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Insurance Licensing Oklahoma Life, Accident, and Health or Sickness Producer Exam Sample Questions (Q14-Q19):
NEW QUESTION # 14
An individual who is NOT acceptable by an insurer at standard rates because of health, habits, or occupation is called a
Answer: B
Explanation:
In insurance underwriting, individuals are classified based on their risk profile. Asubstandard riskis an applicant who, due to health issues, hazardous habits (e.g., smoking), or high-risk occupations (e.g., stunt performer), cannot be insured at standard rates. These individuals may be offered coverage at higher premiums or with exclusions, as outlined in standard underwriting practices and Oklahoma's regulations (Title 36 O.S. § 1204).
* Option A: Incorrect. "Rating risk" is not a standard underwriting term.
* Option B: Incorrect. A standard risk qualifies for standard rates with average risk.
* Option C: Incorrect. A preferred risk qualifies for lower-than-standard rates due to low risk.
* Option D: Correct. A substandard risk is not acceptable at standard rates due to higher risk factors.
This question aligns with the Prometric content outline under "Underwriting," which covers risk classification.
:
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 # 15
What is the correct term for an individual who is required to be licensed under the laws of this state to negotiate the sale of insurance?
Answer: A
Explanation:
In Oklahoma, aninsurance produceris the term defined by law for an individual or entity licensed to sell, solicit, or negotiate insurance contracts. This is outlined in the Oklahoma Insurance Code, which requires producers to obtain a license to engage in these activities for life, accident, and health or sickness insurance.
* Option A: Incorrect. An insurance adjuster investigates and settles claims, not negotiates the sale of insurance.
* Option B: Correct. An insurance producer is the licensed individual who negotiates the sale of insurance, as defined by Oklahoma law.
* Option C: Incorrect. An insurance appraiser evaluates property damage for claims, not related to selling insurance.
* Option D: Incorrect. An insurance underwriter assesses risk and determines policy issuance, not sells insurance.
This question falls under the Prometric content outline section on "Licensing," which includes knowledge of licensing requirements and definitions.
:
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 insurance producer).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 16
Modified whole life policies are distinguished by premiums that are
Answer: D
Explanation:
Amodified whole life policyfeatures premiums that arelower than typical whole life premiums during the initial years(e.g., first 3-5 years) to make the policy more affordable early on, thenhigher thereafterto compensate for the initial discount while maintaining lifelong coverage. This is a variation of whole life insurance, as defined in Oklahoma's regulations (Title 36 O.S. § 4002).
* Option A: Incorrect. Premiums do not decrease in the last few years; they increase after the initial period.
* Option B: Incorrect. Premiums are not higher in the last few years compared to typical whole life; they adjust after the initial period.
* Option C: Correct. Premiums are lower initially and higher thereafter.
* Option D: Incorrect. Premiums are not higher initially and lower later; the opposite is true.
:
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 # 17
How is ownership of a mutual insurance company evidenced?
Answer: D
Explanation:
Amutual insurance company, as defined in Oklahoma's Insurance Code (Title 36 O.S. § 105), is owned by its policyholders, not shareholders. Ownership is evidenced byownership of a policy, as policyholders share in the company's profits through dividends (in participating policies) and have voting rights in the company's governance.
* Option A: Incorrect. Mutual insurers do not issue stock; stock ownership applies to stock insurers.
* Option B: Incorrect. Bonds represent debt, not ownership, in any company.
* Option C: Correct. Ownership in a mutual insurer is evidenced by holding a policy.
* Option D: Incorrect. A certificate of deposit is a banking product, not related to insurer ownership.
This question aligns with the Prometric content outline under "State Insurance Statutes, Rules, and Regulations," which covers types of insurers and their ownership structures.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: State- Specific Knowledge - Oklahoma Insurance Statutes).
Oklahoma Insurance Department, Title 36 O.S. § 105 (definitions of insurers).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 18
A type of life insurance policy which provides for the payment of the face amount at the end of the specified period if the insured is still alive, is
Answer: C
Explanation:
Anendowment policyis a life insurance product that pays the face amount to the insured if they are alive at the end of a specified period (maturity) or to the beneficiary if the insured dies before maturity. It combines life insurance with a savings component, as defined in Oklahoma's life insurance regulations (Title 36 O.S. §
4002).
* Option A: Incorrect. Universal life is flexible permanent insurance, not tied to a specific maturity payout.
* Option B: Incorrect. Modified life has lower initial premiums, not a maturity payout feature.
* Option C: Correct. An endowment policy pays the face amount at maturity if the insured is alive.
* Option D: Incorrect. A juvenile trust is not a life insurance policy type; it's a financial arrangement.
:
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 # 19
......
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