OKLAHOMA LIFE and HEALTH final exam questions and answers with solutions 2025
0 view 0 purchase
Course
OKLAHOMA NURSING HOME ADMINISTRATOR
Institution
OKLAHOMA NURSING HOME ADMINISTRATOR
which of the following types of health insurance is characterized by a limited choice of providers? - ANSWER Health maintenance organization
The death proceeds of a credit life insurance policy are typically paid to the ________ - ANSWER lender
If an employee loses employment, how long does t...
which of the following types of health insurance is characterized by a limited choice of providers? -
ANSWER Health maintenance organization
The death proceeds of a credit life insurance policy are typically paid to the ________ - ANSWER lender
If an employee loses employment, how long does the employee have to apply for COBRA (continuation
of coverage)? - ANSWER 60 days
A MET third-party administer may NOT perform which of the following functions?
a. claims processing
b. marketing the plan
c. underwriting the plan
d. insuring the plan - ANSWER Marketing the plan
An insured is covered with a health insurance policy. If the insured would life to cancel the policy, he/she
must ________ - ANSWER Notify the insurance company in writing
Third-party administration has become fairly common in accident and health insurance due to the
growth of ______ - ANSWER self-funding of benefits
In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of ____% - ANSWER 8%
Which of these life insurance policies does NOT contain a cash value provision?
a. modified whole life
b. universal life
c. decreasing term life
d. adjustable life - ANSWER decreasing term life
,A deliberate lie by an insured to the insurer to obtain a lower premium is an example of ______ -
ANSWER fraud
Which of these is NOT an Unfair Claims Settlement Practice?
a. Refusing to pay claims w/o conducting a reasonable investigation
b. Compelling insureds to initiate a lawsuit by offering less on insurance claims
c. Failing to acknowledge and act promptly with respect to insurance claims
d. Providing claim payments to insureds under the guidelines of the insurance contract - ANSWER
Providing claim payments to insureds under the guidelines of the insurance contract
After an insurance application has been originated, the producer normally - ANSWER is the major
personal contact to the insured
If a Texas company proposes, and/or makes an insurance contract by mail for an OK resident, this is
considered - ANSWER business in the state of OK
What is the elimination period of an individual disability policy? - ANSWER Time period a disabled
person must wait before benefits are paid
The promise of a discount in premium as an inducement to purchase insurance is known as - ANSWER
rebating
Which of the following statements accurately describes the "time limit on certain defenses"? - ANSWER
After a stated period of time, claims cannot be denied due to material misrepresentation on the
application
Which of the 2 following actions by a producer would NOT result in a license suspension or revocation?
a. found guilty of misrepresentation in obtaining license
b. misdemeanor conviction
c. misappropriating an insured's premium payment
d. violated any state insurance law
e. inadequate amount of new premium
,f. demonstrates incompetency to transact business as an insurance producer
g. misrepresents the terms of an existing insurance contract - ANSWER - misdemeanor conviction
- inadequate amount of new premium
who is required to notify the producer in the event of appointment termination? - ANSWER Insurer
Inpatient psychiatric care is covered under Part A Medicare for 190 day per - ANSWER lifetime
An insurance policy may be issued with a preferred insurance premium in all of these situations EXCEPT
a. good credit history
b. living in a rural area
c. good health history
d. being a nonsmoker - ANSWER living in a rural area
How long does one premium payment cover in a single premium whole life policy? - ANSWER Full life of
the policy
Respite Care coverage is typically found in a(n) - ANSWER Long Term Care policy
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 would NOT be a valid reason to add the waiver of premium rider to a life insurance
policy? - ANSWER It allows a policy loan to cover premium payments if the policy-owner becomes totally
disabled
A major medical expense policy typically does NOT
a. contain a deductible
b. have a high limit of coverage
c. contain a coinsurance provision
, d. pay surgeon fees on a first-dollar basis - ANSWER pay surgeon fees on a first-dollar basis
Which would be described as a beneficiary designation by class? - ANSWER Children of the insured
Which of the following reduces the opportunity for overinsurance? - ANSWER Coordination of benefits
provision
How is a collateral assignment used in a life insurance contract? - ANSWER Transfers specific ownership
rights to a creditor
Which of these statements is FALSE regarding immunization benefits for dependent children? "Must not
be subject to a .......
a. coinsurance
b. schedule
c. deductible
d. copayment - ANSWER schedule
A licensed producer is prohibited from giving a gift of more than $______ in value to a client as an
inducement to purchase insurance. - ANSWER 100
When the disclosure of an insured's nonpublic information is involved, what is the insurer obligated to
do? - ANSWER Give notice, explain, and allow opting out
Under what circumstance does an accident and health insurer have the right to request an autopsy? -
ANSWER When not prohibited by state law
What type of premiums are associated with individual mortgage life insurance policies? - ANSWER Level
premiums
What happens when a policyowner borrows against the cash value of his life insurance policy? - ANSWER
The policy proceeds would be reduced by the outstanding loan balance
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Performance. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
