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Insurance Licensing Ok-Life-Accident-and-Health-or-Sickness-Producer Study Dumps, Latest Ok-Life-Accident-and-Health-or-Sickness-Producer Test Fee

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Insurance Licensing Oklahoma Life, Accident, and Health or Sickness Producer Exam Sample Questions (Q150-Q155):

NEW QUESTION # 150
Many Universal Life Policies will permit a partial surrender of cash value. The surrender amount would

A. not need to be repaid.
B. increase the face amount.
C. increase the cash value.
D. have to be repaid.

Answer: A

Explanation:
Universal life insurance is a flexible permanent life insurance product with a cash value component. Apartial surrenderallows the policyowner to withdraw a portion of the cash value, reducing both the cash value and, typically, the death benefit. Unlike a policy loan, a partial surrender does not need to be repaid, as it is a withdrawal of the policyowner's own funds.
* Option A: Incorrect. Partial surrenders are not loans and do not require repayment.
* Option B: Incorrect. A partial surrender reduces the death benefit, not increases the face amount.
* Option C: Incorrect. A partial surrender decreases the cash value, not increases it.
* Option D: Correct. The surrender amount does not need to be repaid, as it is a withdrawal.
This question aligns with the Prometric content outline under "Life Products," which covers universal life insurance features, including cash value options.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance).
Oklahoma Insurance Department, Title 36 O.S. § 4029 (nonforfeiture benefits and cash value).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 151
Any act, practice, or arrangement, at or prior to a policy issuance for the benefit of a person who does NOT have an insurable interest in the insured is called a

A. life settlement.
B. financial transaction.
C. stranger-owned life insurance (STOLI) policy.
D. settlement option.

Answer: C

Explanation:
A stranger-owned life insurance (STOLI) policy involves an arrangement where a person or entity without an insurable interest in the insured initiates or procures a life insurance policy, typically for the purpose of financial gain. Oklahoma insurance regulations strictly prohibit such practices, as they violate the principle of insurable interest, which requires the policyowner to have a legitimate financial or emotional stake in the insured's life.
The Oklahoma Life, Accident, and Health or Sickness Producer Study Guide defines STOLI as "an act, practice, or arrangement where a life insurance policy is procured at or prior to issuance for the benefit of a person who does not have an insurable interest in the insured, often involving third-party investors." This is distinct from a life settlement (option A), which involves the sale of an existing policy, or a settlement option (option B), which refers to payout methods. A financial transaction (option C) is too vague to apply. Thus, option D is correct.
References:
Oklahoma Life, Accident, and Health or Sickness Producer Study Guide, Section on Life Insurance Products and Insurable Interest.
Oklahoma Insurance Code, Title 36 O.S. § 4055.6 (Insurable Interest Requirements).

NEW QUESTION # 152
Under a multiple protection policy, the policy that pays on the death of the last person is called

A. a survivorship life policy.
B. a universal life policy.
C. an annuity life policy.
D. a joint life policy.

Answer: A

Explanation:
Asurvivorship life policy(also called second-to-die insurance) covers two or more individuals and pays the death benefit upon the death of the last insured person. It is often used for estate planning, as opposed to a joint life policy, which pays on the first death (Title 36 O.S. § 4002).
* Option A: Incorrect. Universal life is a flexible single-life policy, not a multiple-person policy.
* Option B: Correct. A survivorship life policy pays on the last insured's death.
* Option C: Incorrect. A joint life policy pays on the first insured's death.
* Option D: Incorrect. An annuity life policy is not a standard term; annuities are separate products.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance).
Oklahoma Insurance Department, Title 36 O.S. § 4002 (life insurance products).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 153
A PRIMARY difference between precertification provision and concurrent review is that only the precertification provision

A. is designed to be a cost containment measure.
B. involves a review by the insurance company.
C. occurs before the treatment is provided.
D. requires the consent of the patient.

Answer: C

Explanation:
Precertification(or preauthorization) is a process where the insurer reviews and approves certain medical treatments or procedures before they are provided, ensuring they are medically necessary and covered.
Concurrent reviewoccurs during the treatment, monitoring ongoing care (e.g., hospital stays) to ensure continued necessity. The primary difference is timing: precertification happens before treatment, while concurrent review happens during treatment.
* Option A: Incorrect. Both precertification and concurrent review are cost containment measures, so this is not unique to precertification.
* Option B: Incorrect. Both processes involve review by the insurance company.
* Option C: Incorrect. Neither typically requires patient consent beyond agreeing to the policy terms.
* Option D: Correct. Precertification occurs before treatment, distinguishing it from concurrent review.
This question aligns with the Prometric content outline under "Provisions, Options, Exclusions, Riders, Clauses, and Rights," which covers health insurance utilization management.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Accident and Health Insurance).
Oklahoma Insurance Department, Title 36 O.S. § 6060.3 (utilization review standards).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 154
To apply for a life or health insurance policy,

A. a physical examination must be performed by a licensed physician.
B. the insured must report all information about family illnesses.
C. the insured individual's medical history may be reviewed and reported.
D. all possible serious medical conditions must be diagnosed and recorded.

Answer: C

Explanation:
When applying for a life or health insurance policy in Oklahoma, the insurer's underwriting process typically involves reviewing the applicant'smedical historyto assess risk, as permitted under Title 36 O.S. § 1204. This may include questions about personal and family health, but not all family illnesses need to be reported unless specifically requested. Physical examinations are not always required, and undiagnosed conditions are not expected to be recorded; the applicant must disclose known conditions truthfully.
* Option A: Incorrect. Reporting all family illnesses is not mandatory unless relevant to underwriting questions.
* Option B: Incorrect. A physical exam is not always required; it depends on the insurer's underwriting guidelines.
* Option C: Incorrect. Undiagnosed conditions cannot be recorded; only known conditions are reported.
* Option D: Correct. The insured's medical history may be reviewed and reported during underwriting.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Underwriting).
Oklahoma Insurance Department, Title 36 O.S. § 1204 (insurance business conduct).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 155
......

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