Oklahoma laws and rules exam

On issuance of an emergency cease and desist, how must the Commissioner deliver notice to the person affected?

by certified mail

The Oklahoma Life and Health Insurance Guaranty Association

protects insureds from insolvent insurers

Which of the following statements regarding the fair credit reporting act is true

An insurer does not need to discuss any credit history inconsistencies with the applicant

All of these may be an Unfair Claims Practice EXCEPT

Refusing to pay persons bringing false or fraudulent claims

In the state of Oklahoma, a licensed producer

represents the insurer

If a producer is found to have violated an Oklahoma insurance statute, a fine can be given up to _____ for each violation

$1,000

A licensed producer is prohibited from giving a gift of more than ___ in value to a client as an inducement to purchase insurance

$100

An individual whose producers license has been suspended, continues to perform insurance transactions illegally. This individual could be charged with a felony and fined up to

$5,000

If an employee loses employment, how long does the employee have to apply for COBRA (continuation of coverage)

60 days

A producers license has been suspended due to non-renewal. The license may be reinstated within the ___ month period following the date when the license should have been renewed.

12

A producers license must be renewed every ___ year(s)

2

Producers must complete a total of ___ Continuing Education credits for each two-year licensing period.

24

A producer MUST maintain insurance transaction records for a minimum of ___ years.

3

How long must a life insurance policy be in effect before the policy owner may use the non-forfeiture provision?

3 years

Jerry is a resident producer who is moved to another city in Oklahoma. How long does he have to notify the insurance company of the change of address?

30 days

In the event of employment termination, a person covered by a group life policy also has the right to convert such coverage to an individual policy within ____ days without proving insurability

31

Under HIPAA requires a guarantee issue of insurance, as long as there has not been more than a ____ day gap in coverage

63

In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of

8%

Proceeds payable under life insurance contract to a policy owner in anticipation of death are called

Accelerated benefits

A domestic company in Oklahoma must

Be formed under Oklahoma insurance laws

If a Texas company proposes, and/or makes an insurance contract by mail for an Oklahoma resident, this is considered:

Business in the state of Oklahoma

The Insurance Information and Privacy Protection Act is designated to limit or direct the information collection activities of all of the following, except

COBRA representatives

When a producer uses physical or mental force, with the intent of convincing applicant to buy insurance, this is considered

Coercion

_____ life insurance is designed to pay the balance of a lone if the insured dies before the loan has been repaid

Credit

Fraternal Benefit Society has each of the following characteristics EXCEPT

Exist For profit

Which of the following actions by a producer would not result in a license, suspension or revocation

Misdemeanor conviction

Replacement regulation is designed to protect

Policyowners from misrepresentations and loss of benefits

Which of these is not an unfair claims settlement practice

Providing claim payments to insureds under the guidelines of the insurance contract

A life insurance Illustration showing future premiums being paid out of nonguaranteed values must disclose that

The policyowner may need to resume premium payments depending on actual results

An insurer may peg mission in which of the following scenarios

To a licensed producer, who is appointed with the insurer

False written, or oral statement made by a producer for the purpose of replacing existing policy to the detriment of the insured is

Twisting

Failing to properly provide a reasonable explanation for the denial of a claim is considered to be a(n)

Unfair claims settlement practice

Charging different rates between individuals of the same class and equal expectation of life is best described as

Unfair discrimination

A(n) _____ insurance company is one that was formed under the laws of another country outside of the U.S.

alien

Before emailing a client an insurance document during a transaction, what must the client provide before the producer can send the document?

consent to receive the email

A foreign insurance company doing business in Oklahoma

is a company domiciled under the laws of another state

Upon receiving a producer complaint, the commissioner may immediately

issue a cease and desist order

The fair credit reporting act protects consumers

with guidelines regarding credit reporting and distribution