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Oklahoma Life and Health Practice Exam Questions and Correct Answers
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Oklahoma Life and Health Practice Exam Questions and Correct Answers
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Oklahoma Life and Health Practice ExamQuestions and Correct Answers.
A person covered with an individual health plan
is issued a policy is issued a certificate of medical costs does not contract directly with the insurance company is not subject to medical underwriting Answer- A person covered by an individual health
plan is issued a policy.
All Health Benefit Plans issued after January 1, 2014 must provide long-term care dental care adult vision care preventative health services Answer- preventative health services
Preventative health services must be provided by Health Benefit Plans issued on or after January 1, 2014.
Insurance producer Kate offers insureds a $250 shopping card if they purchase an insurance product through her. What is this an example of? A fair trade practice Enticement, which is an unfair trade practice Rebating, which is an unfair trade practice Coercion, which is an unfair trade practice Answer- Rebating, which is an unfair trade practice
This is an example of rebating, which is prohibited.
A rider that assures premiums will be paid on a juvenile policy until the child reaches a specific age is called a(n) waiver of premium rider payor rider automatic premium loan rider juvenile waiver rider Answer- payor rider A payor rider assures the premiums will be paid on a juvenile policy until the insured child reaches a specific age.
A Fraternal Benefit Society has each of the following characteristics EXCEPT
Incorporated Without capital stock Exists For profit Exists for the benefit of its members Answer- Exists For profit
A Fraternal Benefit Society is a nonprofit entity.
All of these are common exclusions to a life insurance policy EXCEPT accidental death military service aviation hazardous occupations Answer- accidental death Accidental death is not a common exclusion to a life insurance policy.
Simon has purchased a fixed immediate annuity. His payment amount will be dependent upon principal, interest, and the contract's surrender charge death benefit cash refund income period Answer- income period
The amount of a fixed immediate annuity payment is dependent upon starting principal, interest, and the annuity's income period.
The Oklahoma Insurance Commissioner is REQUIRED to examine domestic insurers AT LEAST every 2 years 4 years 5 years 6 years Answer- 5 years
The Oklahoma Insurance Commissioner is REQUIRED to examine domestic insurers AT LEAST every 5 years.
A nonparticipating company is sometimes called a(n) alien insurer mutual insurer reinsurer stock insurer Answer- stock insurer
A stock insurer is referred to as a nonparticipating company because policyholders do not participate in dividends resulting from stock ownership.
What percentage of a participant's income are group long-term disability benefit amounts typically limited to? 30% 40% 50% 60% Answer- 60%
Group long-term disability benefit amounts are usually limited to 60% of the participant's
income.
An insurance producer is required to maintain the usual and customary records pertaining to authorized transactions for how long? 1 year 3 years 5 years 7 years Answer- 3 years
An insurance producer is required to maintain the usual and customary records pertaining to authorized transactions for 3 years.
A life insurance policyowner does NOT have the right to change a beneficiary select a beneficiary take out a policy loan revoke an absolute assignment Answer- revoke an absolute assignment
A policyowner may not revoke an absolute assignment.
How is a health provider reimbursed if they do NOT have an agreement in place with the insurance company? With a contingent fee With a scheduled fee With a usual, customary, and reasonable fee With a reasonably appropriate fee Answer- With a usual, customary, and reasonable fee
When a provider does not have an agreement with the insurer for payment, they will be reimbursed a usual, customary, and reasonable fee.
In what form do disability income policies typically pay benefits? Lump sum Periodic income Tax credit Annuity Answer- Periodic income
Disability policies typically pay benefits in the form of periodic income.
An insurer will accept a premium from the insured and continue the coverage in full force as though it was NOT late during which time period? Incontestable period Probation period Reinstatement period Grace period Answer- Grace period
The grace period is the amount of time an insurer continues coverage in full force and will accept the premium from the insured as though it was NOT late.
An insured has a stop-loss limit of $5,000, a deductible of $500, and an 80/20 coinsurance. The insured incurs $25,000 of covered losses. How much will the insured have to pay? $500 $5,000 $5,400 $5,600 Answer- $5,000
In this situation, the insured will pay the stop-loss limit of $5,000.
Which of these riders will pay a death benefit if the insured's spouse dies? Guaranteed Insurability rider Family term insurance rider Family whole insurance rider Payor benefit rider Answer- Family term insurance rider
A Family Term Insurance rider provides a death benefit if the spouse of the insured dies.
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