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Oregon Life Insurance Exam Simulation: Difficult Questions with 100% Correct Answers
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Oregon Life Insurance Exam Simulation: Difficult Questions with 100% Correct Answers
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMOregon Life Insurance Exam Simulation: Difficult
Questions with 100% Correct Answers
Under a straight life annuity, if the annuitant dies before the principal amount is paid out,
the beneficiary will receive
a)The remainder of the principal.
b)Nothing; the payments will cease.
c)Guaranteed minimum benefit.
d)The amount paid into the annuity. - ✔️✔️b
Which of the following is usually true of a participating life insurance policy?
a)It pays dividends to policyowners.
b)It may be converted to a term life policy.
c)It pays dividends to stockholders.
d)It assesses premiums against stockholders. - ✔️✔️a
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
What is the best way to change an application?
a)Erase the previous answer and replace it with the new answer
b)White-out the previous answer
c)Draw a line through the incorrect answer and insert the correct one.
d)Start over with a fresh application - ✔️✔️d
An insured is upset that her new health insurance policy was delivered to her by
certified mail and not through her agent. Which of the following is true?
a)There is nothing wrong with this form of policy delivery.
b)The insured should complain to the insurer.
c)The insured should ask for a new policy to be delivered.
d)The policy will not be legal until it is delivered by an agent. - ✔️✔️a
If an insured surrenders his life insurance policy, which statement is true regarding the
cash value of the policy?
a)It is only taxable if the cash value exceeds the amount paid for premiums
.b)It is not considered to be taxable
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
.c)It is taxable only if it exceeds the amounts paid for premiums by 50%.
d)It is automatically taxable. - ✔️✔️a
HIPAA applies to groups of
a)At least 10.
b)At least 100.
c)More than 2, fewer than 50.
d)2 or more. - ✔️✔️d
All of the following are TRUE of the federal tax advantages of a qualified plan EXCEPT
a)Employer contributions are tax deductible as ordinary business expense.
b)Funds accumulate on a tax-deferred basis.
c)Employee and employer contributions are not counted as income to the employee for
income tax purposes
.d)At distribution, all amounts received by the employee are tax free. - ✔️✔️d
Why is it essential for an insurer to document all correspondence with an insured?
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, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
a)Federal law
b)Errors and omissions
c)Statistics gathering
d)State law - ✔️✔️b
How many days from the finalization of a divorce or separation does the spouse of a
group health certificate owner have to notify the insurer when requesting continuance of
coverage?
a)14
b)60
c)30
d)45 - ✔️✔️b
Traditional IRA contributions are tax deductible based on which of the following?
a)How long the plan has been in force
b)Owner's age
c)IRA limit
d)Owner's income Traditional IRA contributions are tax deductible, but may be limited if
the owner's income exceeds a certain level. - ✔️✔️d
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