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Oklahoma Life and Health Insurance Exam Questions and Answers Latest Version Already Passed

In Oklahoma, which of the following is required to sell life insurance?✔✔ A. A valid producer license

• A business degree
• A health permit
• A driver’s license

What does term life insurance provide?

• Coverage for the insured’s entire life

✔✔ B. Coverage for a specific period

• Investment options
• Cash dividends only

Which policy builds cash value over time?✔✔ A. Whole life

• Term life 1 / 4

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• Accident-only
• Disability income

Which of the following is a feature of a universal life policy?

• Fixed premiums only

✔✔ B. Flexible premiums and adjustable benefits

• No cash value
• Lifetime fixed death benefit

In Oklahoma, insurance policies must contain:

✔✔ A. A free-look period

• A tax statement
• A bank approval form
• A witness affidavit

What is the free-look period in Oklahoma for life insurance?✔✔ A. 10 days

• 3 days 2 / 4

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• 21 days
• 30 days

A beneficiary is the person who:

✔✔ A. Receives the death benefit

• Pays the premiums
• Issues the policy
• Underwrites the policy

The purpose of underwriting in life insurance is to:

✔✔ A. Evaluate risk

• Collect claims
• Pay taxes
• Promote sales

What does the contestability period allow insurers to do?✔✔ A. Investigate misstatements in the first two years

• Deny claims after five years 3 / 4

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• Cancel policy at any time
• Change premiums without notice

Which of the following best describes insurable interest?

• A profit from someone’s death

✔✔ B. A financial or emotional connection to the insured

• A random investment
• A legal contract with a stranger

Accidental death riders pay an additional benefit when:

✔✔ A. The insured dies due to an accident

• The insured cancels the policy
• A dependent dies
• The policyholder requests it

A waiver of premium rider:

✔✔ A. Waives premiums during total disability

• Doubles the death benefit
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