Oklahoma Life and Health Insurance Exam: 335 Questions and Answers 2025, Exams of Public Health

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OKLAHOMA LIFE AND

HEALTH INSURANCE EXAM

335 QUESTION AND

ANSWERS 2025

[Document subtitle]

[DATE]

[COMPANY NAME] [Company address]

Question: All of the following are included as part of a contract in the entire contract provision EXCEPT the Answer: changes made by the producer

Question: Health insurance involves two perils, accident and ____. Answer: sickness

Question: All of the following riders can increase the death benefit amount EXCEPT Answer: Waiver of Premium

Question: Of the following dividend options, which of these is taxable? Answer: Accumulation at interest

Question: Insurance that is designed to pay the balance of a loan if the insured dies before the loan has been repaid in full is Answer: credit life

Question: A temporary producer's license issued by the Insurance Commissioner without examination is valid for a period of no longer than Answer: 180 days

Question: How do interest earnings accumulate in a deferred annuity? Answer: On a tax-deferred basis

Question: When can a group health policy renewal be denied according to the Health Insurance Portability and Accountability Act (HIPAA)? Answer: When contribution or participation rules have been violated

Question: A Renewable Term Life insurance policy can be renewed...? Answer: at a predetermined date or age, regardless of the insured's health

Question: A health benefit plan that provides maternity benefits must provide at least how many hours of inpatient care for the mother and newborn infant following delivery? Answer: 48 hours for vaginal birth or 96 hours for caesarean section

Question: Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? Answer: Hospital indemnity

Question: A Medicare Supplement policy may be cancelled for which of the following reasons? Answer: Non-payment of premium

Question: A producer may be disciplined by the Commissioner for which of the following actions? Answer: Misappropriation of premium funds

Question: Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires, Answer: the protection ends

Question: Disability Income plans which require that the insurer can NEVER change or alter premium rates are usually considered Answer: Noncancellable

Question: In contrast to a guaranteed renewable policy, a noncancellable policy Answer: may never raise premiums

Question: What does the word "level" in Level Term describe? Answer: The face amount

Question: All of these are considered key factors in underwriting life insurance EXCEPT Answer: Marital status

Question: A life insurance policyowner was injured in an automobile accident which results in a total and permanent disability. Which rider would pay a monthly amount because of this disability? Answer: Disability income rider

Question: In group health care, what is the purpose of the coordination of benefits provision? Answer: Determines what is paid by the primary and secondary insurers in the event of a claim

Question: A Modified Endowment Contract (MEC) is best described as? Answer: A life insurance contract which accumulates cash values higher than the IRS will allow

Question: According to Oklahoma law, which of the following must include coverage for equipment, supplies, and related services for the treatment of Type I and Type II diabetes when prescribed by a physician or other licensed health care provider? Answer: All individual or group health contracts or agreements

Question: Elizabeth is the beneficiary of a life insurance policy. She is receiving the death benefit in payments of $10,000 per month until the principal and interest has been paid out. Which option was chosen? Answer: Fixed amount

Question: A partial surrender is allowed in which of the following life policies? Answer: Universal life

Question: Level premium permanent insurance accumulates a reserve that will eventually? Answer: equal the face amount of the policy

Question: A securities license is required for a life insurance producer to sell? Answer: variable life insurance

Question: All of the following are considered to be nonforfeiture options available to a policyowner EXCEPT Answer: Reduction of Premium

Question: An insurance producer is often responsible for field underwriting during the application process. All of these are possible field underwriting roles EXCEPT Answer: providing commission information to the applicant

Question: Donald is the primary insured of a life insurance policy and adds a children's term rider. What is the advantage of adding this rider? Answer: Can be converted to permanent coverage without evidence of insurability

Question: Richard owns an insurance policy that is renewable only at the option of the insurance company. His policy is considered to be? Answer: optionally renewable

Question: Tim is covered under a group plan and would like to change his group coverage to an individual policy with the same insurer because of employment termination. Which of these describes the change that will take place? Answer: Conversion

Question: Following military service, an insured must submit a request for reinstatement to a private health insurer no later than how many days following the deactivation? Answer: 30

Question: Insurers do business in Oklahoma only after a thorough financial review. MOST insurance policies written in Oklahoma are protected by the Guaranty Association established to protect policyowners in the event an admitted company Answer: becomes financially insolvent

Question: States that have "no loss no gain" laws require a replacing policy to Answer: pay for ongoing claims under the policy it replaces

Question: It is the responsibility of the producer to report all of the following information to the insurance commissioner EXCEPT changes of his or her Answer: marital status

Question: Which of the following statements regarding Group Disability Income insurance is TRUE? Answer: It provides benefits for nonoccupational illnesses and injuries

Question: In the state of Oklahoma, to qualify for a Resident Producer license each of the following is required EXCEPT? Answer: Must have residence in Oklahoma for 6 months prior to submitting the license application

Question: Matt is applying for life insurance and requests a double indemnity rider. A double indemnity benefit will be payable to Matt's beneficiary if Matt Answer: dies instantly from a car accident

Question: Which of the following signatures is not required on an individual insurance application? Answer: Insurer

Question: What happens when an insurance policy is backdated? Answer: The policy's effective date is earlier than the present

Question: The difference between a Long Term Care Partnership Plan and a Non- Partnership Plan is which of the following? Answer: Asset Protection

Question: A change in an insurance application requires? Answer: an initial made by the applicant

Question: Which of the following is NOT a qualification to be licensed as a producer or adjuster? Answer: A high school diploma

Question: An insurer will accept a premium from the insured and continue the coverage in full force as though it was NOT late during which time period? Answer: Grace period

Question: Under the Oklahoma Insurance Code, a licensed insurance producer is prohibited from which of the following?

Question: Which disability policy provision would address any concerns of the value of the benefits decreasing over time? Answer: Cost of living benefit

Question: An HMO that involves a partnership of physicians and other providers who practice out of a central facility is called a(n) Answer: group HMO

Question: A clause that allows an insurer the right to terminate coverage at any anniversary date is called a(n) Answer: optional renewability clause

Question: Which of the following types of deductibles would apply a single deductible to both medical and dental insurance coverage? Answer: Integrated deductible

Question: A license is NOT required when you are? Answer: providing referrals

Question: Which dividend option would an insurer invest the policyowner's money and add any interest earnings as the dividends accrue? Answer: Accumulation at Interest Option

Question: A business will typically use which type of life insurance to cover their employees? Answer: Group policy

Question: Which situation accurately describes a reduced paid-up nonforfeiture option? Answer: Policy has a decreased face amount

Question: If the Commissioner has received a complaint that an individual has committed an Unfair Trade Practice, the Commissioner may immediately Answer: issue a cease and desist order

Question: Which of these is NOT considered to be a purpose of an annuity? Answer: Annuities are intended to create an estate

Question: What is the purpose for having an accelerated death benefit on a life insurance policy? Answer: It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill

Question: Kathy pays a monthly premium on her health insurance policy. How long is her grace period? Answer: 10 days

Question: Joe is a military retiree after having served 20 years of active duty. Upon retiring, he requests reinstatement of his lapsed individual health policy and is denied. Which of the following is correct? Answer: Joe cannot be denied reinstatement to his original individual health plan

Question: All of these are valid options for an Adjustable Life Policy EXCEPT Answer: A nonforfeiture option can be used to increase the death benefit

Question: A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called a(n) Answer: guaranteed renewable policy

Question: Transacting insurance includes any of the following EXCEPT Answer: gathering prospective buyer information

Question: How many employees must an employer have for a terminated employee to be eligible for COBRA? Answer: 20

Question: When an insured changes to a more hazardous occupation, which disability policy provision allows an insurer to adjust policy benefits and rates? Answer: Change of occupation provision

Question: Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home? Answer: Home health care

Question: When does a life insurance policy typically become effective? Answer: When initial premium is collected and policy is issued

Question: A form of an accelerated death benefit is a? Answer: terminal illness settlement benefit

Question: A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n) Answer: collateral assignment

Question: What is the contract called that is issued to an employer for a Group Medical Insurance plan? Answer: Master policy

Question: The purpose of Medicare Supplement Insurance is to address gaps in Medicare coverage, which can include Answer: Medicare in-hospital deductible

Question: Which of the following is NOT a type of Medicare Advantage Plan? Answer: Social Security Disability Income (SSDI)

Question: The licensing period for a producer's license is a? Answer: 2 - year term

Question: Rob purchased a standard whole life policy with a $500,000 death benefit when he was age 30. His insurance agent told him the policy would be paid up if he reached age 100. The present cash value of the policy equals $250,000. Rob recently died at age 60. The death benefit would be Answer: $500,

Question: Which of the following actions may an insurance company NOT do in a health policy that contains a guaranteed renewable premium benefit? Answer: Increase the premiums on an individual basis

Question: How is a health provider reimbursed if they do NOT have an agreement in place with the insurance company? Answer: With a usual, customary, and reasonable fee

Question: In Oklahoma, a small employer may not consist of more than how many eligible employees? Answer: 50 employees

Question: Medicare Part B covers? Answer: doctor's charges

Question: For violating the Unfair Claims Settlement Practices Act, the Insurance Commissioner may subject an insurer to which of the following penalties? Answer: Civil penalty of not less than $100 and not more than $5,

Question: Tonya has replaced her whole life policy with an annuity without incurring a tax penalty. This transaction is called a(n) Answer: 1035 Exchange

Question: A person covered with an individual health plan? Answer: is issued a policy

Question: Any person of competent legal capacity may contract for life and health insurance at a minimum age of Answer: 15

Question: In conjunction with an Oklahoma insurance license renewal, which one of the following is the continuing education REQUIREMENT? Answer: 24 hours every 2 years

Question: Proceeds payable under a life insurance contract to a policyowner in anticipation of death or upon the occurrence of specified life-threatening conditions as defined by the policy are best described as: Answer: accelerated benefits

Question: A Medicare Supplement policy must NOT contain benefits which Answer: duplicate Medicare benefits

Question: What is the purpose of the Medical Information Bureau (MIB)? Answer: To help underwriters evaluate risk