Oklahoma Life and Health Insurance Exam| 150 Questions With Correct Answers!! All of the following are included as part of a contract in the entire contract provision EXCEPT the riders application changes made by the producer policy - ANSWERSchanges made by the producer Health insurance involves two perils, accident and ____. - ANSWERSsickness All of the following riders can increase the death benefit amount EXCEPT Cost of Living Waiver of Premium Accidental Death Rider Guaranteed Insurability - ANSWERSWaiver of Premium Of the following dividend options, which of these is taxable? Reduction of premium One year term Paid-up additions Accumulation at interest - ANSWERSAccumulation at interest Insurance that is designed to pay the balance of a loan if the insured dies before the loan has been repaid in full is life settlement whole life universal life credit life - ANSWERScredit life A temporary producer's license issued by the Insurance Commissioner without examination is valid for a period of no longer than 90 days 120 days 180 days 270 days - ANSWERS180 days How do interest earnings accumulate in a deferred annuity? On a tax credit basis On a tax-deferred basis On a tax-free basis On a taxable basis - ANSWERSOn a tax-deferred basis Tom has a home health care benefit and is confined to his home. Which of these benefits is NOT typically covered? Part-time nursing care Full-time nursing care Physical therapy Home health aides - ANSWERSFull-time nursing care A beneficiary has just received a claim payment for a life insurance policy. Which of the following is TRUE regarding the federal income tax liability owed? A flat tax of 10% is owed on all proceeds Federal income tax is owed if proceeds exceed $250,000 No federal income tax is owed on life insurance proceeds Tax liability owed depends on the type of life insurance policy - ANSWERSNo federal income tax is owed on life insurance proceeds Medicare Supplement coverage permits an open enrollment period on a guaranteed issue basis upon reaching age 60 age 62 age 65 age 70 - ANSWERSage 65 Group and individual health insurance policies that provide coverage to women must cover annual mammography screenings for women aged: 30 and older 35 and older 40 and older 50 and older - ANSWERS40 and older Jennifer is required to pay a specific sum out of pocket before any benefits are paid in a year. Her health policy most likely contains a(n) stop-loss provision deductible copayment out of pocket provision - ANSWERSdeductible In Oklahoma, all of these are considered forms of inducement EXCEPT Gift whose value is under $100 Contract promising special profits or favor $250 gift Promised employment - ANSWERSGift whose value is under $100 When can a group health policy renewal be denied according to the Health Insurance Portability and Accountability Act (HIPAA)? When a change of management has occurred within the group When the annual number of claims has increased by 25% When contribution or participation rules have been violated When group participation has increased by 25% - ANSWERSWhen contribution or participation rules have been violated A Renewable Term Life insurance policy can be renewed...? at a predetermined date or age, regardless of the insured's health only if the insured provides evidence of insurability anytime at the policyowner's request typically with no change in premium - ANSWERSat a predetermined date or age, regardless of the insured's health 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? 24 hours for vaginal birth or 96 hours for caesarean section 36 hours for vaginal birth or 48 hours for caesarean section 48 hours for vaginal birth or 96 hours for caesarean section 72 hours for vaginal birth or 96 hours for caesarean section - ANSWERS48 hours for vaginal birth or 96 hours for caesarean section Which type of coverage pays an amount per day for hospitalization directly to the insured regardless of the insured's other health insurance? MEWA Mutual Group Hospital indemnity - ANSWERSHospital indemnity A Medicare Supplement policy may be cancelled for which of the following reasons? Claims exceed specified loss-ratio percentage Non-payment of premium End stage renal disease diagnosis Prescription drug cost exceeds the "donut hole threshold" - ANSWERSNon-payment of premium A producer may be disciplined by the Commissioner for which of the following actions? Being accused of a felony Misappropriation of premium funds Sharing commissions with other licensed producers Failing to meet insurer production requirements - ANSWERSMisappropriation of premium funds