©THEBRIGHT EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
Oklahoma life Exam Questions With Verified
Answers
Whether an insurable interest exists between the individuals - Answers✔If an applicant for a life
insurance policy and person to be insured by the policy are two different people the underwriter
would be concerned about
Substandard Risk - Answers✔Which of the following types of risk will result in the highest
premium
insurance - Answers✔What do individuals use to transfer their risk of loss to a larger group?
Issuing sales material with exaggerated statements about policy benefits - Answers✔Which of
the following best describes a misrepresentation?
$500,000 - Answers✔What is the maximum death benefit that the Oklahoma life and health
insurance guaranty association will pay for health insurance benefits for any one individual
Universal life - Answers✔Which of the following types of policies allows the policy owner to
skip premium payments, provided that there is enough cash value in the policy to cover the
premium amount?
FINRA - Answers✔An agent selling variable annuities must be registered with
The policy will terminate when the cash value is reduced to nothing - Answers✔If an insured
continually uses the automatic premium loan option to pay the policy premium
Medical information - Answers✔Which part of an insurance application would contain
information regarding the cause of death of the applicant's deceased relatives?
Variable life insurance - Answers✔All of the following are categories of a limited insurance
license EXEPT
Each insured person - Answers✔In group life policies, a certificate of insurance is given to
1
, ©THEBRIGHT EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
A full death benefit - Answers✔If the owner of a whole life policy who is also the insured dies at
age 80, and there are no outstanding loans on the policy, what portion of the death benefit will be
paid to the beneficiary?
Entire contract - Answers✔The provision which states that both the policy and a copy of the
application form the contract between the policyowner and the insurer is called the
Become a resident in the country in which the individual wishes to operate - Answers✔To
become licensed to transact insurance in Oklahoma, an individual must meet all of the following
requirements EXCEPT
An index like Standard & Poor's 500. - Answers✔The minimum interest rate on an equity
indexed annuity is often based on
The amount purchased will be as much as the cash value will purchase at the insurerd's current
age - Answers✔If the insured chose the reduced paid-up insurance nonforfeiture option
February 28th, or 10 days after the time the policy is delivered - Answers✔J applied for a life
insurance policy on January 10. The policy was issued on January 31. J's agent was vacationing
at the time the policy was issued, so J did not receive the policy until February 18. J decides that
he does not want the policy. When would J need to return the policy to the insurer in order to
receive a full refund of premium paid?
That the cash value will not be lost - Answers✔Nonforfeiture values guarantee which of the
following for the policyowner?
Waiver of Premium - Answers✔The rider in a whole life policy that allows the company to forgo
collecting the premium if the insured is disabled is called
It is reduced to the amount of what the cash value would buy as a single premium -
Answers✔When a reduced-paid up nonforfeiture option is chosen, what happens to the face
amount of the policy?
10 days - Answers✔When a producer ceases to maintain residency in the state, within how many
days must the producer return the license to the commissioner?
The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries
were alive - Answers✔An insured has chosen joint and 2/3 survivor as the settlement option.
What does this mean to the beneficiaries?
31 days - Answers✔How many days from the insurance of an emergency cease and desist would
the order be considered final?
It had a guaranteed minimum interest rate - Answers✔Why is an equity index annuity considered
to be a fixed annuity?
2
ALL RIGHTS RESERVED.
Oklahoma life Exam Questions With Verified
Answers
Whether an insurable interest exists between the individuals - Answers✔If an applicant for a life
insurance policy and person to be insured by the policy are two different people the underwriter
would be concerned about
Substandard Risk - Answers✔Which of the following types of risk will result in the highest
premium
insurance - Answers✔What do individuals use to transfer their risk of loss to a larger group?
Issuing sales material with exaggerated statements about policy benefits - Answers✔Which of
the following best describes a misrepresentation?
$500,000 - Answers✔What is the maximum death benefit that the Oklahoma life and health
insurance guaranty association will pay for health insurance benefits for any one individual
Universal life - Answers✔Which of the following types of policies allows the policy owner to
skip premium payments, provided that there is enough cash value in the policy to cover the
premium amount?
FINRA - Answers✔An agent selling variable annuities must be registered with
The policy will terminate when the cash value is reduced to nothing - Answers✔If an insured
continually uses the automatic premium loan option to pay the policy premium
Medical information - Answers✔Which part of an insurance application would contain
information regarding the cause of death of the applicant's deceased relatives?
Variable life insurance - Answers✔All of the following are categories of a limited insurance
license EXEPT
Each insured person - Answers✔In group life policies, a certificate of insurance is given to
1
, ©THEBRIGHT EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
A full death benefit - Answers✔If the owner of a whole life policy who is also the insured dies at
age 80, and there are no outstanding loans on the policy, what portion of the death benefit will be
paid to the beneficiary?
Entire contract - Answers✔The provision which states that both the policy and a copy of the
application form the contract between the policyowner and the insurer is called the
Become a resident in the country in which the individual wishes to operate - Answers✔To
become licensed to transact insurance in Oklahoma, an individual must meet all of the following
requirements EXCEPT
An index like Standard & Poor's 500. - Answers✔The minimum interest rate on an equity
indexed annuity is often based on
The amount purchased will be as much as the cash value will purchase at the insurerd's current
age - Answers✔If the insured chose the reduced paid-up insurance nonforfeiture option
February 28th, or 10 days after the time the policy is delivered - Answers✔J applied for a life
insurance policy on January 10. The policy was issued on January 31. J's agent was vacationing
at the time the policy was issued, so J did not receive the policy until February 18. J decides that
he does not want the policy. When would J need to return the policy to the insurer in order to
receive a full refund of premium paid?
That the cash value will not be lost - Answers✔Nonforfeiture values guarantee which of the
following for the policyowner?
Waiver of Premium - Answers✔The rider in a whole life policy that allows the company to forgo
collecting the premium if the insured is disabled is called
It is reduced to the amount of what the cash value would buy as a single premium -
Answers✔When a reduced-paid up nonforfeiture option is chosen, what happens to the face
amount of the policy?
10 days - Answers✔When a producer ceases to maintain residency in the state, within how many
days must the producer return the license to the commissioner?
The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries
were alive - Answers✔An insured has chosen joint and 2/3 survivor as the settlement option.
What does this mean to the beneficiaries?
31 days - Answers✔How many days from the insurance of an emergency cease and desist would
the order be considered final?
It had a guaranteed minimum interest rate - Answers✔Why is an equity index annuity considered
to be a fixed annuity?
2
