Oklahoma insurance life only

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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


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