Oklahoma Life & Health Insurance Exam Questions & Answers

Oklahoma Life & Health Insurance Exam Questions & Answers-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