OKLAHOMA LIFE AND HEALTH INSURANCE EXAM 2024 WITH 100% 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 - correct answer✔✔ changes made by the producer Health insurance involves two perils, accident and ____. - correct answer✔✔ sickness All of the following riders can increase the death benefit amount EXCEPT Cost of Living Waiver of Premium Accidental Death Rider Guaranteed Insurability - correct answer✔✔ Waiver of Premium Of the following dividend options, which of these is taxable? Reduction of premium One year term Paid-up additions Accumulation at interest - correct answer✔✔ Accumulation 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 - correct answer✔✔ credit 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 - correct answer✔✔ 180 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 - correct answer✔✔ On 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 - correct answer✔✔ Full-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 - correct answer✔✔ No 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 - correct answer✔✔ age 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 - correct answer✔✔ 40 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 - correct answer✔✔ deductible 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 - correct answer✔✔ Gift 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