Oklahoma Life & Health Insurance Exam Questions and Answers 100% Correct
63 views 0 purchase
Course
Oklahoma Life & Health Insurance
Institution
Oklahoma Life & Health Insurance
Oklahoma Life & Health Insurance Exam Questions and Answers 100% Correct
Oklahoma Life & Health Insurance Exam Questions and Answers 100% Correct
Oklahoma Life & Health Insurance Exam Questions and Answers 100% Correct
In Oklahoma, a life insurance policy loan may NOT exceed an intere...
Oklahoma Life & Health Insurance Exam 2023-2024 Questions and Answers 100%
Correct
In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of - ANSWER-8%
Under HIPAA requirements, eligibility for the pre-existing conditions exclusion waiver under new coverage is lost if - ANSWER-there is a break in coverage of more than 63 days
Which of the following health insurance provisions requires that the application becomes part of the policy? - ANSWER-Entire Contract clause
impatient psychiatric care is covered under Part A Medicare for 190 days per - ANSWER-lifetime
What happens when a policyowner borrows against the cash value of his life insurance policy? - ANSWER-The policy proceeds would be reduced by the outstanding loan balance
ABC Corporation purchases and is beneficiary of an individual disability income insurance policy on a key employee. Which of the following statements is true? - ANSWER-Benefits are received tax-free by the company
All parts of the Medicare program (except for public information and enrollment) are administered by which federal agency? - ANSWER-The Centers of Medicare and Medicaid Services
Which of the following is NOT an intended use of an annuity? - ANSWER-Create new funds upon the death of wage-earner
Part A Medicare includes coverage for all of the following services EXCEPT - ANSWER-120 days of Skilled Nursing Facility care
Which of these factors does NOT affect the life insurance premium rates? - ANSWER-
Producer Certification
A license is NOT required when you are - ANSWER-providing referrals Producers must complete a total of ___ Continuing Education credits for each two-year licensing period. - ANSWER-24
Which life insurance policy would be eligible to include an automatic premium loan provision? - ANSWER-Whole life
A Guaranteed Renewable provision allows - ANSWER-premiums which can only be increased per rate class
An insurance producer is BEST defined as - ANSWER-a person who has a contract with an insurance company to represent it
If a new policy is replacing an existing one, the insured is given the right to return for a full refund of at least how many days after policy delivery. - ANSWER-20
All of these are used to prevent adverse selection in a group dental plan EXCEPT - ANSWER-decreased employee participation
How long can an insurer legally defer paying the cash value of a surrendered life insurance policy? - ANSWER-6 months
The insurance information and Privacy Protection Act is designed to limit or direct the information collection activities of all of the following, EXCEPT: - ANSWER-COBRA representatives
Field underwriting by a producer - ANSWER-may result in the disclosure of hazardous activities of the applicant
Joe is a military retiree after having served 20 years of active duty. Upon retiring, he requests reinstatement of his lapsed individual health policy and is denied. Which of the following is correct? - ANSWER-Joe cannot be denied reinstatement to his original individual health plan
At what point are death proceeds paid in a joint life insurance policy? - ANSWER-When the first insured dies
Emergency health care coverage for Medicare enrollees traveling abroad is - ANSWER-
a Medicare Supplement additional benefit
Tim is covered by an accident and health insurance policy that may not be changed in any way by the insurer up to a stated age, as long as the premiums are paid. What type of policy is this? - ANSWER-Noncancelable
How long does one premium payment cover in a single premium whole life policy? - ANSWER-full life of the policy The interest credited to the cash values of personally-owned non-qualified annuities is considered - ANSWER-tax-deferred
Which of the following statements accurately describes the "time limit on certain defenses"? - ANSWER-After a stated period of time, claims cannot be denied due to material misrepresentation on the application
Producers must complete how many hours of continuing education biannually. - ANSWER-24
Who may terminate coverage under a cancelable health insurance policy? - ANSWER-
the insurer or the insured
The amount of a covered loss to be paid by the insured before a major medical expense
policy begins to pay is called the - ANSWER-deductible amount
What could be the potential result of taking out a cash value loan under a life insurance policy? - ANSWER-Reduces the amount receivable upon surrender of the contract
Which of these statements regarding the extended term insurance nonforfeiture option in a life policy is accurate? - ANSWER-The premium to purchase the coverage comes from the policy's cash value
Which statement concerning the Entire Contract provision in an individual accident and health insurance policy is TRUE? - ANSWER-The agent doesn't have the authority to change the policy or waive its provisions
What must be given to a life insurance applicant when the agent receives an application
and the initial premium? - ANSWER-Conditional receipt
A medical expense health plan claim may be denied due to material misrepresentation within how many years of issue. - ANSWER-two
A preferred provider plan and an indemnity plan are similar in what way? - ANSWER-
Both pay on a fee-for-service basis
Who is required to notify the producer in the event of appointment termination? - ANSWER-Insurer
What kind of arrangement gives the policyowner the right to change the beneficiary? - ANSWER-Revocable designation
Proceeds payable under a life insurance contract to a policyowner in anticipation of death are called - ANSWER-accelerated benefits
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NursingTutor1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
