Oklahoma insurance health and life test -Questions with Correct Answers/ 100% Pass/ Latest Update

Oklahoma insurance health and l ife test -Ques tions with Correct Answers/ 100% Pass/ Latest Update who is protected with the "other insurance with this insurer provision" - ✔✔policy owner which would not be a location where skilled nursing care is provided - ✔✔personal residence how is a collared assignment used in a life insurance contract. - ✔✔transfer 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. - ✔✔giving the applicant merchandise worth $75 for the purchase of ins urance what happens to a life insurance policy when the policy loan balance exceeds the cash value? - ✔✔Policy will no longer be in force Karen is considering replacing her individual accident and health insurance policy with another individual policy. S he 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? - ✔✔may reduce her benefits The principle source of information conc erning an applicant's identity, age and marital status is found in the - ✔✔completed 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? - ✔✔Steve will pay taxes on the benefit received from his empl oyer but will receive my residual disability benefits tax free. these are all accurate statements regarding universal life insurance except. - ✔✔policy loans are not permitter A producer may begin to solicit insurance only when - ✔✔appointed by an insure r Part A Medicare includes coverage for all of the following services except - ✔✔120 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 comp any, however the check was never signed by the applicant. If the application is approved, when will coverage be effective? - ✔✔the 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)? - ✔✔Policy Loans Kevin has an existing life insurance policy and assigns it to another insurer for a new contract. How would this transaction be tre ated for tax purposes? - ✔✔As 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? - ✔✔Date of insurance of the con ditional receipt which of the following is generally a form of group credit life insurance - ✔✔decreasing 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 ow ner canceled July 2 what's happens ? - ✔✔claim 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 - ✔✔20 days med icare part A does not provide coverage for - ✔✔the 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 - ✔✔twisting which of these policies is cons idered a whole life policy - ✔✔single premium life which statement regarding universal life insurance is correct - ✔✔cash value accumulations have a guaranteed minimum interest rate a health insurer must provide a proof of loss form - ✔✔within 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 - ✔✔federal premium taxes After the extend ed term life nonforfeiture option is chosen, the available insurance will be - ✔✔level 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? - ✔✔insured's estate what happens when a policy owner borrows against the cash value of his life insurance policy - ✔✔the policy proceeds would be reduced by the outstanding loan balance where does the primary funding for medicare part A come from? - ✔✔Federal Payroll Taxes what happens to the death benefit of a life insurance policy of the insured elects a partial payments from the accelerates living benefit provision - ✔✔Reduced When a life insurance or annuity replacement policy its sold, the policy owner has a right to retur n the policy for a full refund of premium within - ✔✔20 days