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Valid Ok-Life-Accident-and-Health-or-Sickness-Producer Exam Questions - Ok-Life-Accident-and-Health-or-Sickness-Producer Pdf Braindumps

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Insurance Licensing Oklahoma Life, Accident, and Health or Sickness Producer Exam Sample Questions (Q141-Q146):

NEW QUESTION # 141
The type of insurance used to indemnify a firm for the loss of earnings brought about by the death or disability of an officer or other significant employee is

A. employee welfare.
B. business overhead.
C. business continuation life.
D. key person.

Answer: D

Explanation:
Key person insuranceis a life or disability insurance policy purchased by a business to protect against financial loss due to the death or disability of a critical employee or officer (e.g., a CEO or top salesperson).
The business is the policyowner and beneficiary, receiving the death benefit or disability payments to offset lost earnings or replacement costs.
* Option A: Incorrect. Business continuation life typically refers to buy-sell agreements, not key person coverage.
* Option B: Incorrect. Business overhead insurance covers ongoing business expenses during an owner's disability, not key employees.
* Option C: Correct. Key person insurance indemnifies a firm for losses due to a key employee's death or disability.
* Option D: Incorrect. Employee welfare plans focus on employee benefits, not indemnifying the firm for losses.
This question aligns with the Prometric content outline under "Life Products," which covers business insurance 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 # 142
Upon receipt of notice of claim, the insurance company will furnish to the claimant such forms for filing proof of loss within how many days?

A. 0
B. 1
C. 2
D. 3

Answer: C

Explanation:
Under Oklahoma's Insurance Code (Title 36 O.S. § 1250.4), upon receiving notice of a claim, an insurer must furnish the claimant with forms for filing proof of loss within15 days. This ensures timely processing of claims and compliance with fair claims settlement practices.
* Option A: Incorrect. 10 days is not the required timeframe.
* Option B: Correct. Insurers must provide forms within 15 days.
* Option C: Incorrect. 20 days exceeds the statutory requirement.
* Option D: Incorrect. 30 days is too long under Oklahoma law.
:
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. § 1250.4 (claims settlement practices).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 143
Spouses want to purchase a life insurance policy that will pay benefits at the death of the first spouse. This is an example of a

A. variable life policy.
B. universal life policy.
C. survivorship life policy.
D. joint life policy.

Answer: D

Explanation:
Ajoint life policy(also called a first-to-die policy) covers two or more individuals (e.g., spouses) and pays the death benefit upon the death of the first insured. This contrasts with asurvivorship life policy(second-to-die), which pays after both insureds die. Joint life policies are used for purposes like mortgage protection or family income needs (Title 36 O.S. § 4002).
* Option A: Correct. A joint life policy pays benefits at the first spouse's death.
* Option B: Incorrect. A variable life policy is a permanent policy with investment options, not tied to joint coverage.
* Option C: Incorrect. A universal life policy is flexible permanent insurance, not specifically joint.
* Option D: Incorrect. A survivorship life policy pays after both spouses die.
:
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 # 144
The process by which an insurer decides whether to issue a policy is known as

A. classification.
B. selection.
C. underwriting.
D. risk pooling.

Answer: C

Explanation:
Underwriting is the process by which an insurer evaluates an applicant's risk profile to determine whether to issue a policy, what coverage to offer, and at what premium rate. This involves assessing factors such as medical history, lifestyle, and financial information to ensure the applicant meets the insurer's standards.
* Option A: Incorrect. Classification refers to grouping applicants into risk categories (e.g., standard, substandard) during underwriting, not the entire process.
* Option B: Incorrect. Risk pooling is the practice of spreading risk across a group of policyholders, not the decision to issue a policy.
* Option C: Correct. Underwriting is the process of evaluating and deciding whether to issue a policy.
* Option D: Incorrect. Selection is a component of underwriting but not the term for the entire process.
This question aligns with the Prometric content outline under "Underwriting," which covers the principles and processes of risk assessment.
:
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 # 145
Under Medicare Hospital Insurance Part A, there are no medical benefits provided for treatment in a skilled nursing facility beyond

A. 180 days.
B. 30 days.
C. 60 days.
D. 100 days.

Answer: D

Explanation:
Medicare Part A covers skilled nursing facility (SNF) care for up to100 daysper benefit period, provided the patient meets eligibility criteria (e.g., a prior 3-day hospital stay and need for skilled care). Beyond 100 days, no benefits are provided, as outlined in CMS guidelines and Oklahoma's Medicare supplement regulations (Title 36 O.S. § 6217).
* Option A: Incorrect. 30 days is too short; coverage extends to 100 days.
* Option B: Incorrect. 60 days is within the coverage period but not the limit.
* Option C: Correct. No benefits are provided beyond 100 days in an SNF.
* Option D: Incorrect. 180 days exceeds Medicare's SNF coverage limit.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Medicare).
Oklahoma Insurance Department, Title 36 O.S. § 6217 (Medicare supplement insurance).
CMS, Medicare & You Handbook (Part A coverage).

NEW QUESTION # 146
......

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