Life/Accidental Insurance Test

Material Misrepresentation

A statement that, if discovered, would alter the underwriting decision of the insurance company.

All of following are characteristics of a group life insurance plan EXCEPT

Cost of the plan is determined by average age group Requirement to prove insurability on part of participant participants receive a certificate of insurance as proof of insurance

What type of insurance is known as consume credit insurance?

Credit life and health

Which of the following would be beneficiary in credit life insurance

Creditor

Coverage provided by term policies as compare to any other form of protection?

Greatest

What is the purpose of a conditional receipt?

It is intended to provide coverage on date prior to the policy issue

which of the following best describe annually renewable term insurance?

Level Term Insurance

An insured pays for Major Medical Insurance premium annually on march 1. Last march she forgot to mail her premium to the company on march 19 she had an accident and broke her leg. The insurance would

Pay her claim

Which of the following is another term for accumulation period of an annity

Pay-in Period

in insurance an offer is usually made when

an applicant submits an application to insurer

When does the commissioner file a report with the Governor?

annually

Which of the following statment is most correct concerning the changing of an irrevocable beneficiary

can be charged only with written consent of the beneficiary

Before an insurer pays fees or commissions to an agent which of the following must happen

commissioner must approve the agent's appointment

what is the purpose of the rehabilitation benefits in disability insurance

cover the expenses of retraining the insured to return to work

Any person who knowingly attempts to obtain money,good, or any other hting of value with intent to cheat defrad is guilty of

felony

In order to minimize adverse selection, employer group dental plans may require employees who enroll after they were initially eligible to participate to do all of the following except

increase benefits for a period of time

Section of a health policy that states the causes of eligible loss under which an insured is assumed to be disable is the

insuring clause

What do long-term care policies offer to policyholders to account for inflation?

they offer option of purchasing coverage that raises benefits level accordingly.

An insurer receives a report regarding a potential insured that includes the insured's financial status, hobbies and habits. What type of a report is that?

Inspection Report

To sign up for a Medicare prescription drug plan, individuals must first be enrolled in

Medicare PArt A

all of the following are the types of term insurance depnding on how the face amount charges during the policy term EXCEPT?

Renewable

which of the following named beneficiaries would be able to receive death benefit directly from the insurer in the event of insureds death

former wife of deceased insured business partner of insured wife of deceased insured

Which renewal provision must be included in long term care policy issued to an individual

noncancellable and guaranteed renewable

Which renewal provision must be included in long term policy issued to an indivdual

noncancellable and guaranteed renewable

Which of the following statements is correct regarding a whole life policy

policy-owner is entities to policy loans

a valid certificate of authority is required by the commissioner in order for an insurer to transact business in oklahoma. some exceptions apply to insurance transactions for which a certificate of authority is not required. which of the following are permitted without a certificate of authority

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

All of the following are correct about the required provisions of health insurance policy

proof of loss forms must be sent to the insured within 15 days of notice claim grace period of 31 days is found an annual pay policy entire contract clause means signed app, policy, endorsements, attachments constitute the entire contract

to be considered an eligible employee of a small employer how many hours a week must a person work?

24 hours

How long is an open enrollment period for medicare supplement ppolicies?

5 months

All of the following are mandated maternity and postpartum care coverage

72 hours of C-Section both inpatient and postpartum home care must include coverage for physical assessments of mother and newborn infant 48 hours of inpatient care following vaginal delivery

Which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person of business of insurance

Defamation

An agent selling variable annuities must be registered with

FINRA

Which of the following terms best describe coverage provided by term policies as compared to any other form of protection?

Greatest

When would a misrepresentation on an insurance application be considered fraud?

If its intentional and material

An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable. Which of the following best describes this act?

Illegal under any circumstances

Twin brothers are starting a new business. They know it will take several years to build the business to the point that they can pay off the debt incurred in starting the business. What type of insurance would be the most affordable and still provide a death benefit should one of them die?

Joint Life

Under which plan does preventative dental treatment not apply toward the deductible?

Nonscheduled

Twisting

A form of misrepresentation in which an agent persuades an insured/owner to cancel, lapse, or switch policies, even when it's to the insured's disadvantage.

The duty of an agent where replacement is involved include:

A. leaving a copy or original of all solicitation material used for presentation to the applicant B. submitting to the replacing insurer a copy of all soliciting material C. Submitting to the replacing insurer a statement signed by the applicant as to whether or not he has existing life insurance D. All the above

All of the following statements about index annuities are

invest more on a aggressive basis aiming for higher returns have guaranteed minimum interest rate interest rate is tied with standard and poor 500

Which provision states that the insurance company must pay medical expense claims immediately

time of payments of claims