Oklahoma ins - Study guides, Class notes & Summaries

A business offers a group disability income plan and pays the premiums. If an employee suffers a disabling injury, the benefits paid to the employee will be: - Answer-axable income to the business deductible income to the employee a deductible business expense for the business taxable income to the employee A business overhead expense policy does NOT provide: - Answer-tax-free benefits a Medicare SELECT plan is - Answer-a managed care policy. A Medicare SELECT plan is a - Answer-managed c...

Oklahoma Insurance Exam Latest 2024 Graded A+ Life Insurance Transfers to a life insurance company the risk of financial loss to an insurance company. Health Insurance transfers to a health insurance policy the risk of financial loss resulting from illness, injury, disability of an insured person. Risk Chance of loss: only pure risk is insurable. Loss Unplanned reduction in economic value. hazard a condition that increases the chance of a peril/setback/danger. Risk Transfe...

Oklahoma Insurance Licensing Exam Questions with Verified Solutions All of the following are categories of a limited insurance license EXCEPT 1) crop insurance 2) variable life insurance 3) credit life insurance 4) travel insurance 2) variable life insurance What term best describes the act of withholding material information that would be crucial to an underwriting decision? 1) concealment 2) withholding 3) leading 4) breach of warranty 1) concealment Johanna purchased a National F...

Oklahoma Insurance Exam (State Regulations) Questions and Answers Rated A+ Actuary a mathematician employed by the insurer who develops the rates for the insurer. Underwriter (Home Office Underwriter) and employee of the insurer What three things do Underwriters do? Gathers information analyses exposures (determines risk) selects risk for the insurer underwriting the process of selecting risks Producer (agent) (field underwriter) (agent underwriter) a person licensed to soli...

Oklahoma Insurance Exam Questions and Answers Latest (2024 / 2025) (Verified Answers)

A false written or oral statement made by a producer for the purpose of replacing an existing policy to the detriment of the insured is? - Twisting A foreign insurance company is defined as one that is - formed under the laws of a state other than Oklahoma. A guaranteed renewable provision allows - Premiums which can only be increased per rate class. a health insurer must provide a proof of loss form - within 15 days of receipt of the notice loss. A health insurer MUST provide a proof of l...

Oklahoma insurance health and life test Questions and Answers Latest (2024 / 2025) (Verified Answers)

Life Insurance - ANSWER-Transfers to a life insurance company the risk of financial loss to an insurance company. Health Insurance - ANSWER-transfers to a health insurance policy the risk of financial loss resulting from illness, injury, disability of an insured person. Risk - ANSWER-Chance of loss: only pure risk is insurable. Loss - ANSWER-Unplanned reduction in economic value. hazard - ANSWER-a condition that increases the chance of a peril/setback/danger. Risk Transfer - ANSWE...

Oklahoma Insurance Licensing Exam – 183 Questions and Answers

Oklahoma Insurance Adjuster's License Exam Questions and Answers (Latest Update 2024)