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Oklahoma Life and Health Insurance Exam 250 Questions with Verified Answers,100% CORRECT
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Oklahoma Life and Health Insurance Exam 250 Questions with Verified Answers
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Oklahoma Life and Health Insurance Exam 250 Questionswith Verified Answers
In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of -
CORRECT ANSWER 8%
Under HIPAA requirements, eligibility for the pre-existing conditions exclusion
waiver under new coverage is lost if - CORRECT ANSWER 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? - CORRECT ANSWER Entire Contract clause
impatient psychiatric care is covered under Part A Medicare for 190 days per -
CORRECT ANSWER lifetime
What happens when a policyowner borrows against the cash value of his life
insurance policy? - CORRECT ANSWER 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? -
CORRECT ANSWER 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? - CORRECT ANSWER The Centers of
Medicare and Medicaid Services
Which of the following is NOT an intended use of an annuity? - CORRECT ANSWER
Create new funds upon the death of wage-earner
Part A Medicare includes coverage for all of the following services EXCEPT -
CORRECT ANSWER 120 days of Skilled Nursing Facility care
,Which of these factors does NOT affect the life insurance premium rates? -
CORRECT ANSWER Producer Certification
A license is NOT required when you are - CORRECT ANSWER providing referrals
Producers must complete a total of ___ Continuing Education credits for each
two-year licensing period. - CORRECT ANSWER 24
Which life insurance policy would be eligible to include an automatic premium
loan provision? - CORRECT ANSWER Whole life
A Guaranteed Renewable provision allows - CORRECT ANSWER premiums which
can only be increased per rate class
An insurance producer is BEST defined as - CORRECT ANSWER 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. - CORRECT
ANSWER 20
All of these are used to prevent adverse selection in a group dental plan EXCEPT -
CORRECT ANSWER decreased employee participation
How long can an insurer legally defer paying the cash value of a surrendered life
insurance policy? - CORRECT ANSWER 6 months
The insurance information and Privacy Protection Act is designed to limit or direct
the information collection activities of all of the following, EXCEPT: - CORRECT
ANSWER COBRA representatives
Field underwriting by a producer - CORRECT ANSWER may result in the disclosure
of hazardous activities of the applicant
Joe is a military retiree after having served 20 years of active duty. Upon retiring,
he requests reinstatement of his lapsed individual health policy and is denied.
, Which of the following is correct? - CORRECT ANSWER Joe cannot be denied
reinstatement to his original individual health plan
At what point are death proceeds paid in a joint life insurance policy? - CORRECT
ANSWER When the first insured dies
Emergency health care coverage for Medicare enrollees traveling abroad is -
CORRECT ANSWER a Medicare Supplement additional benefit
Tim is covered by an accident and health insurance policy that may not be
changed in any way by the insurer up to a stated age, as long as the premiums are
paid. What type of policy is this? - CORRECT ANSWER Noncancelable
How long does one premium payment cover in a single premium whole life
policy? - CORRECT ANSWER full life of the policy
The interest credited to the cash values of personally-owned non-qualified
annuities is considered - CORRECT ANSWER tax-deferred
Which of the following statements accurately describes the "time limit on certain
defenses"? - CORRECT ANSWER After a stated period of time, claims cannot be
denied due to material misrepresentation on the application
Producers must complete how many hours of continuing education biannually. -
CORRECT ANSWER 24
Who may terminate coverage under a cancelable health insurance policy? -
CORRECT ANSWER the insurer or the insured
The amount of a covered loss to be paid by the insured before a major medical
expense policy begins to pay is called the - CORRECT ANSWER deductible amount
What could be the potential result of taking out a cash value loan under a life
insurance policy? - CORRECT ANSWER Reduces the amount receivable upon
surrender of the contract
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