Oklahoma Life and Health Final Exam
Questions And ANSWERS.
Which of the following covers the Part A deductible of Medicare? - (correct answer) -Medicare
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
supplement core benefits
HI HI HI
Taxable income may be the result from all of these modified endowment contract (MEC) transactions
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
EXCEPT for - (correct answer) -The policy is surrendered for less than what was paid into it
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
What is considered a valid reason for an insurer's refusal to pay policy proceeds directly to an minor?
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
- (correct answer) -Minors are normally not capable of handling money in a reasonable manner
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
The Insurance Information and Privacy Protection Act is designed to limit or direct the information
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
collection activities of all the following, EXCEPT: - (correct answer) -COBRA representatives
HI HI HI HI HI HI HI HI HI HI HI HI
Which health policy clause specifies the amount of benefits to be paid? - (correct answer) -Insuring
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
An insured files for an accident and health insurance policy claim eight days after the premium due
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
date. The benefit payable is $500 and the overdue premium is $200. Assuming that the policy pays
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
on a first-dollar basis and contains the unpaid premium provision, how much will the insurer pay? -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
(correct answer) -$300
HI HI HI
A producer may be disciplined by the Commissioner for which of the following actions? - (correct
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
answer) -Misappropriation of premium funds
HI HI HI HI HI
When would evidence of insurability be required for a person already covered with a variable
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
universal life policy? - (correct answer) -When the death benefit is increased
HI HI HI HI HI HI HI HI HI HI HI HI
Which of the following provisions allows an insured or the insurer to terminate the policy? - (correct
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
answer) -Cancelable provision
HI HI HI
How long must a life insurance policy be in effect before the policyowner may use the nonforfeiture
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
provision? - (correct answer) -3 years
HI HI HI HI HI HI
Under an adjustable life insurance policy, which of the following may NOT be changed without
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
further underwriting? - (correct answer) -The person insured
HI HI HI HI HI HI HI HI
James is covered with health insurance by two different insurers. The "insurance with other insurers"
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
provision in an individual health insurance policy allows an insurer to pay benefits to the insured on
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
a pro-rata basis when - (correct answer) -The insurer was not notified prior to the claim that the
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
insured has other health coverage
HI HI HI HI HI
What is guaranteed cash value of a whole life insurance policy when the insured turns 65 years old? -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
(correct answer) -Less than the policy's face amount
HI HI HI HI HI HI HI HI
, An annuity's accumulation period may - (correct answer) -Continues after the purchase payments stop
HI HI HI HI HI HI HI HI HI HI HI HI HI
Which statement is NOT true regarding health insurance policies that provide limited benefits? -
HI HI HI HI HI HI HI HI HI HI HI HI HI
(correct answer) -Only persons under the age of 65 are eligible
HI HI HI HI HI HI HI HI HI HI HI
If a new policy is replacing an existing one the insured is given the right to return for a full refund of
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
at least ____ days after policy delivery - (correct answer) -20
HI HI HI HI HI HI HI HI HI HI HI
After the initial enrollment period for Medicare Part B has expired, when may an individual purchase
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
again? - (correct answer) -January through March of each year
HI HI HI HI HI HI HI HI HI HI
The absolute assignment of a life insurance policy results in - (correct answer) -all incidents of
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
ownership transferred to the assignee
HI HI HI HI HI
Who is required to notify the producer in the event appointment termination? - (correct answer) -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
insurer
Replacement regulation is designed to protect - (correct answer) -Policyowners from
HI HI HI HI HI HI HI HI HI HI
misrepresentations and loss of benefits
HI HI HI HI HI
An insured is covered with a health insurance policy. If the insured would like to cancel the policy,
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
he/she must - (correct answer) -Notify the insurance company in writing
HI HI HI HI HI HI HI HI HI HI HI
An alien insurer - (correct answer) -is an insurer operating in the U.S. but headquartered outside the
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
U.S.
HI
How long is individual medical expense insurance normally written for? - (correct answer) -1 year
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
Producers must complete a total of ___ Continuing Education credits for each two-year licensing
HI HI HI HI HI HI HI HI HI HI HI HI HI
period. - (correct answer) -24
HI HI HI HI HI
Part A Medicare includes coverage for all of the following services EXCEPT - (correct answer) -120
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
days of Skilled Nursing Facility care
HI HI HI HI HI HI
In the event of employment termination, a person covered by a group life policy also has the right to
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
covert such coverage to an individual policy within __ days without proving insurability. - (correct
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
answer) -31
HI HI
A business may purchase an annuity for all of the following reasons EXCEPT - (correct answer) -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
informally funding a non-qualified deferred compensation plan
HI HI HI HI HI HI
The reason for backdating a policy is - (correct answer) -to obtain a premium rate based on an earlier
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
age
HI
Field underwriting by a producer - (correct answer) -may result in the disclosure of hazardous
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
activities of the applicant
HI HI HI HI
Twisting is - (correct answer) -Replacing an insurance policy from one insurer to another based on
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
misrepresentation
HI
How are benefit payments from individually-owned medical expenses policies treated for tax
HI HI HI HI HI HI HI HI HI HI HI
purposes? - (correct answer) -Exempt from income taxes
HI HI HI HI HI HI HI HI
Questions And ANSWERS.
Which of the following covers the Part A deductible of Medicare? - (correct answer) -Medicare
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
supplement core benefits
HI HI HI
Taxable income may be the result from all of these modified endowment contract (MEC) transactions
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
EXCEPT for - (correct answer) -The policy is surrendered for less than what was paid into it
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
What is considered a valid reason for an insurer's refusal to pay policy proceeds directly to an minor?
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
- (correct answer) -Minors are normally not capable of handling money in a reasonable manner
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
The Insurance Information and Privacy Protection Act is designed to limit or direct the information
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
collection activities of all the following, EXCEPT: - (correct answer) -COBRA representatives
HI HI HI HI HI HI HI HI HI HI HI HI
Which health policy clause specifies the amount of benefits to be paid? - (correct answer) -Insuring
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
An insured files for an accident and health insurance policy claim eight days after the premium due
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
date. The benefit payable is $500 and the overdue premium is $200. Assuming that the policy pays
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
on a first-dollar basis and contains the unpaid premium provision, how much will the insurer pay? -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
(correct answer) -$300
HI HI HI
A producer may be disciplined by the Commissioner for which of the following actions? - (correct
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
answer) -Misappropriation of premium funds
HI HI HI HI HI
When would evidence of insurability be required for a person already covered with a variable
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
universal life policy? - (correct answer) -When the death benefit is increased
HI HI HI HI HI HI HI HI HI HI HI HI
Which of the following provisions allows an insured or the insurer to terminate the policy? - (correct
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
answer) -Cancelable provision
HI HI HI
How long must a life insurance policy be in effect before the policyowner may use the nonforfeiture
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
provision? - (correct answer) -3 years
HI HI HI HI HI HI
Under an adjustable life insurance policy, which of the following may NOT be changed without
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
further underwriting? - (correct answer) -The person insured
HI HI HI HI HI HI HI HI
James is covered with health insurance by two different insurers. The "insurance with other insurers"
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
provision in an individual health insurance policy allows an insurer to pay benefits to the insured on
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
a pro-rata basis when - (correct answer) -The insurer was not notified prior to the claim that the
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
insured has other health coverage
HI HI HI HI HI
What is guaranteed cash value of a whole life insurance policy when the insured turns 65 years old? -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
(correct answer) -Less than the policy's face amount
HI HI HI HI HI HI HI HI
, An annuity's accumulation period may - (correct answer) -Continues after the purchase payments stop
HI HI HI HI HI HI HI HI HI HI HI HI HI
Which statement is NOT true regarding health insurance policies that provide limited benefits? -
HI HI HI HI HI HI HI HI HI HI HI HI HI
(correct answer) -Only persons under the age of 65 are eligible
HI HI HI HI HI HI HI HI HI HI HI
If a new policy is replacing an existing one the insured is given the right to return for a full refund of
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
at least ____ days after policy delivery - (correct answer) -20
HI HI HI HI HI HI HI HI HI HI HI
After the initial enrollment period for Medicare Part B has expired, when may an individual purchase
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
again? - (correct answer) -January through March of each year
HI HI HI HI HI HI HI HI HI HI
The absolute assignment of a life insurance policy results in - (correct answer) -all incidents of
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
ownership transferred to the assignee
HI HI HI HI HI
Who is required to notify the producer in the event appointment termination? - (correct answer) -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
insurer
Replacement regulation is designed to protect - (correct answer) -Policyowners from
HI HI HI HI HI HI HI HI HI HI
misrepresentations and loss of benefits
HI HI HI HI HI
An insured is covered with a health insurance policy. If the insured would like to cancel the policy,
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
he/she must - (correct answer) -Notify the insurance company in writing
HI HI HI HI HI HI HI HI HI HI HI
An alien insurer - (correct answer) -is an insurer operating in the U.S. but headquartered outside the
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
U.S.
HI
How long is individual medical expense insurance normally written for? - (correct answer) -1 year
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
Producers must complete a total of ___ Continuing Education credits for each two-year licensing
HI HI HI HI HI HI HI HI HI HI HI HI HI
period. - (correct answer) -24
HI HI HI HI HI
Part A Medicare includes coverage for all of the following services EXCEPT - (correct answer) -120
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
days of Skilled Nursing Facility care
HI HI HI HI HI HI
In the event of employment termination, a person covered by a group life policy also has the right to
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
covert such coverage to an individual policy within __ days without proving insurability. - (correct
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
answer) -31
HI HI
A business may purchase an annuity for all of the following reasons EXCEPT - (correct answer) -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
informally funding a non-qualified deferred compensation plan
HI HI HI HI HI HI
The reason for backdating a policy is - (correct answer) -to obtain a premium rate based on an earlier
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
age
HI
Field underwriting by a producer - (correct answer) -may result in the disclosure of hazardous
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
activities of the applicant
HI HI HI HI
Twisting is - (correct answer) -Replacing an insurance policy from one insurer to another based on
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
misrepresentation
HI
How are benefit payments from individually-owned medical expenses policies treated for tax
HI HI HI HI HI HI HI HI HI HI HI
purposes? - (correct answer) -Exempt from income taxes
HI HI HI HI HI HI HI HI
