missed

annuity that the value reflects the investment experience of the assets supporting the contract?

a variable annuity

cost of coverage for group life

based on the ratio of men and women in the group

the primary beneficiary on a life insurance policy is deceased. upon the death of the insured, the benefit will

be paid to the contingent beneficiary

which option for universal life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured

option B

what kind of policy allows withdrawals or partial surrender

universal life

a life insurance policy that allows the policy owner to change the amount of the premium to be paid while the policy is in effect is called

universal life policy

what refers to "own occupation" disability

insured is unable to work to perform duties of the occupation for which his/her was educated and trained

which settlement option pays only the earnings on the death benefit?

interest only

the policy owner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. which settlement option should the policyowner choose?

interest only option

benefits under a credit life insurance policy are paid to the

lending institution lending the money in a credit transaction

variable whole life insurance is based on what type of premium

level fixed

when a whole life policy lapses or surrendered prior to maturity, the cash value can be used to

purchase a single premium policy for a reduced face amount

a uniform policy provision providing a time period during which all insurance benefits may be fully restores, if certain conditions are met

reinstatement

in dental insurance, what type of care will cover crowns?

restorative

if the policy owner wants to maintain complete control of a policy but name their spouse as a beneficiary, they would use which type of beneficiary designation?

revocable

what would help prevent a universal life policy from lapsing?

target premium

what types of insurance polices could be used to transfer the financial risk or the premature death of a key person in a business?

term life and universal life

if the insured chose the reduced paid up insurance nonforfeiture option,

the amount purchased will be as much as the cash value with purchase at the insured's current age

the initial amount of credit life insurance may NOT exceed

the amount to be repaid under the contract

if a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back?

the balance of the loan will be taken out of the death benefit

in comparison to consumer reports, what describes a unique characteristic of investigative consumer reports?

the customer's associates, friends and neighbors provide the reports data

who bears all of the investment risk in a fixed annuity

the insurance company

under a health insurance policy, benefits, other than death benefits, that have not otherwise been assigned, will be paid to

the insured

what determines the cash value of a variable life policy?

the performance of the policy portfolio

what is a probationary period?

the period of time before a new group member is covered by the policy

if an insured continually uses the automatic premium loan option to pay the policy premium,

the policy will terminate when the cash value reduces to nothing

the greatest disadvantage to the "life income once" mode of life insurance settlement is

there is no refund of proceeds the the payee dies

what is the exception to the incontestability clause

time

what is the purpose of the buyer's guide?

to allow the consumer to compare the costs of different policies

on a life insurance policy, the face amount is

to be paid upon the death of the insured person

what is the purpose of establishing the target premium for universal life policy

to keep the policy in force

disability income benefits received are not subject to income taxes if the benefits are paid

under a policy for which the insured paid the premiums (after - tax)

the waiver of cost rider is found on what type of insurance

universal life

which policy is the owner able to pick investments

variable life

in forming an insurance contract, when does acceptance usually occur?

when an insurer's underwriter approves coverage

when is the earliest a policy may go into effect?

when the application is signed and a check given to the agent

"coinsurance" in the medical field means that an insured person

will have to pay a portion of covered expenses

as a result of the federal law, OBRA, all Medicare Supplement (or Medigap) policies must

have the same core benefits

During replacement of life insurance, a replacing insurer must do which of the following?

obtain a list of all life insurance policies that will be replaced

regarding an individual health care benefit plan, the OK Life + Health Guaranty Association would provide for a maximum amount of

$500,000

the required grace period on individual health insurance policies that are paid monthly is

10 days

when a producer ceases to maintain residency in this state, within how many days must the producer return the license to the commissioner?

10 days

following hospitalization because of an accident, Bill was confined in a skilled nursing facility. Medicare will pay full benefits in this facility for how many days?

20

provides a constant amount of insurance for 20 years and then expires with no cash value

20 year level term policy

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

24 months

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

25%

the rejecting insurer must maintain copies of the notice, statement and notification to the rejected insurer for at least

3 years

most policies will pay the accidental death benefits as long as the death is caused buy accident and occurs within

90 days

what is the typical deductible for basic surgical expense insurance?

$0

income replacement contracts agree

to replace the insured's income up to a stated percentage if the insured suffers a loss due to a covered accident or sickness

the owner of a life insurance policy has the right to transfer all rights to another person

assignment clause

what benefit could create a double payment?

accidental death

level term insurance provides a level death benefit and a level premium during the policy term. if the policy renews at the end of a specified period of time. the policy premium will be

adjusted to the insured's age at the time of the renewal

an applicant for insurance misstates her age at the time her life insurance application is taken, this misstatement may result in

adjustment in the death benefit

upon reinstatement of an individual accident and health policy, sickness is covered

after 10 days

any life insurance policy that accumulates cash value must include a provision for policy loans after a certain period of time. in the state of oklahoma, that period of time is

after 3 full years of premium payments

the amount of a straight life policy is

amount paid to the beneficiary

the face amount of a straight life policy is

amount paid to the beneficiary

one of the non-forfeiture values in a whole life policy is the cash surrender value. the cash surrender value is

amount shown on the non-forfeiture table found in the whole life policy

decreasing term life insurance would be appropriate for?

an outstanding mortgage balance

hopsital care for HMO

can be provided outside of the service area

the gatekeeper of an HMO helps

control specialist costs

a health insurance policy lapses but is reinstated with an acceptable time frame. how soon from the reinstatement date will coverage for accidents become effective?

immediately

evan keel pays the premium on his individual disability policy with after tax dollars. loss of income benefits would be paid

income tax free

NOT provided by an HMO

reimbursement

NOT covered under Plan A in media insurance

the medicare part A deductible

insuring clause of a disability policy does NOT state

the method of premium payment

what is the name of the insured who enters a viatical statement?

viator

two components of a universal life policy

insurance and cash account

under OBRA, what is the maximum time an ineligible dependent, due to divorce, could continue on the group coverage?

36 months

if a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?

5 days

COBRA stipulates that

Group coverage must be extended for terminated employees up to a certain period of time at the former employee's expense.

what licensee is NOT compensated directly related to the amount of insurance sold?

insurance consultant

according to Oklahoma law, the term "insurance agent" is synonymous with what term?

insurance producer

if an application for a life insurance policy is found to be a substandard risk, the insurance company is most likely to

charge higher premium

if the owner of a whole life policy who is also the insured dies at age 80, and there are no outstanding loans on the policy, what portion of the death benefit will be paid to the beneficiary?

a full death benefit

what is a modified endowment contract?

a life insurance policy that fails the IRS seven pay test, therefore, losing the tax

if life insurance is used to protect against premature death, what policy is used to protect against the risk of outliving your income?

annuity

combination plans - 2 types

basic and comprehensive

renewability clause allows the insurance company to terminable during the policy period

cancelable

an optional health insurance provision which allows the insurer to adjust the amount of benefits paid under certain situations or allow the insured to receive reduced premium is

change of occupation

an insured and his wife are both involved in a head on collision. the husband dies instantly, and the wife dies 15 days later. the company pays the death benefit to the estate of the insured. this indicates that the life insurance policy had what provision?

common disaster

what is the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident?

common disaster act

ABC Inc. offers life insurance to its employees. About 80% of eligible employees are covered. what type of group life plan does ABC Inc. have?

contributory

what is NOT allowed in credit life insurance

creditor requiring that a debtor buys insurance from a certain insurer

if an insured changes his payment from monthly to annually, what happens to the total premium?

decrease

an insured is hospitalized with a back injury. upon checking his disability income policy, he learns that he will not be eligible for benefits for at least 30 days. this would indicate that his policy was written with a 30 day

elimination period

in a disability income policy, there is a period during which no benefits will be paid for illness of any kind. the term that describes this interim is the

elimination period

purpose of a discloser statement

explain features and benefits of proposed policy to the consumer

what does "level" refer to in term insurance

face amount

what are the factors that the insurer would use to calculate the fixed period settlement option?

face amount of the policy, the length of the fixed period, and the beneficiary's age

what describes a policy when the insured does not have to pay a deductible for the life of the policy?

first dollar coverage

what is the name of the minimum standard provision that required the insurer to pay claims after the premium is past due?

grace

a policy uniform provision that will keep a life insurance policy in force for a period of time after a premium payment is due

grace period

type of insurance that is most commonly used in credit life insurance

increasing term

regarding an individual loss of income disability policy which of the following optional benefit riders would provide the best coverage for an insured worried about the increased cost of living?

inflation benefit rider

a policy will pay the death benefit if the insured dies during the 20-year premium paying period, and nothing if death occurs after the 20-year period. what type of policy is this?

level term

a collateral assignment of a life insurance policy is a(n)

limited assignment under which the owner retains some rights

policies that must be delivered to the policy owner within 30 days of the date of the policy receipt

long term care policies

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

managing general account

term for how frequently a policy owner is required to pay the policy premium

mode

when may a producer change a policy or waive its provision according to the required "entire contract provision"?

never

what is the benefit to the insured of having recurrent disability coverage in a disability insurance policy

no new elimination period

renewability clause provides for guaranteed renewable and premium which can never be increased?

non cancelable

the equity built up in the life of a whole life insurance policy is called

non-forfeiture values

which renewal provisions must be included in a long time care policy issued to an individual?

noncanleable and guaranteed renewable

the dividend option in which the policy owner uses dividends to purchase a term policy for one year is referred to as the

one year term option

if the amount of the credit insurance is garter than the indebtedness, the additional amount is

paid to the survivors of the debtor

an insured has a level term insurance policy that is 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 premium by proving insurability

don has a basic expense and a major medical policy. he is injured in an accident, which requires several major surgeries. this quickly exhausts Don's basic expense policy. what most don do before his major medical policy can pick up where the basic expense policy left off?

pay a special deductible on his major medical policy

a prospective insured receives a conditional receipt but dies before the policy is issued. the insurer will

pay the policy proceeds only if it would have issued the policy

what allows the insurer to relieve a minor insured from premium payments if the minor's parents have died or become disabled?

payor benefit

who has the right to convert the existing term coverage to permanent insurance?

policy owner

surgical procedures will be paid under basic surgical expenses coverage according to the

policy's schedule of operations showing dollar amounts or unit values

what will be included in a policy summary?

premium amounts and surrender values

most agents try to collect the initial premium for submission with the application. when an agent collects the initial premium from the applicant, the agent should issue the applicant a

premium receipt