[Jun 20, 2026] Ok-Life-Accident-and-Health-or-Sickness-Producer Dumps PDF and Test Engine Exam Questions - PassReview
Verified Ok-Life-Accident-and-Health-or-Sickness-Producer exam dumps Q&As with Correct 157 Questions and Answers
NEW QUESTION # 28
A common disaster provision states that if the beneficiary dies from the same accident as the insured individual, the insurer will proceed as if the
- A. beneficiary was never named on the policy.
- B. beneficiary outlived the insured individual.
- C. insured individual outlived the beneficiary.
- D. beneficiary and the insured individual died simultaneously.
Answer: B
Explanation:
Thecommon disaster provisionin a life insurance policy addresses situations where the insured and primary beneficiary die in the same accident. It typically includes a survivorship clause, presuming thebeneficiary outlived the insuredfor a specified period (e.g., 14-30 days) unless proven otherwise. This ensures the death benefit passes to the beneficiary's estate or contingent beneficiaries, as outlined in Oklahoma's life insurance provisions (Title 36 O.S. § 4001 et seq.).
* Option A: Incorrect. The provision does not assume the insured outlived the beneficiary.
* Option B: Correct. The insurer proceeds as if the beneficiary outlived the insured.
* Option C: Incorrect. Simultaneous death is addressed differently under the Uniform Simultaneous Death Act, not the common disaster provision.
* Option D: Incorrect. The provision does not treat the beneficiary as unnamed.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance Provisions).
Oklahoma Insurance Department, Title 36 O.S. § 4001 et seq. (beneficiary provisions).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 29
The process by which an insurer decides whether to issue a policy is known as
- A. underwriting.
- B. risk pooling.
- C. classification.
- D. selection.
Answer: A
Explanation:
Underwriting is the process by which an insurer evaluates an applicant's risk profile to determine whether to issue a policy, what coverage to offer, and at what premium rate. This involves assessing factors such as medical history, lifestyle, and financial information to ensure the applicant meets the insurer's standards.
* Option A: Incorrect. Classification refers to grouping applicants into risk categories (e.g., standard, substandard) during underwriting, not the entire process.
* Option B: Incorrect. Risk pooling is the practice of spreading risk across a group of policyholders, not the decision to issue a policy.
* Option C: Correct. Underwriting is the process of evaluating and deciding whether to issue a policy.
* Option D: Incorrect. Selection is a component of underwriting but not the term for the entire process.
This question aligns with the Prometric content outline under "Underwriting," which covers the principles and processes of risk assessment.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Underwriting).
Oklahoma Insurance Department, Title 36 O.S. § 1204 (insurance business conduct).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 30
Which type of life insurance policy is written under a single contract for both spouses in which it is payable upon the first death?
- A. joint
- B. dual capacity
- C. whole
- D. family term
Answer: A
Explanation:
Ajoint life policy(first-to-die) covers both spouses under a single contract and pays the death benefit upon the first spouse's death, as defined in Oklahoma's life insurance regulations (Title 36 O.S. § 4002). This is often used for financial protection needs like mortgages.
* Option A: Incorrect. "Dual capacity" is not a standard life insurance term.
* Option B: Incorrect. Family term covers dependents but is not specific to first-to-die spousal coverage.
* Option C: Incorrect. Whole life is a permanent policy type, not inherently joint.
* Option D: Correct. A joint life policy pays on the first spouse's death.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance).
Oklahoma Insurance Department, Title 36 O.S. § 4002 (life insurance products).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 31
A type of life insurance policy which provides for the payment of the face amount at the end of the specified period if the insured is still alive, is
- A. an endowment policy.
- B. a universal life insurance policy.
- C. a juvenile trust.
- D. a modified life insurance policy.
Answer: A
Explanation:
Anendowment policyis a life insurance product that pays the face amount to the insured if they are alive at the end of a specified period (maturity) or to the beneficiary if the insured dies before maturity. It combines life insurance with a savings component, as defined in Oklahoma's life insurance regulations (Title 36 O.S. §
4002).
* Option A: Incorrect. Universal life is flexible permanent insurance, not tied to a specific maturity payout.
* Option B: Incorrect. Modified life has lower initial premiums, not a maturity payout feature.
* Option C: Correct. An endowment policy pays the face amount at maturity if the insured is alive.
* Option D: Incorrect. A juvenile trust is not a life insurance policy type; it's a financial arrangement.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance).
Oklahoma Insurance Department, Title 36 O.S. § 4002 (life insurance products).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 32
When can an insurer cancel a Medicare supplement plan?
- A. At any time.
- B. After nonpayment.
- C. At the enrollment period.
- D. On a date specified in the policy.
Answer: B
Explanation:
Medicare supplement (Medigap) plans in Oklahoma, as regulated by federal law (42 CFR § 422.74) and state law (Title 36 O.S. § 6217), are guaranteed renewable, meaning insurers cannot cancel them except for specific reasons, such asnonpayment of premiums. Cancellation requires notice to the policyholder, and nonpayment is the primary valid cause.
* Option A: Incorrect. Medigap plans cannot be canceled at any time; they are guaranteed renewable.
* Option B: Incorrect. The enrollment period is for purchasing, not canceling, Medigap plans.
* Option C: Incorrect. Cancellation is not tied to a date specified in the policy unless related to nonpayment.
* Option D: Correct. Insurers can cancel a Medigap plan after nonpayment of premiums.
This question aligns with the Prometric content outline under "Medicare," which covers Medigap policy regulations.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Medicare).
Oklahoma Insurance Department, Title 36 O.S. § 6217 (Medicare supplement insurance).
CMS, 42 CFR § 422.74 (Medigap cancellation rules).
NEW QUESTION # 33
An example of a false financial statement is which one of the following?
- A. An insurance producer published an untrue newspaper advertisement about another producer.
- B. An insurance producer hands out flyers about another producer's criminal past.
- C. An insurance producer posts information about a profitable insurer going bankrupt.
- D. An insurance producer mails out hateful postcards about a local insurer.
Answer: C
Explanation:
Afalse financial statementin the context of insurance refers to a misrepresentation of an insurer's financial condition, such as falsely claiming insolvency or bankruptcy, which is prohibited under Oklahoma's Unfair Trade Practices Act (Title 36 O.S. § 1204). This can mislead consumers and harm the insurer's reputation.
Option B directly involves a false claim about an insurer's financial status.
* Option A: Incorrect. An untrue advertisement about another producer is defamation or misrepresentation, not a financial statement.
* Option B: Correct. Posting false information about an insurer's bankruptcy is a false financial statement, violating Oklahoma law.
* Option C: Incorrect. Flyers about a criminal past are defamatory but not related to financial statements.
* Option D: Incorrect. Hateful postcards are unprofessional but do not constitute a false financial statement.
This question is part of the Prometric content outline under "State Insurance Statutes, Rules, and Regulations," which covers unfair trade practices.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: State- Specific Knowledge - Oklahoma Insurance Statutes).
Oklahoma Insurance Department, Title 36 O.S. § 1204 (unfair trade practices).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 34
The insurer will issue to the policyowner, for delivery to each person insured under a group life policy, an individual:
- A. certificate.
- B. policy.
- C. application.
- D. rider.
Answer: A
Explanation:
Under Oklahoma law (Title 36 O.S. § 4105), for group life insurance, the insurer issues amaster policyto the group policyowner (e.g., employer). Each insured individual receives acertificate of insurance, which summarizes the coverage provided under the master policy but is not a separate policy itself.
* Option A: Incorrect. An individual policy is not issued; the master policy covers the group.
* Option B: Correct. A certificate is issued to each insured person under a group life policy.
* Option C: Incorrect. An application is part of the enrollment process, not issued to insureds.
* Option D: Incorrect. A rider modifies a policy, not issued to insured individuals.
This question aligns with the Prometric content outline under "Provisions, Options, Exclusions, Riders, Clauses, and Rights," which covers group life insurance provisions.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance Provisions).
Oklahoma Insurance Department, Title 36 O.S. § 4105 (group life insurance provisions).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 35
All of the following describe a whole life policy EXCEPT
- A. premiums are payable until death.
- B. provides a death benefit only.
- C. provides coverage for the life of the policyholder.
- D. a policy of $1,000 minimum.
Answer: D
Explanation:
A whole life insurance policy is a type of permanent life insurance that provides coverage for the insured's entire life, as long as premiums are paid. It typically includes a level premium, a guaranteed death benefit, and a cash value component that accumulates over time. There is no regulatory requirement in Oklahoma or standard insurance practice that mandates a minimum face amount of $1,000 for whole life policies, making this statement incorrect.
* Option A: Correct (as the exception). Whole life policies do not require a $1,000 minimum face amount; insurers set minimums based on their underwriting guidelines, often higher.
* Option B: Incorrect (describes whole life). Whole life provides lifelong coverage, as per its definition.
* Option C: Incorrect (describes whole life). Premiums are typically payable until death or age 100, depending on the policy.
* Option D: Incorrect (describes whole life). While whole life provides a death benefit, it also accumulates cash value, but the phrasing "death benefit only" is misleading as it implies no cash value, which is not the exception here.
This question aligns with the Prometric content outline under "Life Products," which covers the characteristics of whole life insurance.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance).
Oklahoma Insurance Department, Title 36 O.S. § 4002 (definitions of life insurance products).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 36
Any person of competent legal capacity may contract for life and health insurance at a MINIMUM age of
- A. 15.
- B. 21.
- C. 16.
- D. 18.
Answer: D
Explanation:
In Oklahoma, the minimum age for a person of competent legal capacity to contract for life and health insurance is18, as this is the age of majority under Oklahoma law (Title 15 O.S. § 13). Individuals under 18 may be insured (e.g., as dependents or under juvenile policies), but they cannot enter into insurance contracts themselves unless emancipated.
* Option A: Incorrect. Age 15 is below the age of majority.
* Option B: Incorrect. Age 16 is below the age of majority.
* Option C: Correct. Age 18 is the minimum age for contracting insurance in Oklahoma.
* Option D: Incorrect. Age 21 is not required; 18 is sufficient.
This question falls under the Prometric content outline section on "State Insurance Statutes, Rules, and Regulations," which covers eligibility to contract insurance.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: State- Specific Knowledge - Oklahoma Insurance Statutes).
Oklahoma Insurance Department, Title 15 O.S. § 13 (age of majority).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 37
Any act, practice, or arrangement, at or prior to a policy issuance for the benefit of a person who does NOT have an insurable interest in the insured is called a
- A. settlement option.
- B. financial transaction.
- C. life settlement.
- D. stranger-owned life insurance (STOLI) policy.
Answer: D
Explanation:
A stranger-owned life insurance (STOLI) policy involves an arrangement where a person or entity without an insurable interest in the insured initiates or procures a life insurance policy, typically for the purpose of financial gain. Oklahoma insurance regulations strictly prohibit such practices, as they violate the principle of insurable interest, which requires the policyowner to have a legitimate financial or emotional stake in the insured's life.
The Oklahoma Life, Accident, and Health or Sickness Producer Study Guide defines STOLI as "an act, practice, or arrangement where a life insurance policy is procured at or prior to issuance for the benefit of a person who does not have an insurable interest in the insured, often involving third-party investors." This is distinct from a life settlement (option A), which involves the sale of an existing policy, or a settlement option (option B), which refers to payout methods. A financial transaction (option C) is too vague to apply. Thus, option D is correct.
References:
Oklahoma Life, Accident, and Health or Sickness Producer Study Guide, Section on Life Insurance Products and Insurable Interest.
Oklahoma Insurance Code, Title 36 O.S. § 4055.6 (Insurable Interest Requirements).
NEW QUESTION # 38
Any person entitled to reimbursement for expenses of health care services and procedures under an Accident and Health Insurance Policy issued by an insurer is
- A. a practitioner.
- B. a Preferred Provider Organization.
- C. an insurer.
- D. an insured.
Answer: D
Explanation:
Aninsuredis the person covered by an accident and health insurance policy and entitled to reimbursement for covered health care expenses, as defined in Oklahoma's Insurance Code (Title 36 O.S. § 4401). The insured (or their assignee, e.g., a provider) receives benefits for services like medical treatments or hospital stays.
* Option A: Incorrect. An insurer is the company issuing the policy, not receiving reimbursement.
* Option B: Correct. The insured is entitled to reimbursement for covered health care expenses.
* Option C: Incorrect. A practitioner provides services, not receives policy reimbursements.
* Option D: Incorrect. A PPO is a network of providers, not an individual entitled to benefits.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Accident and Health Insurance).
Oklahoma Insurance Department, Title 36 O.S. § 4401 (health insurance definitions).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 39
A policyowner purchased a whole life policy. How long after purchase can the policyowner borrow against the cash value of the policy?
- A. 1 year
- B. 2 years
- C. never
- D. 3 years
Answer: A
Explanation:
Whole life insurance policies accumulate cash value over time, which policyowners can borrow against.
Typically, cash value begins to accrue immediately, but sufficient value for a loan is often available after1 year, depending on the policy's terms and premium payments. Oklahoma law (Title 36 O.S. § 4029) requires nonforfeiture benefits, including access to cash value, but does not specify a minimum time; insurer practices generally allow loans after 1 year when cash value is meaningful.
* Option A: Incorrect. Policyowners can borrow against cash value once it accumulates.
* Option B: Correct. Loans are typically available after 1 year, as cash value is sufficient.
* Option C: Incorrect. 2 years is not a standard requirement; loans are often available sooner.
* Option D: Incorrect. 3 years is excessive; most policies allow loans earlier.
This question falls under the Prometric content outline section on "Provisions, Options, Exclusions, Riders, Clauses, and Rights," which covers cash value loans.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance Provisions).
Oklahoma Insurance Department, Title 36 O.S. § 4029 (nonforfeiture benefits).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 40
An insurance producer sells fake policies and gambles the premium payments at a casino. Which entity would not be involved in the investigation?
- A. Oklahoma State Bureau of Investigation
- B. Oklahoma Insurance Department Anti-Fraud Unit
- C. Securities Exchange Commission
- D. Oklahoma Attorney General
Answer: C
Explanation:
Selling fake insurance policies and misappropriating premiums is a fraudulent act under Oklahoma's Insurance Code (Title 36 O.S. § 1204, § 1435.13), classified as a felony. TheOklahoma Insurance Department Anti-Fraud Unitinvestigates insurance fraud, theOklahoma State Bureau of Investigation handles criminal investigations, and theOklahoma Attorney Generalmay prosecute or oversee legal actions.
TheSecurities Exchange Commission (SEC)regulates securities markets, not insurance fraud, unless securities are involved (which is not indicated here).
* Option A: Incorrect. The Attorney General may be involved in prosecution.
* Option B: Incorrect. The State Bureau of Investigation handles criminal fraud cases.
* Option C: Incorrect. The Anti-Fraud Unit directly investigates insurance fraud.
* Option D: Correct. The SEC is not typically involved in insurance fraud investigations.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: State- Specific Knowledge - Oklahoma Insurance Statutes).
Oklahoma Insurance Department, Title 36 O.S. § 1204, § 1435.13 (fraud and penalties).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 41
Under a multiple protection policy, the policy that pays on the death of the last person is called
- A. a joint life policy.
- B. an annuity life policy.
- C. a universal life policy.
- D. a survivorship life policy.
Answer: D
Explanation:
Asurvivorship life policy(also called second-to-die insurance) covers two or more individuals and pays the death benefit upon the death of the last insured person. It is often used for estate planning, as opposed to a joint life policy, which pays on the first death (Title 36 O.S. § 4002).
* Option A: Incorrect. Universal life is a flexible single-life policy, not a multiple-person policy.
* Option B: Correct. A survivorship life policy pays on the last insured's death.
* Option C: Incorrect. A joint life policy pays on the first insured's death.
* Option D: Incorrect. An annuity life policy is not a standard term; annuities are separate products.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance).
Oklahoma Insurance Department, Title 36 O.S. § 4002 (life insurance products).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 42
Failure of an insurance producer to complete the continuing education requirements may result in
- A. nonrenewal of license.
- B. an additional 20 continuing education hours the following year.
- C. a felony conviction.
- D. revocation of license.
Answer: A
Explanation:
Oklahoma requires insurance producers to complete 24 hours of continuing education (CE) every 2 years, including 3 hours of ethics and 2 hours of legislative updates (Title 36 O.S. § 1435.29; O.A.C. 365:25-3-1).
Failure to meet CE requirements results innonrenewal of the license, as the Oklahoma Insurance Department will not renew until CE is completed. Revocation or felony charges apply to more serious violations (e.g., fraud), not CE non-compliance.
* Option A: Incorrect. There is no provision for additional CE hours as a penalty; CE must be completed for renewal.
* Option B: Incorrect. CE failure is not a felony; it's an administrative issue.
* Option C: Correct. Nonrenewal of the license occurs if CE requirements are not met.
* Option D: Incorrect. Revocation is for severe violations, not CE non-compliance.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: State- Specific Knowledge - Licensing Requirements).
Oklahoma Insurance Department, Title 36 O.S. § 1435.29; O.A.C. 365:25-3-1 (continuing education).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 43
Within a specified number of days, a free-look provision gives the
- A. company the right to rescind the policy.
- B. policyowner the right to return the policy for a partial refund.
- C. company the right to alter the policy.
- D. policyowner the right to return the policy for a full refund.
Answer: D
Explanation:
Thefree-look provision, required in Oklahoma for life and health insurance policies (Title 36 O.S. § 4007 for life, § 4405 for health), allows the policyowner to return the policy within a specified period (typically 10 days for life, 30 days for Medigap) from receipt for afull refundof premiums paid, no questions asked. This protects consumers by allowing time to review the policy.
* Option A: Incorrect. The insurer cannot rescind during the free-look period; that right applies to contestability.
* Option B: Incorrect. The refund is full, not partial, during the free-look period.
* Option C: Correct. The policyowner can return the policy for a full refund within the specified period.
* Option D: Incorrect. The insurer cannot unilaterally alter the policy during the free-look period.
This question aligns with the Prometric content outline under "Provisions, Options, Exclusions, Riders, Clauses, and Rights," which covers free-look provisions.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life and Health Insurance Provisions).
Oklahoma Insurance Department, Title 36 O.S. § 4007, § 4405 (free-look provisions).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 44
When you purchase an annuity, you are purchasing a
- A. disability insurance policy.
- B. universal life policy.
- C. whole life policy.
- D. guaranteed income.
Answer: D
Explanation:
Anannuityis a financial product purchased from an insurer that provides a stream of income, typically for retirement, in exchange for a lump sum or periodic payments. The primary purpose is to guarantee income, often for the annuitant's lifetime or a specified period, as outlined in Oklahoma's regulations for life insurance products (Title 36 O.S. § 4002).
* Option A: Correct. An annuity provides guaranteed income, either fixed or variable, based on the contract terms.
* Option B: Incorrect. A whole life policy is a type of life insurance, not an annuity.
* Option C: Incorrect. Disability insurance covers income loss due to disability, not guaranteed income.
* Option D: Incorrect. A universal life policy is a flexible life insurance product, not an annuity.
This question falls under the Prometric content outline section on "Life Products," which covers annuities and their features.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance).
Oklahoma Insurance Department, Title 36 O.S. § 4002 (definitions of life insurance products, including annuities).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 45
Under the unpaid premium Uniform Optional Provision, if there is an unpaid premium at the time a health claim becomes payable, then the
- A. policy is cancelled.
- B. claim is delayed until payment of the premium.
- C. premium is deducted from the claim.
- D. claim is denied.
Answer: C
Explanation:
Theunpaid premium Uniform Optional Provisionin health insurance policies, as recognized in Oklahoma (Title 36 O.S. § 4405), allows the insurer to deduct any unpaid premiums from a claim payment if a claim becomes payable while premiums are overdue. This ensures the policy remains in force and the claim is paid, net of the owed premium.
* Option A: Incorrect. The claim is not denied; the premium is deducted from the payment.
* Option B: Incorrect. The policy is not cancelled; the unpaid premium is addressed via the claim.
* Option C: Correct. The unpaid premium is deducted from the claim payment.
* Option D: Incorrect. The claim is not delayed; the premium is settled with the claim payment.
This question falls under the Prometric content outline section on "Provisions, Options, Exclusions, Riders, Clauses, and Rights," which covers health insurance policy provisions.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Accident and Health Insurance).
Oklahoma Insurance Department, Title 36 O.S. § 4405 (health insurance provisions).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 46
Many Universal Life Policies will permit a partial surrender of cash value. The surrender amount would
- A. have to be repaid.
- B. increase the cash value.
- C. not need to be repaid.
- D. increase the face amount.
Answer: C
Explanation:
Universal life insurance is a flexible permanent life insurance product with a cash value component. Apartial surrenderallows the policyowner to withdraw a portion of the cash value, reducing both the cash value and, typically, the death benefit. Unlike a policy loan, a partial surrender does not need to be repaid, as it is a withdrawal of the policyowner's own funds.
* Option A: Incorrect. Partial surrenders are not loans and do not require repayment.
* Option B: Incorrect. A partial surrender reduces the death benefit, not increases the face amount.
* Option C: Incorrect. A partial surrender decreases the cash value, not increases it.
* Option D: Correct. The surrender amount does not need to be repaid, as it is a withdrawal.
This question aligns with the Prometric content outline under "Life Products," which covers universal life insurance features, including cash value options.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance).
Oklahoma Insurance Department, Title 36 O.S. § 4029 (nonforfeiture benefits and cash value).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 47
Which of the following is NOT a right of the life insurance policyowner?
- A. Revoke an absolute assignment.
- B. Assign or transfer the policy.
- C. Borrow from the cash values.
- D. Select and change a beneficiary.
Answer: A
Explanation:
A life insurance policyowner has several rights, including assigning or transferring the policy (e.g., through absolute or collateral assignment), borrowing against the cash value (in policies with cash value), and selecting or changing the beneficiary, as outlined in Oklahoma's Insurance Code (Title 36 O.S. § 4001 et seq.). However, anabsolute assignmenttransfers all ownership rights to the assignee, and the original policyowner cannot unilaterally revoke it without the assignee's consent, as it is a complete transfer of ownership.
* Option A: Incorrect (is a right). The policyowner can assign or transfer the policy to another party.
* Option B: Incorrect (is a right). The policyowner can borrow against the cash value in policies like whole life or universal life.
* Option C: Incorrect (is a right). The policyowner can select and change the beneficiary unless restricted (e.g., irrevocable beneficiary).
* Option D: Correct (is not a right). An absolute assignment cannot be revoked by the original policyowner without the assignee's agreement.
This question aligns with the Prometric content outline under "Provisions, Options, Exclusions, Riders, Clauses, and Rights," which covers policyowner rights and assignments.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance Provisions).
Oklahoma Insurance Department, Title 36 O.S. § 4001 et seq. (life insurance policy provisions).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 48
Under a group life policy, the policyowner is entitled to a grace period of 31 days for the payment of any premium due EXCEPT the first. During the grace period, the death benefit coverage shall
- A. be discontinued.
- B. be 75%.
- C. continue in force.
- D. be 50%.
Answer: C
Explanation:
Under Oklahoma insurance law and standard group life insurance provisions, a group life policy includes a mandatory grace period of 31 days for the payment of premiums (except the first premium, which must be paid to initiate coverage). During this grace period, the policy remains in force, and the full death benefit is payable if the insured dies, provided the premium is eventually paid or the policy has not lapsed.
* Option A: Incorrect. Coverage is not discontinued during the grace period; it continues to protect the insured.
* Option B: Incorrect. The death benefit is not reduced to 50% during the grace period; it remains at
100% of the policy's face amount.
* Option C: Correct. The death benefit coverage continues in force during the 31-day grace period, as mandated by Oklahoma law.
* Option D: Incorrect. The death benefit is not reduced to 75%; it remains fully in effect.
This provision is outlined in Oklahoma statutes and aligns with the Prometric exam content outline under
"Provisions, Options, Exclusions, Riders, Clauses, and Rights," which includes knowledge of grace periods in group life policies.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance Provisions).
Oklahoma Insurance Department, Title 36 O.S. § 4105 (grace period requirements for group life insurance).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 49
Ann has a 5-year Renewable Term Life Insurance Policy. Upon exercising the renewable privilege, Ann MUST
- A. convert to a whole life policy.
- B. provide evidence of insurability.
- C. renew for at least 10 years.
- D. pay an annual premium that may be higher.
Answer: D
Explanation:
A renewable term life insurance policy allows the insured to renew the policy at the end of the term without providing evidence of insurability, typically for another term of the same duration. However, because the insured is older at renewal, the premium is generally higher due to increased risk. For a 5-year renewable term policy, Ann can renew for another 5-year term, but the premium will reflect her age at the time of renewal.
* Option A: Incorrect. Renewable term policies do not require evidence of insurability for renewal, as this is a key feature of the renewability provision.
* Option B: Incorrect. The renewal term is typically the same as the original term (5 years in this case), not a mandatory 10 years.
* Option C: Correct. The premium upon renewal may be higher because it is based on the insured's attained age, as outlined in standard term life insurance provisions.
* Option D: Incorrect. Renewal does not require conversion to a whole life policy; conversion is a separate option that may be available but is not mandatory.
This question aligns with the Prometric content outline under "Life Products," which covers the characteristics and provisions of term life insurance, including renewability.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance).
Oklahoma Insurance Department, Title 36 O.S. § 4002 (definitions of life insurance products).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 50
Under the Fair Credit Reporting Act, a consumer report includes
- A. any report containing information solely as to transactions between the consumer and the person making the report.
- B. communication of information by a consumer reporting agency bearing on a consumer's credit standing, worthiness, or personal characteristics.
- C. any authorizations or approval of a specific extension of credit, directly or indirectly, by the issuer of a credit card.
- D. communication of information among persons related by common ownership.
Answer: B
Explanation:
TheFair Credit Reporting Act (FCRA)(15 U.S.C. § 1681) defines aconsumer reportas information communicated by a consumer reporting agency that bears on a consumer's creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living, used to determine eligibility for credit, insurance, or employment. This is relevant in insurance underwriting for consumer reports.
* Option A: Incorrect. Information among related entities is not a consumer report.
* Option B: Incorrect. Transaction reports between the consumer and the reporter are excluded from the FCRA definition.
* Option C: Correct. A consumer report includes information on credit standing and personal characteristics from a reporting agency.
* Option D: Incorrect. Credit card authorizations are not consumer reports under FCRA.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: State- Specific Knowledge - Oklahoma Insurance Statutes).
Fair Credit Reporting Act, 15 U.S.C. § 1681 (definition of consumer report).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 51
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Insurance Licensing Ok-Life-Accident-and-Health-or-Sickness-Producer Test Engine PDF - All Free Dumps: https://www.passreview.com/Ok-Life-Accident-and-Health-or-Sickness-Producer_exam-braindumps.html