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Final Exam Questions and Answers - Oklahoma Life and Health
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Final Exam Questions and Answers - Oklahoma Life and Health
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Final Exam Questions and Answers - Oklahoma Life and HealthInterest is credited to a fixed annuity no lower than the Answer- contract guaranteed rate
Which of these statements regarding the extended term insurance nonforfeiture option is accurate? Answer- The premium to purchase the coverage comes from the policy's cash value
The requirements for continuing education apply to all of the following EXCEPT Answer-
customer service representatives
Which of the following health insurance provisions requires that the application becomes part of the policy? Answer- Entire Contract clause
A policyowner suffers a covered accident and health insurance loss on June 30 and submits the proof of loss to the insurer July 10. If the policyowner cancelled the coverage on July 2, how will the insurance company handle the claim? Answer- Claim must be paid after proof of loss is received
Which of the following is NOT covered by a comprehensive long-term care policy? Answer- Acute Care
A producer who is licensed in Oklahoma but resident in another state is called a Answer- Nonresident producer
What must be given to a life insurance applicant when the agent receives an application
and the initial premium? Answer- Conditional Recepit
Which of the following could be a future use of the cash value that builds in a recently-
purchased whole life insurance policy? Answer- Provide supplemental income in 35 years
Which of these is NOT a common life insurance nonforfeiture option? Answer- Life income annuity
A form of an accelerated death benefit is a Answer- terminal illness settlement benefit How long must a life insurance policy be in effect before the policyowner may use the nonforfeiture provision? Answer- 3 years
Field underwriting by a producer Answer- may result in the disclosure of hazardous activities of the applicant
Which statement concerning a deferred annuity contract is correct? Answer- The owner can be the beneficiary, annuitant, or neither
Who may terminate coverage under a cancelable health insurance policy? Answer- The
insurer or the insured
Which statement is true about a permanent disability under workers compensation coverage? Answer- Coverage excludes nonoccupational injuries
According to Oklahoma Statute, commissions may be paid to Answer- licensed and duly
appointed producers
A material change in a modified endowment contract (MEC) results in Answer- the seven pay test, adjusted for cash value, applies again
When a lapsed policy's premium has been paid current, it has the potential of being Answer- reinstated
How is a collateral assignment used in a life insurance contract? Answer- transfers specific ownership rights to a creditor
When a ten year renewable term life insurance policy issued at age 45 is renewed, the premium rate will be the current rate for Answer- ten year term insurance for a person aged 55
Which of the following does a Medicare Advantage enrollee typically pay for? Answer- Small co-pay per visit or per service
A producer may be disciplined by the Commissioner for which of the following actions? Answer- Misappropriation of premium funds
Which of the following does NOT help determine group health insurance premiums? Answer- claims experience of the group
Which of the following is NOT a condition that must be met for an accidental death benefit to be paid? Answer- cause of death must be from a job-related injury
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