Oklahoma insurance life only
Dick Richard died in a motorcycle accident he has universal life policy option B with the face amount of $200,000 and accumulated cash value of $50,000 his beneficiary receive what amount
$250,000
JP has a $300,000 whole life insurance policy premium paid total was $70,000 and his current cash value is $90,000 in JP day is today what amount with the beneficiary receive
$300,000
In the case of death or disability of a licensed insurance producer, a temporary license maybe issued to another person for an initial specific period of time time
180 days
The commissioner my issue a temporary license for What specified period of time
180 days
A jump in juvenile policy increases the death benefit at what age
21 years old
What is the specific amount of time a license he must notify the Oklahoma insurance department of an address change
30 days
A life insurance policy is a legal binding contract all the following must be present for the policy to be in Forest in a court of law except
A conditional receipt
For which person with the term life insurance be most appropriate
A person with temporary needs
Certain elements are necessary for a particular race to be insurable which of the following would make a bisque uninsurable
A risk is of a catastrophic nature
Are unique feature of an insurance contract for one party can benefit more than the other based on the occurrence of an uncertain event is referred to as
Aleatory contract
Unequal receipt of value best describes what unique feature of an insurance contract
Aleatory contract
The face amount of a straight line policy is
Amount paid the beneficiary
All of the following are true statement regarding the appointment of an insurance producer except
An insurer must notify the Oklahoma insurance department with 30 days after terminating an appointment
John Madden the famous football announcer refuses to fly for fear of being injured in an aircraft accident which risk management technique is Jon using for refusing to fly
Avoidance
Mutual insurers issue Participate in insurance policies which may pay dividends which of the following is a dividend option offered to the policy owner is on a par policy
Cash surrender
What is the penalty for a producer guilty of violation of the unfair trade practices act
Civil fine of $100-$1000 and revoked license
What benefit can be provided by the cash value if an individual purchased a whole life policy today
Collateral for a loan
ABC Inc. offers life insurance to its employees about 80% of eligible employees are covered what type of group live plan does ABC incorporate have
Contributory
The option to change to another type of insurance policy with the same ensure without the insurance provide evidence of insurability is called
Convertibility
Gowen has a term policy that allows him to change the whole life policy with no need to prequalify medically what type of insurance does Gowen own
Convertible term
What type of term insurance which can be changed to another type of policy without qualify and medically is called
Convertible term policy
Are the following is true regarding credit insurance except
Credit accident and health pay off loan in a lump sum if the insured is disabled
What is the interest rate credited to a universal life policy this guaranteed for a period of time and then my fluctuate
Current interest rate
Regarding credit life which of the following statements is true
Debtor pays the premium
All of the following statements are true regarding participating whole life except
Dividends are guaranteed
All of the following is true regarding whole life insurance except
Does not build cash value because it does
Which of the following is not true about group life insurance
Each individual insured received an insurance policy
A single premium whole life policy most significant characteristic is
Entire policy premiums paid at the time of application
All the following are features of convertible term life insurance except
Evidence of insurability is required to convert
In a straight line policy which of the following nonforfeiture options has the highest death benefit
Extended term
Insurance producers most account for all premiums collected from policy owners the producer is acting and what kind of capacity
Fiduciary
And ensure with home office in Illinois and sales offices in Oklahoma would be a
Foreign insurer
What type of insurer operates nonprofit
Fraternal
If an applicant for life insurance lies on the application regarding material fact it is called
Fraud
Term insurance is best used for people with
I need to protect future insurability
All of the following characteristics of ordinary life insurance except
If insured lives to age 100 the premiums are returned (no they're not)
Which of the following is not a characteristic of Straight life policy
Increasing death benefit
Speculative risk involves all of the following except
Insurance
Which of the following is not true regarding a speculative risk
Insurance can be written on speculative risk
Credit life insurance is
Insurance covers the death of a debtor on a specific long
Which of the following is not true regarding insurance
Insurance is a device for handling speculative risk
In a contract invitation and ambiguity in the contract would be in favor of the
Insured
Term life insurance provide benefits when
Insured dies during the policy period
Regarding a limited pay whole life policy all or false except
Insured has lifetime protection
Regarding replacing an existing insurance life insurance policy which is not true
Insurers must report the replacement of life and health guarantee association
A whole life policy has nonforfeiture values which begin the third year of the policy a whole life policy will not laps if there is cash value present all the following or nonforfeiture values except
Interest only
A mutual ensure
Is a participating company owned by policy owners
Which of the following is true about survivor life
It is sometimes called second to die policy
Which is true regarding an insurer examination order by the Oklahoma insurance department
It must be ordered every five years and the insurance pays for the exam
Which of the following is true regarding a joint life policy
It pays when the first insured dies
For which of the following situations would you recommend term insurance
Jay is 26 years old married with two children and I started a new career
When one party constructs the contract and the other party has no input it is
Known as a contract of adhesion
Benefits under a credit life insurance policy are paid to
Lending institution lending the money in a credit transaction
What is the best description a modified whole life policy
Level death benefit with premiums reduce during the first five years and increasing one time
Which of the following would have to meet Oklahoma continue education requirements
Life agent selling only annuities
All of the following is true regarding an Oklahoma life and health guarantee association except
Life policies are covered up to the amount of the death benefit plus the cash value
Lawn Krueger agrees to pay annual premiums on his life insurance policy for 20 years his life insurance will remain in effect until he dies what type of policy does Lou have
Limited pay whole life
All of the following are elements of insurable risk except
Lost must be initial
In a universal life policy which of the following is not flexible
Minimum interest rate
For a risk to be insurable all the following required except
Must involve a number of didsimilar risk
A participating life insurance policy is written by what type of insurance
Mutual
Which of the following is not true about the group life insurance conversion option
No benefits are paid if a terminated employee dies before converting
An agent who resides in another state is called
Non-resident agent
Which of the following be considered an unfair claims practice
Not effecting in good faith to settle the claim
Signatures on an application requires all the following except
Officer of the insurer
Since mutual insurers are owned by policy owners they issue participate in life insurance policies which of the following is a dividend option
One year term
Which whole life policy would have the least annual premium outlet for an insured 20-year-old
Ordinary whole life
John Johnson is a policy owner With light life mutual insurance John Johnson received a notice he was entitled to a dividend what type of policy does John Johnson own
Participating whole life
A person decides to drive home and icy roads what type of hazard exist
Physical
Which of the following statements regarding universal life is true
Policy consist of annually renewable term insurance in cash account
Regarding a universal life policy all the following are true Except
Premiums must be paid monthly
Regarding term life insurance which of the following is correct
Premiums will remain level of the term of the contract
When the policy cash value on a whole life policy is used to purchase a lesser amount of the same type of insurance what is the name of the nonforfeiture option used
Reduce paid up
What nonforfeiture option provides the same type of coverage as the policy being surrendered
Reduced paid up
If an individual decides to except the risk associated with the loss and not purchase insurance they are using what risk management method
Retaining
Which of the following would not appear on the policy face of a universal life insurance policy
Rights and duties of the insured
All the following statements are true regarding an actuary except
Select risk for the insurance
Blue Cross Blue Shield is what type of insurance or because they pay to the services
Service
All the following are essential elements of a legal binding contract except
Signatures
Dividends paid by mutual life insurance company on participate in policies are
Tax exempt
All the following is true regarding term life except
Term insurance premiums are more costly than other types of insurance
What determines the amount of insurance in credit life insurance
The amount of the loan
The cash surrender value on a quotation mark paid up at 65 whole life in quotation mark policy will equal the face amount of coverage when
The insured reach his age 100
After signing the completed application and pay the first months premium the producer gives the insured a conditional receipt covered takes effect upon
The insurer finding that the conditions of insurability has been satisfied
All of the following regulate the sales of variable products except
The internal revenue service
The law of large number of states
The larger the number of units considered the more predictable are the losses
Regarding the convertibility of life insurance which of the following is correct
The premium at conversion is based on attended age
All of the following are characteristics of a straight line whole policy except
The premiums are paid until the insured reaches 65
Which of the following is true regarding non-furniture values
The purpose is to protect the policy owner investment
Which of the following is true about variable life
The return is not guaranteed
Regarding renewable and convertible turn provisions in life insurance policies which of the following is correct
These provisions allowed the insured to renew or convert without proving insurability
Which type of risk management technique is being used when the insured buys an insurance policy
Transfer
Hey securities license is required to sell what type of policy
Variable life
The type of life insurance policy where the cash values are invested in security such as mutual fun products is
Variable life
Which of the following life insurance policies place is the risk of investment performance upon the insured
Variable life
Which policy can the policy owner choose the investment options
Variable life
A 20 pay whole life policy in Dows
When the insured reach his age 100
The major difference between whole life insurance and universal life insurance
Whole life premiums are fixed and universal life are flexible
What type of insurer operates for proft and has no capital stock?
mutual
