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Oklahoma Life and Health Final Exam 1.A licensee MUST notify the Commissioner of an address change within days of the change.
ANS 30
2.Which of the following statements accurately describes the "time limit on certain defenses"?ANS After a stated period of time, claims cannot be denied due to material misrepresentation on the application 3.All of these are duties that a producer may be required to perform when delivering an insurance policy EXCEPT ANS Leave a conditional receipt with client 4.How long can an insurer legally defer paying the cash value of a surrendered life insurance policy?ANS 6 months 5.An advantage of owning a flexible premium life insurance policy would be ANS The Policyowner can make policy changes without difficulty 1 / 3
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6.Which of the following is NOT a duty of the Insurance Commissioner?ANS Enact insurance legislation 7.What type of premiums are associated with individual mortgage protection life insurance policies?ANS Level premiums 8.When compared to a fixed annuity, a variable annuity has what distinguish- ing feature?ANS Investment risk is assumed by the purchaser 9.If an employee loses employment, how long does the employee have to apply for COBRA (continuation of coverage)?ANS 60 days 10.The grouping of two or more small employers in order to obtain group health insurance at a favorable rate is called a multiple employer ANS Trust 11.Which of these statements regarding the extended term insurance nonfor- feiture option in a life policy is accurate?ANS The premium to purchase the coverage comes from the policy's cash value 12.When a lapsed policy's premium has been paid current, it has the potential of being 2 / 3
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ANS Reinstated 13.Medicare Part A does NOT provide coverage for ANS First 3 pints of blood 14.The Change of Occupation provision in a Disability Income policy states that, in the event the insured changes to a less hazardous occupation, which of the following may apply?ANS Benefits can be increased in the event of a covered claim 15.All of these may be an Unfair Claims Practice EXCEPT ANS Refusing to pay persons bringing false or fraudulent claims 16.All of these statements concerning group credit life insurance are false
EXCEPT
ANS The face amount is determined by the outstanding loan balance 17.Which report contains information regarding an individual's general repu- tation and credit standing?ANS Consumer report
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