Question 1

How long is the contestable period for a life insurance policy?

Options :

A : 6 months

B : 12 months

C : 24 months

D : 36 months

Answer: C

Question 2

Which life insurance rider is designed to permit young individuals to be able to purchase additional insurance as they grow older, regardless of insurability?

Options :

A : Cost of living rider.

B : Guaranteed insurability rider.

C : Impairment rider.

D : Multiple indemnity rider.

Answer: B

Question 3

The Oklahoma Insurance Commissioner may place on probation, censure, suspend, revoke, or refuse to issue a license to an applicant for all of the following causes EXCEPT

Options :

A : having admitted to have committed fraud.

B : providing incorrect, misleading, or materially untrue information in the license application.

C : having been convicted of a misdemeanor.

D : failing to pay state taxes.

Answer: C

Question 4

Oklahoma resident Joe served in the military the past 4 years. When he returned and tried to reinstate his individual health insurance policy, he was denied coverage. His producer stated that because he was covered under a government plan he would be required to be re-underwritten as a new applicant subject to more restrictive coverage and increased premiums. Which of the following is TRUE?

Options :

A : Joe is subject to being re-underwritten in terms of his current health conditions because he cannot be penalized with more restrictive coverage.

B : Joe is not required to undergo the initial underwriting process but he cannot be reinstated under his personal plan unless he is free of pre-existing conditions.

C : Joe cannot be denied reinstatement into his same individual health insurance policy that lapsed as a result of Joe becoming covered by a government-sponsored health plan

D : Joe cannot be denied reinstatement in his prior individual health insurance policy unless the federal government denies him coverage based on health conditions unrelated to his military service.

Answer: C

Question 5

Which of the following BEST describes a waiver of premium clause in a typical disability policy?

Options :

A : The waiver of premium benefit pays the policy premium during a disability claim.

B : This clause eliminates any premium being paid for the lifetime of the insured individual.

C : The monthly benefit under the policy is reduced to offset the premium that is no longer being paid.

D : This clause generally begins immediately with the doctor stating that the insured person is completely disabled.

Answer: A

Free Life-and-Accident-Health-Sickness-Producer Mock Exam – Practice Online Confidently

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