Life and health what I don't know

Each insurer must maintain at its principal office a complete file containing every printed, published or prepared advertisement of its policies for a period of at least?

4 years

Change of Beneficiary

Alexander has a policy with his ex-wife as its beneficiary. What provision allows him to change the beneficiary to his new wife?

Paid- up additions

An insured has a life insurance policy from a participating company and receives quarterly dividends. He has instructed the company to apply the policy dividends to increase the death benefit. The dividend option that the insured has chosen is called?

The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive

An insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries?

$200,000

An insured purchased a 15-year level term life insurance policy with a face amount of $100,000. The policy contained an accidental death rider, offering a double indemnity benefit. The insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. What amount would his beneficiary receive from the policy?

$50,000

An insured purchased a variable life insurance policy with a face amount of $50,000. Over the life of the policy, stock performance declined, and the cash value fell to $10,000. If the insured dies, how much will be paid out?

Pay the death benefit in the amount that the premium at the correct age would have been purchased

An insured states her age as 40 on the application. When she dies, the insurer discovers that she was actually only 37 at the time of the application. What will the insurance company do?

After three full years of premium payments

Any life insurance policy that accumulates cash values must include a provision for policy loans after a certain time period. In oklahoma, what is the time period?

All of the following apply to a short-term disability plan except?

Both group and individual plans are renewable

Contracts of Adhesion

Contracts that are prepared by one party and submitted to the other party on a take it or leave it basis are classified as?

The employer plan is primary coverage, and Medicare is secondary coverage

For an individual who is eligible for medicare at age 65, and who is still employed and covered under the employer's plan which of the following is true ?

Conversion

If an employee terminates her employment, which of the following provisions would allow her to continue health coverage under an individual policy, if requested within 31 days?

The amount purchased will be as much as the cash value will purchase at the insured's current age?

If the insured chose the reduced paid-up insurance nonforfeiture option,

3 months

If the policyowner defaults on any premium payment for a life insurance policy, the insurer must notify the policy holder in writing as to the policy holders options. This notification form must be provided to the policy holder within?

Corridor

In a basic expense policy, after the limits of the basic policy are exhausted, the insured must pay what kind of deductible?

$100,000

In the event of an admitted life insurer's insolvency, the maximum obligation of the Oklahoma Life and Health Insurance Guaranty Association for all cash surrender values under life insurance policies covering any one life is?

Adhesion

Insurance policies that are not drawn up through negotiations, and an insured has little to say about its provision. What contract characteristic does this describe?

They cover the cost of extended nursing home care

Medicare supplement insurance policies don't cover ?

Which option is being utilized when the insurer accumulates dividends at interest and then uses the accumulation dividends, plus interest, and the policy cash value to pay the policy up early?

Paid-up option

50/50

Ray has an individual major medical policy that requires a coinsurance payment. Ray very rarely visits his physician and would prefer to pay the lowest premium possible. Which coinsurance would be best?

If the annuitant dies during the accumulation period, who will receive the annuity benefits?

The Beneficiary

Universal life

The Waiver of Cost of Insurance rider is found in what type of insurance?

Which of the following information will be stated in the consideration clause of a life insurance policy?

The amount of premium payment

The beneficiary will receive the greater of the money paid into the annuity or the cash value

The annuitant dies while the annuity is still in the accumulation stage. what is true?

An insured who has a accidental death and dismemberment policy loses her left arm in an accident. What type of benefit with she most likely receive from this policy?

The capital amount in a lump sum

As of the application date

The full premium was submitted with the application and the policy was issued two weeks later as requested. When does the policy coverage become effective?

In order for an insured under medicare part a to recieve benefits for care in a skilled nursing facility, which of the following conditions must be met?

The insured must have been hospitalized for 3 consecutive days

Which of the following is true regarding elimination periods and the cost of coverage?

The longer the elimination period, the lower the cost of coverage.

Purchase a smaller amount of the same type of insurance as the original policy

The paid-up addition option uses the dividend to?

All of the following are true regarding a decreasing term policy except?

The payable premium amount steadily declines throughout the duration of the contract.

Reduction of premium

The policyowner pays for her life insurance annually. Until now, she has collected a nontaxable dividend check each year. She has decided that she would rather use the dividends to help pay for her next premium. What option would allow her to do this?

Entire contract clause

The provision in a health insurance policy that ensures the insurer cannot refer to any document that is not contained in the contract?

A presentation of nonguaranteed elements of a policy

The term "illustration" in a life insurance policy refers to ?

Relative value

Todd has been informed that he's had a hernia which requires repair. When Todd researches the cost, he learns that his insurance plan will cover 200 points worth of surgical expenses. Each point represents $10, which means that $2000 of his surgery will be covered by his insurance plan. What system is Todd's insurance company using?

Joint life

Twin brothers are starting a new business. They know it will take several years to build the business to the point that they can pay off the debt incurred. What type of insurance would be the most affordable and still provide a death benefit should one of them die? `

To prevent over utilization and malingering

Under a disability income policy, the insurer pays a monthly benefit that is less than the insured's income. Why?

100%

Under the affordable care act, what percent of preventive care must be covered without cost sharing?

Premiums always stay the same

Underwriting is a major consideration when an insured wishes to replace her current policy for all of the following reasons EXCEPT

$500,000

What is the maximum death benefit that the Ok life and health insurance guaranty association will pay for health insurance?

1 year

What is the maximum period that an insurer would pay benefits in accordance with an additional monthly benefit rider?

To explain features and benefits of a proposed policy to the consumer

What is the purpose of a disclosure statement in life insurance policies?

Purchase a single premium policy for a reduced face amount

When a whole life policy lapses or is surrendered prior to maturity, the cash value can be used to?

20 days

When an individual life insurance policy is being replaced by an insurer using an agent, the policyowner must be given an unconditional right to a full refund of premiums if the policy is returned within?

Equal to the original policy for as long a period of time that the cash values will purchase

When the insured selects the extended term nonforfeiture option, the cash value will be used to purchase term insurance with what face amount?

Life income with period certain

Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original dies, the payments will continue to a designated beneficiary?

It requires the policyowner to pay all overdue premiums with interest before the policy of reinstated.

Which of the following about reinstatement provisions is true?

Variable products

Which of the following is NOT a required separate account of the Oklahoma Life and Health Guaranty Association ?

The policy may be reinstated to the same status within 30 days of discharge from the military service

Which of the following is true regarding health insurance coverage for a state resident whose policy has lapsed as a result of military service activation?

Universal life - option a

Which of the following policies would have an IRS required corridor or gap between the cash value and the death benefit?

Payor Rider benefit

Which of the following riders would not cause the death benefit to increase

Universal life

Which type of life insurance policy allows the policyowner to pay more or less than the planned premium?

It has a guaranteed minimum interest rate

Why is an equity indexed annuity considered to be a fixed annuity?

Every licensed agent must notify, the commissioner of any change of the address shown on the license?

Within 30 days after the change

Defamation

the action of damaging the good reputation of someone; slander or libel.

According to the rights of renewability rider for cancellable policies, all of the following are correct about cancellation of an individual insurance policy except?

unearned premiums are retained by the insurance company

Creating and estate

which of the following would not be an appropriate use of a deferred annuity ?