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Oklahoma Life & Health Insurance Exam With complete solution Latest | RATED A+
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Oklahoma Life & Health Insurance Exam With complete solution Latest | RATED A+
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Oklahoma Life & Health Insurance ExamWith complete solution Latest | RATED
A+
In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of - 8%
Under HIPAA requirements, eligibility for the pre-existing conditions exclusion waiver
under new coverage is lost if - 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? - Entire Contract clause
impatient psychiatric care is covered under Part A Medicare for 190 days per - lifetime
What happens when a policyowner borrows against the cash value of his life insurance
policy? - 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? -
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? - The Centers of Medicare and Medicaid
Services
Which of the following is NOT an intended use of an annuity? - Create new funds
upon the death of wage-earner
Part A Medicare includes coverage for all of the following services EXCEPT - 120
days of Skilled Nursing Facility care
Which of these factors does NOT affect the life insurance premium rates? - Producer
Certification
A license is NOT required when you are - providing referrals
Producers must complete a total of ___ Continuing Education credits for each two-year
licensing period. - 24
Which life insurance policy would be eligible to include an automatic premium loan
provision? - Whole life
, A Guaranteed Renewable provision allows - premiums which can only be increased
per rate class
An insurance producer is BEST defined as - 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. - 20
All of these are used to prevent adverse selection in a group dental plan EXCEPT -
decreased employee participation
How long can an insurer legally defer paying the cash value of a surrendered life
insurance policy? - 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: - COBRA
representatives
Field underwriting by a producer - 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? - Joe cannot be denied reinstatement to his original individual
health plan
At what point are death proceeds paid in a joint life insurance policy? - When the first
insured dies
Emergency health care coverage for Medicare enrollees traveling abroad is - 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? - Noncancelable
How long does one premium payment cover in a single premium whole life policy? -
full life of the policy
The interest credited to the cash values of personally-owned non-qualified annuities is
considered - tax-deferred
Which of the following statements accurately describes the "time limit on certain
defenses"? - 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. - 24
Who may terminate coverage under a cancelable health insurance policy? - 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 - deductible amount
What could be the potential result of taking out a cash value loan under a life insurance
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policy? - Reduces the amount receivable upon surrender of the contract
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Which of these statements regarding the extended term insurance nonforfeiture option in
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a life policy is accurate? - The premium to purchase the coverage comes from the policy's
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cash value
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Which statement concerning the Entire Contract provision in an individual accident and
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health insurance policy is TRUE? - The agent doesn't have the authority to change the
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policy or waive its provisions
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What must be given to a life insurance applicant when the agent receives an application
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and the initial premium? - Conditional receipt
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A medical expense health plan claim may be denied due to material misrepresentation
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within how many years of issue. - two
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A preferred provider plan and an indemnity plan are similar in what way? - Both pay on a
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fee-for-service basis
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ii Who is required to notify the producer in the event of appointment termination? - Insurer
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What kind of arrangement gives the policyowner the right to change the beneficiary? -
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Revocable designation
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Proceeds payable under a life insurance contract to a policyowner in anticipation of death
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are called - accelerated benefits
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The automatic premium loan provision can be accurately described as a - provision that
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provides a policy loan to pay any premiums by the end of the grace period
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Which statement concerning a decreasing term life policy is accurate? - face amount
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decreases over the policy period
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Which of the following is NOT a qualification to be licensed as a producer? - High school
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diploma
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