FML5

Ace your homework & exams now with Quizwiz!

An insured has a continuous premium whole life policy. She would like to use the policy dividends to pay off her policy sooner than what would have been possible otherwise. What dividend option could she use?

Paid up option

An insured has a level term life policy that's guaranteed renewable, and also includes a re-entry provision. The re-entry provision would allow the insured to renew the policy, and

Pay a lower renewal premium by proving it your ability

All the following are true regarding insurance policy loans, except

Policy loans can be made on policies that do not accumulate cash value.

An insured committed suicide one year after his life insurance policy was issued. The insurer will...

Refund the premiums paid

All of the following are criteria for payment of an accelerated benefit, except

Restrictions are permitted on the use of the proceeds of an accelerated benefit

An individual or legal entity appointed by insurer to exercise supervision over the business of that insurer in Oklahoma, is known as a

Managing general agent

A domestic insurer issuing variable contracts must establish one or more...

Seperate accounts

All of the following are considered unfair trade practices in the business of insurance EXCEPT

Sharing Commissions

Upon policy delivery, the producer may be required to obtain any of the following, except

Signed waiver of premium

What is the maximum allowed amount of aggregate commissions earned by a producer on controlled business in a 12-month period?

25%

In increasing & decreasing term policies , which policy component fluctuates during the policy term ?

Death benefit

Which of the following is not an example of a valid insurable interest?

Debtor in the life of the creditor

All of the following statements concerning dividends are true, except

Dividend amounts are guaranteed in the policy

If an annuitant dies before annuitization occurs, what will the beneficiary receive?

Either the amount paid into the plan or the cash value of the plan, whichever is the greater amount

Which provision of a life insurance policy states the insurer's duty to pay benefits upon the death of the insured, and to whom the benefits will be paid?

Insuring clause

All of the following are nonforfeiture options, except

Interest only

A valid certificate of authority is required by the commissioner in order for an insurer to transact business in Oklahoma. Some exceptions may apply to insurance transactions, for which certificate of authority isn't required, which of the following are permitted without a certificate of authority?

Investigation of claims by an insurer which has relocated in another state

Which of the following best describes the MIB?

It is a nonprofit organization that maintains underwriting information on applicants for life and health insurance.

Which of the following best describes annually renewable term insurance?

It is level term insurance

Which of the following settlement options a life insurance is known as straight life?

Life Income

which of the following is a feature of a variable annuity ?

benefit payment amants aren't guaranteed

What is the benefit of choosing exterded term as a nonforfeiture option ?

it has the highest amount of insurance Protection

Which of the following products requires a securities license ?

variable annuity

Your customer doesn't mind paying a higher premium as long as he gets a life insurance products that would allow for a faster growth of the cash value. What kind of policy would you recommend?

An endowment policy

The minimum interest rate on an equity indexed annuity is often based on

An index like Standard & Poor's 500

When does the commissioner file a report with the governor?

Annually

An insured receives an annual life insurance dividend check. What term best describes this arrangement?

Cash option

What does credit life and health insurance cover?

The life and disability of a debtor during the time a loan is outstanding


Related study sets

Agriculture, Industry, and Development Test Review HG

View Set

Peak by Roland Smith Vocab Definitions

View Set

Computer Science Paper 1 - Fundamentals of algorithms

View Set

Kingdom Classification of Biodiversity HL Biology Unit 5

View Set

Drugs Used to Treat Migraine Headaches

View Set

5.- Colorado Statutes, Rules, and Regulations Common to All Lines

View Set

Chapter 13: Exporting and Global Sourcing

View Set

Data Analysis for Managers Chapters 6-8

View Set