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2024 OKLAHOMA LIFE INSURANCE EXAM WITH CORRECT ANSWERS
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2024 OKLAHOMA LIFE INSURANCE EXAM WITH CORRECT ANSWERS
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2024 OKLAHOMA LIFE INSURANCEEXAM WITH CORRECT ANSWERS
Which of these is NOT an Unfair Claims Settlement Practice? - CORRECT
ANSWERS-Providing claim payments to the insureds under the guidelines of
the insurance contract
A licensee MUST notify the commissioner of an address change within ___
days of the change. - CORRECT ANSWERS-30
Which statement best describes a single premium whole life policy? -
CORRECT ANSWERS-paid up policy that offers lifetime protection
What happens when a policyowner borrows against the cash value of his life
insurance policy? - CORRECT ANSWERS-The policy proceeds would be
reduced by the outstanding loan balance
Failing to promptly provide a reasonable explanation for the denial of a claim
is considered to be an - CORRECT ANSWERS-unfair claim settlement practice
The absolute assignment of a life insurance policy results in - CORRECT
ANSWERS-all incidents of ownership transferred to the assignee
What is a juvenile life insurance policy? - CORRECT ANSWERS-A life policy
that covers the life of a minor
During an annuity's liquidation phase, the annuitant normally - CORRECT
ANSWERS-receives benefit payments at regular intervals
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? - CORRECT ANSWERS-Date of issuance of the conditional
receipt
When would evidence of insurability be required for a person already
covered with a variable universal life policy? - CORRECT ANSWERS-When the
death benefit is increased
Which statement regarding the life insurance premium for a children's rider
is true? - CORRECT ANSWERS-Premium remains the same no matter how
many children
, Why do insurers require a minimum number of employees participate in a
group insurance plan? - CORRECT ANSWERS-Minimize adverse selection
Which of these is NOT considered the responsibility of a producer during the
underwriting process? - CORRECT ANSWERS-Selecting the final approval date
Jerry is a resident producer who has moved to another city in Oklahoma. How
long does he have to notify the Insurance Commissioner of the change of
address? - CORRECT ANSWERS-30 days
What is the face amount of a $50,000 graded death life insurance policy
when the policy is issued? - CORRECT ANSWERS-Under $50,000 initially, but
increases over time
Which life insurance clause prohibits an insurance company from questioning
the validity of the contract after a stated period of time has passed? -
CORRECT ANSWERS-Incontestable clause
Which statement concerning adjustable life insurance is accurate? -
CORRECT ANSWERS-The face amount and premiums can be changed
simultaneously by the policyowner
In the event of employment termination, a person covered by a group life
policy also the right to convert such coverage to an individual policy within
_____ days without proving insurability. - CORRECT ANSWERS-31
Which is an accurate descriptions of the premium in a graded premium life
insurance policy? - CORRECT ANSWERS-Annual increases in premium for a
stated number of years then remains level
Under HIPAA (Health Insurance Portability and Accountability) requires
guarantee issue of insurance as long as there has not been more than a ___
day gap in coverage. - CORRECT ANSWERS-63
Which of these would NOT be a valid reason to add the waiver of premium
rider to a life insurance policy? - CORRECT ANSWERS-It allows a policy loan
to cover premium payments if the policyowner becomes totally disabled
A life insurance policy's waiver of premium rider has the ability to - CORRECT
ANSWERS-relieve the insured of premium payments following an initial
waiting period after the insured becomes totally disabled
Which statement concerning a decreasing term life policy is accurate? -
CORRECT ANSWERS-Face amount DECREASES over the policy period
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