Final Exam - Oklahoma Life and Health
Questions And Answers.
Interest is credited to a fixed annuity no lower than the - Verified ANS ✔✔ - contract guaranteed
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
rate
HI
Which of these statements regarding the extended term insurance nonforfeiture option is accurate? -
HI HI HI HI HI HI HI HI HI HI HI HI HI
Verified ANS ✔✔ - The premium to purchase the coverage comes from the policy's cash value
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
The requirements for continuing education apply to all of the following EXCEPT - Verified ANS ✔✔ -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
customer service representatives
HI HI HI
Which of the following health insurance provisions requires that the application becomes part of the
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
policy? - Verified ANS ✔✔ - Entire Contract clause
HI HI HI HI HI HI HI HI HI HI HI
A policyowner suffers a covered accident and health insurance loss on June 30 and submits the proof
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
of loss to the insurer July 10. If the policyowner cancelled the coverage on July 2, how will the
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
insurance company handle the claim? - Verified ANS ✔✔ - Claim must be paid after proof of loss is
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
received
HI
Which of the following is NOT covered by a comprehensive long-term care policy? - Verified ANS ✔✔
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
- Acute Care
HI HI HI HI
A producer who is licensed in Oklahoma but resident in another state is called a - Verified ANS ✔✔ -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
Nonresident producer
HI HI HI
What must be given to a life insurance applicant when the agent receives an application and the
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
initial premium? - Verified ANS ✔✔ - Conditional Recepit
HI HI HI HI HI HI HI HI HI HI HI
Which of the following could be a future use of the cash value that builds in a recently-purchased
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
whole life insurance policy? - Verified ANS ✔✔ - Provide supplemental income in 35 years
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
Which of these is NOT a common life insurance nonforfeiture option? - Verified ANS ✔✔ - Life
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
income annuity
HI HI
A form of an accelerated death benefit is a - Verified ANS ✔✔ - terminal illness settlement benefit
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI 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? - Verified ANS ✔✔ - 3 years
HI HI HI HI HI HI HI HI HI HI
Field underwriting by a producer - Verified ANS ✔✔ - may result in the disclosure of hazardous
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
activities of the applicant
HI HI HI HI
Which statement concerning a deferred annuity contract is correct? - Verified ANS ✔✔ - The owner
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
can be the beneficiary, annuitant, or neither
HI HI HI HI HI HI HI
, Who may terminate coverage under a cancelable health insurance policy? - Verified ANS ✔✔ - The
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
insurer or the insured
HI HI HI HI
Which statement is true about a permanent disability under workers compensation coverage? -
HI HI HI HI HI HI HI HI HI HI HI HI
Verified ANS ✔✔ - Coverage excludes nonoccupational injuries
HI HI HI HI HI HI HI HI HI HI
According to Oklahoma Statute, commissions may be paid to - Verified ANS ✔✔ - licensed and duly
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
appointed producers
HI HI
A material change in a modified endowment contract (MEC) results in - Verified ANS ✔✔ - the
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
seven pay test, adjusted for cash value, applies again
HI HI HI HI HI HI HI HI HI
When a lapsed policy's premium has been paid current, it has the potential of being - Verified ANS
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
✔✔ - reinstated
HI HI HI HI HI
How is a collateral assignment used in a life insurance contract? - Verified ANS ✔✔ - transfers
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
specific ownership rights to a creditor
HI HI HI HI HI HI
When a ten year renewable term life insurance policy issued at age 45 is renewed, the premium rate
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
will be the current rate for - Verified ANS ✔✔ - ten year term insurance for a person aged 55
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
Which of the following does a Medicare Advantage enrollee typically pay for? - Verified ANS ✔✔ -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
Small co-pay per visit or per service
HI HI HI HI HI HI HI
A producer may be disciplined by the Commissioner for which of the following actions? - Verified ANS
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
✔✔ - Misappropriation of premium funds
HI HI HI HI HI HI HI HI
Which of the following does NOT help determine group health insurance premiums? - Verified ANS
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
✔✔ - claims experience of the group
HI HI HI HI HI HI HI HI HI
Which of the following is NOT a condition that must be met for an accidental death benefit to be
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
paid? - Verified ANS ✔✔ - cause of death must be from a job-related injury
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
Proceeds payable under a life insurance contract to a policyowner in anticipation of death or upon
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
the occurrence of specified life-threatening conditions as defined by the policy are best described as:
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
- Verified ANS ✔✔ - accelerated benefits
HI 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 - Verified ANS ✔✔ - 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 HI HI HI HI
insured has other health coverage
HI HI HI HI HI
Under what circumstance does an accident and health insurer have the right to request an autopsy? -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
Verified ANS ✔✔ - When not prohibited by state law
HI HI HI HI HI HI HI HI HI HI HI HI
Social Security disability income requirements state that in order to become fully insured on a
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
permanent basis, you must have worked in a covered occupation for - Verified ANS ✔✔ - 40
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
quarters
HI
To legally receive a sales commission from an insurance company, an individual MUST - Verified ANS
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
✔✔ - hold the appropriate license
HI HI HI HI HI HI HI HI
Questions And Answers.
Interest is credited to a fixed annuity no lower than the - Verified ANS ✔✔ - contract guaranteed
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
rate
HI
Which of these statements regarding the extended term insurance nonforfeiture option is accurate? -
HI HI HI HI HI HI HI HI HI HI HI HI HI
Verified ANS ✔✔ - The premium to purchase the coverage comes from the policy's cash value
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
The requirements for continuing education apply to all of the following EXCEPT - Verified ANS ✔✔ -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
customer service representatives
HI HI HI
Which of the following health insurance provisions requires that the application becomes part of the
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
policy? - Verified ANS ✔✔ - Entire Contract clause
HI HI HI HI HI HI HI HI HI HI HI
A policyowner suffers a covered accident and health insurance loss on June 30 and submits the proof
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
of loss to the insurer July 10. If the policyowner cancelled the coverage on July 2, how will the
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
insurance company handle the claim? - Verified ANS ✔✔ - Claim must be paid after proof of loss is
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
received
HI
Which of the following is NOT covered by a comprehensive long-term care policy? - Verified ANS ✔✔
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
- Acute Care
HI HI HI HI
A producer who is licensed in Oklahoma but resident in another state is called a - Verified ANS ✔✔ -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
Nonresident producer
HI HI HI
What must be given to a life insurance applicant when the agent receives an application and the
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
initial premium? - Verified ANS ✔✔ - Conditional Recepit
HI HI HI HI HI HI HI HI HI HI HI
Which of the following could be a future use of the cash value that builds in a recently-purchased
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
whole life insurance policy? - Verified ANS ✔✔ - Provide supplemental income in 35 years
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
Which of these is NOT a common life insurance nonforfeiture option? - Verified ANS ✔✔ - Life
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
income annuity
HI HI
A form of an accelerated death benefit is a - Verified ANS ✔✔ - terminal illness settlement benefit
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI 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? - Verified ANS ✔✔ - 3 years
HI HI HI HI HI HI HI HI HI HI
Field underwriting by a producer - Verified ANS ✔✔ - may result in the disclosure of hazardous
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
activities of the applicant
HI HI HI HI
Which statement concerning a deferred annuity contract is correct? - Verified ANS ✔✔ - The owner
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
can be the beneficiary, annuitant, or neither
HI HI HI HI HI HI HI
, Who may terminate coverage under a cancelable health insurance policy? - Verified ANS ✔✔ - The
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
insurer or the insured
HI HI HI HI
Which statement is true about a permanent disability under workers compensation coverage? -
HI HI HI HI HI HI HI HI HI HI HI HI
Verified ANS ✔✔ - Coverage excludes nonoccupational injuries
HI HI HI HI HI HI HI HI HI HI
According to Oklahoma Statute, commissions may be paid to - Verified ANS ✔✔ - licensed and duly
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
appointed producers
HI HI
A material change in a modified endowment contract (MEC) results in - Verified ANS ✔✔ - the
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
seven pay test, adjusted for cash value, applies again
HI HI HI HI HI HI HI HI HI
When a lapsed policy's premium has been paid current, it has the potential of being - Verified ANS
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
✔✔ - reinstated
HI HI HI HI HI
How is a collateral assignment used in a life insurance contract? - Verified ANS ✔✔ - transfers
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
specific ownership rights to a creditor
HI HI HI HI HI HI
When a ten year renewable term life insurance policy issued at age 45 is renewed, the premium rate
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
will be the current rate for - Verified ANS ✔✔ - ten year term insurance for a person aged 55
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
Which of the following does a Medicare Advantage enrollee typically pay for? - Verified ANS ✔✔ -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
Small co-pay per visit or per service
HI HI HI HI HI HI HI
A producer may be disciplined by the Commissioner for which of the following actions? - Verified ANS
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
✔✔ - Misappropriation of premium funds
HI HI HI HI HI HI HI HI
Which of the following does NOT help determine group health insurance premiums? - Verified ANS
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
✔✔ - claims experience of the group
HI HI HI HI HI HI HI HI HI
Which of the following is NOT a condition that must be met for an accidental death benefit to be
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
paid? - Verified ANS ✔✔ - cause of death must be from a job-related injury
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
Proceeds payable under a life insurance contract to a policyowner in anticipation of death or upon
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
the occurrence of specified life-threatening conditions as defined by the policy are best described as:
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
- Verified ANS ✔✔ - accelerated benefits
HI 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 - Verified ANS ✔✔ - 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 HI HI HI HI
insured has other health coverage
HI HI HI HI HI
Under what circumstance does an accident and health insurer have the right to request an autopsy? -
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
Verified ANS ✔✔ - When not prohibited by state law
HI HI HI HI HI HI HI HI HI HI HI HI
Social Security disability income requirements state that in order to become fully insured on a
HI HI HI HI HI HI HI HI HI HI HI HI HI HI
permanent basis, you must have worked in a covered occupation for - Verified ANS ✔✔ - 40
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
quarters
HI
To legally receive a sales commission from an insurance company, an individual MUST - Verified ANS
HI HI HI HI HI HI HI HI HI HI HI HI HI HI HI
✔✔ - hold the appropriate license
HI HI HI HI HI HI HI HI
