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Insurance Licensing Oklahoma Life, Accident, and Health or Sickness Producer Exam Sample Questions (Q78-Q83):

NEW QUESTION # 78
A license is NOT required when you are

A. negotiating insurance.
B. selling insurance.
C. providing referrals.
D. soliciting insurance.

Answer: C

Explanation:
In Oklahoma, an insurance producer license is required for activities defined astransacting insurance, which includes selling, soliciting, or negotiating insurance contracts (Title 36 O.S. § 1435.2).Providing referrals(e.
g., passing along contact information without discussing insurance products) does not constitute transacting insurance and does not require a license, provided no compensation is tied to the sale.
* Option A: Correct. Providing referrals does not require a license if it avoids solicitation or negotiation.
* Option B: Incorrect. Selling insurance requires a producer license.
* Option C: Incorrect. Negotiating insurance requires a producer license.
* Option D: Incorrect. Soliciting insurance requires a producer license.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: State- Specific Knowledge - Licensing Requirements).
Oklahoma Insurance Department, Title 36 O.S. § 1435.2 (definition of transacting insurance).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 79
Under a multiple protection policy, the policy that pays on the death of the last person is called

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

Answer: D

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 # 80
Which of the following provisions allows a person to temporarily give up a portion of their ownership rights to secure a loan?

A. Collateral assignment.
B. Entire contract.
C. Automatic premium loan.
D. Reinstatement.

Answer: A

Explanation:
A collateral assignment is a provision in a life insurance policy that allows the policyowner to temporarily transfer certain ownership rights (e.g., the right to the death benefit or cash value) to a creditor as security for a loan. The assignee (creditor) has a claim to the policy proceeds up to the loan amount, but the policyowner retains other rights and regains full ownership once the loan is repaid.
* Option A: Incorrect. Reinstatement allows a lapsed policy to be restored under certain conditions, not related to securing a loan.
* Option B: Incorrect. The entire contract provision defines the policy and application as the complete agreement, not related to loans.
* Option C: Correct. Collateral assignment temporarily assigns policy rights to secure a loan, as per standard life insurance provisions.
* Option D: Incorrect. An automatic premium loan uses the policy's cash value to pay overdue premiums, not to secure an external loan.
This question is part of the Prometric content outline under "Provisions, Options, Exclusions, Riders, Clauses, and Rights," which covers ownership and assignment provisions.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance Provisions).
Oklahoma Insurance Department, Title 36 O.S. § 4001 et seq. (life insurance policy provisions).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 81
A newly hired employee gives his enrollment form to his employer, but due to an administrative error, it is never forwarded to the insurance company. The error is detected 3 months later. What will happen if the clerical error provision is in effect?

A. The employer will be required to pay the past due premiums.
B. The employee will be allowed to submit a new enrollment form and will be enrolled as of the date the new form is accepted.
C. The employee will have to wait until the next open enrollment period to enroll in the plan.
D. The employee will be allowed to submit an enrollment form and all past due premiums, and will be retroactively insured.

Answer: D

Explanation:
The clerical error provision in group health insurance policies is designed to protect employees from losing coverage due to administrative mistakes made by the employer or insurer. According to Oklahoma insurance regulations and standard group health insurance practices, if a clerical error results in an employee not being enrolled, the provision allows the error to be corrected by retroactively enrolling the employee, provided any past due premiums are paid. This ensures the employee is insured as if the error had not occurred, covering any claims that would have been eligible during the period of the error.
The Oklahoma Life, Accident, and Health or Sickness Producer Study Guide specifies that under the clerical error provision, "an employee who was eligible for coverage but was not enrolled due to an administrative error can be retroactively enrolled upon correction of the error, with coverage effective from the original eligibility date, provided all required premiums are paid." This aligns with option C, which states the employee will be allowed to submit an enrollment form and all past due premiums, and will be retroactively insured.
References:
Oklahoma Life, Accident, and Health or Sickness Producer Study Guide, Section on Group Health Insurance Provisions.
Oklahoma Insurance Department Regulations, Title 36, Article 36 (Insurance).

NEW QUESTION # 82
The type of annuity in which all payments cease upon the death of an annuitant is referred to as a

A. finite annuity.
B. life annuity.
C. refund annuity.
D. terminal annuity.

Answer: B

Explanation:
Alife annuity(or straight life annuity) pays periodic payments to the annuitant until their death, at which point all payments cease, with no further benefits to beneficiaries. This contrasts with other annuity types, such as refund or joint-life annuities, which may continue payments or provide refunds.
* Option A: Incorrect. "Terminal annuity" is not a standard insurance term.
* Option B: Incorrect. "Finite annuity" is not a recognized annuity type.
* Option C: Incorrect. A refund annuity provides a refund or continued payments to a beneficiary if the annuitant dies early.
* Option D: Correct. A life annuity ceases payments upon the annuitant's death.
This question falls under the Prometric content outline section on "Life Products," which covers annuities and their features.
:
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 (definitions of life insurance products, including annuities).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 83
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