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Oklahoma Life and Health State Exam Simulator
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Oklahoma Life and Health State Exam Simulator
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Oklahoma Life and Health State Exam SimulatorWhich statement concerning adjustable life insurance is accurate? Answer- The face amount and premiums can be changed simultaneously by the policyowner
Federally qualified HMO's must offer Answer- family planning services
How are monthly life annuity benefit payments treated under a tax sheltered annuity (TSA)? Answer- Taxed as ordinary income in the year received
Insurable interest involves what assumption? Answer- One person benefits from another person's continued life
What does the rehabilitation benefit cover in a disability income policy? Answer- Covers the approved cost of the rehabilitation necessary to help a disabled insured return to work
Which of the following relationships demonstrates insurable interest in the absence of economic interest? Answer- marriage partners
Which life insurance settlement option pays a stated monthly benefit until both principal and interest are exhausted? Answer- Fixed amount installment option
Which life insurance clause prohibits an insurance company from questioning the validity of the contract after a stated period of time has passed? Answer- Incontestable clause
Which event triggers a deferred annuity to start making benefit payments to the annuitant? Answer- When the contract is annuitized
When a producer submits an application that discloses personal information regarding the applicant, who supplies the privacy notice? Answer- producer
Which of the following best describes the presumptive disability provision? Answer- Waives the normal total disability requirements
Jerry has an indemnity plan which covers dental expenses. Typically, these type of plans Answer- cover preventative care once every six months A life insurance policyowner would like a dividend option that results in a limited current outlay of funds. Which dividend option would be chosen? Answer- Reduction of premium payment
Which parties are directly involved in a group accident and health insurance contract? Answer- The employer and the insurer
Which statement regarding universal life insurance is correct? Answer- Cash value accumulations have a guaranteed minimum interest rate
Laura has an employer-based preventative health care plan that focuses on an enrollee's problems, such as drug abuse or stress. These plans are called Answer- Wellness programs
A retired couple would like to maximize the income derived from their combined life savings and have it payable until they both die. Which annuity would be their best choice? Answer- Joint and survivor annuity
What effect can a long-term care benefit rider have on a life insurance policy? Answer- Reduced DEATH benefit
A single-life annuity only has ONE Answer- annuitant
A Health Reimbursement Arrangement MUST be established Answer- by the employer
A reciprocal insurer typically has an administrator who manages the premiums collected
from the group's members. This administrator is called a(n) Answer- Attorney in fact
Which of the following statements about universal life insurance is NOT true? Answer- Universal life insurance normally has a minimum guaranteed cash value for duration of the policy
When does the producer give a premium receipt for a life insurance application? Answer- When the initial premium has been collected with the application
Which statement concerning a decreasing term life policy is accurate? Answer- FACE AMOUNT decreases over the policy period
If an individual would like to enroll in Medicare or seek public information about Medicare, which federal agency handles this? Answer- Social Security Administration
Which of these is NOT relevant when determining the amount of personal life insurance needed? Answer- Local unemployment rate
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