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Insurance Licensing Oklahoma Life, Accident, and Health or Sickness Producer Exam Sample Questions (Q99-Q104):
NEW QUESTION # 99
How is ownership of a mutual insurance company evidenced?
Answer: D
Explanation:
Amutual insurance company, as defined in Oklahoma's Insurance Code (Title 36 O.S. § 105), is owned by its policyholders, not shareholders. Ownership is evidenced byownership of a policy, as policyholders share in the company's profits through dividends (in participating policies) and have voting rights in the company's governance.
* Option A: Incorrect. Mutual insurers do not issue stock; stock ownership applies to stock insurers.
* Option B: Incorrect. Bonds represent debt, not ownership, in any company.
* Option C: Correct. Ownership in a mutual insurer is evidenced by holding a policy.
* Option D: Incorrect. A certificate of deposit is a banking product, not related to insurer ownership.
This question aligns with the Prometric content outline under "State Insurance Statutes, Rules, and Regulations," which covers types of insurers and their ownership structures.
:
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. § 105 (definitions of insurers).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 100
If Janet purchases a 10-year level term life insurance policy with a face amount of $100,000, which of the following is TRUE?
Answer: A
Explanation:
A10-year level term life insurance policyhas a fixed premium and a fixed face amount (death benefit) for the entire 10-year term. The premium and death benefit remain constant, and there is no cash value or dividend accumulation, as term life is not a participating policy.
* Option A: Incorrect. Conversion to whole life is an optional rider, not automatic at the end of the term.
* Option B: Incorrect. In a level term policy, the premium does not increase during the term; it remains constant.
* Option C: Incorrect. Term life policies do not pay dividends or accumulate cash value, so the face amount does not increase.
* Option D: Correct. Both the premium and the $100,000 face amount remain constant for the 10-year term.
This question falls under the Prometric content outline section on "Life Products," which covers term life insurance characteristics.
:
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 # 101
A policyowner purchased a whole life policy. How long after purchase can the policyowner borrow against the cash value of the policy?
Answer: D
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 # 102
Under the unpaid premium Uniform Optional Provision, if there is an unpaid premium at the time a health claim becomes payable, then the
Answer: A
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 # 103
How long is the contestable period for a life insurance policy?
Answer: C
Explanation:
Thecontestable periodfor a life insurance policy in Oklahoma, as mandated by Title 36 O.S. § 4004, is24 months(2 years) from the policy's issuance. During this period, the insurer can contest the policy's validity based on material misrepresentations in the application (e.g., health or lifestyle). After 2 years, the policy becomes incontestable except for non-payment of premiums or fraud in some cases.
* Option A: Incorrect. 6 months is too short for the contestable period.
* Option B: Incorrect. 12 months is insufficient; the standard is 24 months.
* Option C: Correct. The contestable period is 24 months.
* Option D: Incorrect. 36 months exceeds the standard period.
This question aligns with the Prometric content outline under "Provisions, Options, Exclusions, Riders, Clauses, and Rights," which covers the incontestability provision.
:
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. § 4004 (incontestability provision).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 104
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