance in all of the following situations except. - answergiving the applicant merchandise worth $75 for the purchase of insurance what happens to a life insurance policy when the policy loan balance exceeds the cash value? - answerPolicy will no longer be in force Karen is considering replacing her individual accident and health insurance policy with another individual policy. She has had issues in the past with her gall bladder that would be considered a pre-existing condition. How will a pre-existing conditions exclusion affect Karen's new insurance contract? - answermay reduce her benefits The principle source of information concerning an applicant's identity, age and marital status is found in the - answercompleted application Steve has a group disability income policy where the premiums are paid by his employer. He elected to pay for additional residual disability coverage. Which of the following statements is true? - answerSteve will pay taxes on the benefit received from his employer but will receive my residual disability benefits tax free. these are all accurate statements regarding universal life insurance except. - answerpolicy loans are not permitter A producer may begin to solicit insurance only when - answerappointed by an insurer Part A Medicare includes coverage for all of the following services except - answer120 days K is an agent who takes an application for individual life insurance and accepts a check from the client. He submits the application and check to the insurance company, however the check was never signed by the applicant. If the application is approved, when will coverage be effective? - answerthe date the agent delivered the policy, collected the initial premium, and obtained a good health statement from the insured which action will trigger a penalty tax on premature distributions from a modified endowment contract (MEC)? - answerPolicy Loans Kevin has an existing life insurance policy and assigns it to another insurer for a new contract. How would this transaction be treated for tax purposes? - answerAs a section 1035 exchange Mike applied for life insurance and was issued a conditional receipt. He is later found to be insurable and is issued a policy. When does his coverage become effective? - answerDate of insurance of the conditional receipt which of the following is generally a form of group credit life insurance - answerdecreasing term insurance A policy owner suffers a covered accident and health insurance less on June 30 and submit the proof of loss July 10. If the policy owner canceled July 2 what's happens ? - answerclaim must be paid after proof of loss is received when a life insurance or annuity replacement policy is sold, the policy owner has a right to return the policy for a full refund of premium within - answer20 days medicare part A does not provide coverage for - answerthe first 3 pints of blood the act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred as - answertwisting which of these policies is considered a whole life policy - answersingle premium life which statement regarding universal life insurance is correct - answercash value accumulations have a guaranteed minimum interest rate a health insurer must provide a proof of loss form - answerwithin 15 days of receipt of the notice loss. which of these may not be deducted from premium payments or the cash value of a variable life insurance policy - answerfederal premium taxes After the extended term life nonforfeiture option is chosen, the available insurance will be - answerlevel ten for a stated period of time Where will a life insurance policy's proceeds be directed to if all the beneficiaries die before the insured? - answerinsured's estate what happens when a policy owner borrows against the cash value of his life insurance policy - answerthe policy proceeds would be reduced by the outstanding loan balance