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Insurance Licensing Oklahoma Life, Accident, and Health or Sickness Producer Sample Questions:
1. Oklahoma resident Joe served in the military the past 4 years. When he returned and tried to reinstate his individual health insurance policy, he was denied coverage. His producer stated that because he was covered under a government plan he would be required to be re-underwritten as a new applicant subject to more restrictive coverage and increased premiums. Which of the following is TRUE?
A) Joe is not required to undergo the initial underwriting process but he cannot be reinstated under his personal plan unless he is free of pre-existing conditions.
B) Joe cannot be denied reinstatement into his same individual health insurance policy that lapsed as a result of Joe becoming covered by a government-sponsored health plan.
C) Joe cannot be denied reinstatement in his prior individual health insurance policy unless the federal government denies him coverage based on health conditions unrelated to his military service.
D) Joe is subject to being re-underwritten in terms of his current health conditions because he cannot be penalized with more restrictive coverage.
2. 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) any authorizations or approval of a specific extension of credit, directly or indirectly, by the issuer of a credit card.
C) communication of information by a consumer reporting agency bearing on a consumer's credit standing, worthiness, or personal characteristics.
D) communication of information among persons related by common ownership.
3. Which of the following provisions allows a person to temporarily give up a portion of their ownership rights to secure a loan?
A) Entire contract.
B) Reinstatement.
C) Automatic premium loan.
D) Collateral assignment.
4. If a primary beneficiary dies, life insurance benefits are then paid to
A) no one.
B) the sub-primary beneficiaries.
C) the tertiary beneficiaries.
D) the contingent beneficiaries.
5. All of the following describe a whole life policy EXCEPT
A) a policy of $1,000 minimum.
B) premiums are payable until death.
C) provides coverage for the life of the policyholder.
D) provides a death benefit only.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: A |
By Reg
