Wrong

A producer's license may be renewed prior to the renewal date or for how long after the actual renewal date?

12 months

Any person of competent legal capacity may contract for life and health insurance at a minimum age of

15

A temporary producer's license issued by the Insurance Commissioner without examination is valid for a period of no longer than

180 days

When a life insurance or annuity replacement policy is sold, the policyowner has a right to return the policy for a full refund of premium within

20 days

Additional premiums or contributions are required to make coverage effective for a newborn infant from the moment of birth to how many days after the birth?

31

An insurance producer is required to maintain the usual and customary records pertaining to authorized transactions for how long?

5 years

In Oklahoma, a small employer may not consist of more than how many eligible employees?

50 employees

According to Oklahoma law, which of the following must include coverage for equipment, supplies, and related services for the treatment of Type I and Type II diabetes when prescribed by a physician or other licensed health care provider?

All individual or group health contracts or agreements

For violating the Unfair Claims Settlement Practices Act, the Insurance Commissioner may subject an insurer to which of the following penalties?

Civil penalty of not less than $100 and not more than $5,000

A Fraternal Benefit Society has each of the following characteristics EXCEPT

Exists For profit

An agent who misrepresents a life insurance product in the state of Oklahoma

Has committed an illegal act

The Oklahoma Life and Health Insurance Guaranty Association provides financial policyholder protection for all of the following EXCEPT

Health Maintenance Organizations (HMOs)

Which of the following plans require a replacement disclosure notice be given to the applicant in the event of policy replacement?

Individual Major Medical Expense policy

The responsibility for regulating the insurance continuing education requirements and approving insurance continuing education courses belongs to the

Oklahoma Insurance Department

What is considered interstate travel under the Federal Fraud and False Statements Act?

Puerto Rico

Insurance producer Karey offers insureds a $250 shopping card if they purchase an insurance product through her. What is this an example of?

Rebating, which is an unfair trade practice

A copy of all Medicare Supplement advertisements must be submitted for approval to

The Insurance Commissioner

Inflation protection must be included in all long-term policies delivered in Oklahoma UNLESS

The policyholder rejects the coverage in writing

Why does Oklahoma law require an insurance producer to examine the existing Medicare Supplement policies of a prospective insured?

To determine the suitability of potential changes

According to federal fraud and false statements regulation, what is required for a prohibited person to transact insurance business in this state?

Written consent from the state insurance regulatory agency

A producer may begin to solicit insurance ONLY when

appointed by an insurer

Insurance that is designed to pay the balance of a loan if the insured dies before the loan has been repaid in full is

credit life

An insurance producer would be found guilty of inducing a customer to purchase insurance in all of the following situations EXCEPT:

giving the applicant merchandise worth $75 for the purchase of insurance

To legally receive a sales commission from an insurance company, an individual MUST

hold the appropriate license

A producer who is licensed in Oklahoma but resident in another state is called a

nonresident producer

If a licensee is suspended for non-renewal, the licensee may apply for reinstatement within

the 12 month period following the date when the license should have been renewed

An insurance producer MUST notify the Insurance Commissioner of a change in legal name or address

within 30 days of the change