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Insurance Licensing Oklahoma Life, Accident, and Health or Sickness Producer Exam Sample Questions (Q149-Q154):

NEW QUESTION # 149
The provision that the policy and a copy of an application is endorsed upon or attached to the policy when issued is the

A. certificate.
B. entire contract.
C. application.
D. policy summary.

Answer: B

Explanation:
Theentire contract provision, as required by Oklahoma law (Title 36 O.S. § 4001 for life insurance, § 4405 for health), states that the insurance policy, along with any attached applications and endorsements, constitutes the entire contract between the insurer and policyowner. This ensures that no external documents can alter the agreement unless attached at issuance.
* Option A: Incorrect. A certificate is issued to individuals under a group policy, not the entire contract.
* Option B: Incorrect. A policy summary is a disclosure document, not part of the contract itself.
* Option C: Correct. The entire contract provision includes the policy and attached application.
* Option D: Incorrect. The application is part of the contract but not the provision itself.
This question aligns with the Prometric content outline under "Provisions, Options, Exclusions, Riders, Clauses, and Rights," which covers mandatory policy provisions.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life and Health Insurance Provisions).
Oklahoma Insurance Department, Title 36 O.S. § 4001, § 4405 (policy provisions).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 150
The primary reason for purchasing life insurance is to provide

A. safety of principal.
B. retirement income.
C. tax deduction.
D. death benefits.

Answer: D

Explanation:
The primary purpose of life insurance is to provide adeath benefit, which is a financial payout to beneficiaries upon the insured's death, ensuring financial protection for dependents or obligations (Title 36 O.
S. § 4002). While some policies offer cash value or tax advantages, these are secondary to the death benefit.
* Option A: Incorrect. Tax deductions are not the primary reason; they may apply to specific scenarios but are secondary.
* Option B: Correct. Death benefits are the primary reason for purchasing life insurance.
* Option C: Incorrect. Retirement income is a goal of annuities or cash value policies, not the primary purpose.
* Option D: Incorrect. Safety of principal relates to investments, not the core purpose of life insurance.
:
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 # 151
When you purchase an annuity, you are purchasing a

A. whole life policy.
B. disability insurance policy.
C. universal life policy.
D. guaranteed income.

Answer: D

Explanation:
Anannuityis a financial product purchased from an insurer that provides a stream of income, typically for retirement, in exchange for a lump sum or periodic payments. The primary purpose is to guarantee income, often for the annuitant's lifetime or a specified period, as outlined in Oklahoma's regulations for life insurance products (Title 36 O.S. § 4002).
* Option A: Correct. An annuity provides guaranteed income, either fixed or variable, based on the contract terms.
* Option B: Incorrect. A whole life policy is a type of life insurance, not an annuity.
* Option C: Incorrect. Disability insurance covers income loss due to disability, not guaranteed income.
* Option D: Incorrect. A universal life policy is a flexible life insurance product, not an annuity.
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 # 152
An agent's underwriting duties include which of the following?

A. Setting premium amounts.
B. Completing all applications and collecting initial premiums.
C. Declining or accepting an application.
D. Issuing the policy.

Answer: B

Explanation:
An insurance agent, acting as afield underwriter, is responsible forcompleting applications accuratelyand collecting initial premiums, ensuring the information provided is truthful and complete for the insurer's underwriting process, as per Oklahoma's regulations (Title 36 O.S. § 1435.2). Setting premiums, accepting
/declining applications, and issuing policies are duties of the insurer's underwriting department, not the agent.
* Option A: Incorrect. Setting premiums is the insurer's responsibility, not the agent's.
* Option B: Correct. Agents complete applications and collect initial premiums as part of field underwriting.
* Option C: Incorrect. Declining or accepting applications is done by the insurer's underwriters.
* Option D: Incorrect. Issuing policies is the insurer's role, not the agent's.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Underwriting).
Oklahoma Insurance Department, Title 36 O.S. § 1435.2 (producer responsibilities).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 153
One advantage of an individual term life insurance policy is

A. Death benefits always remain level.
B. Initial costs are lower.
C. Premiums will decrease as insured ages.
D. It offers a cash value.

Answer: B

Explanation:
Term life insurance provides coverage for a specific period at a lower premium cost compared to permanent insurance, such as whole life. The primary advantage is its affordability, making it suitable for individuals needing significant coverage with lower initial costs. Unlike whole life, term life does not accumulate cash value, and premiums typically increase upon renewal as the insured ages.
* Option A: Incorrect. Premiums for term life do not decrease as the insured ages; they increase at renewal due to higher risk.
* Option B: Incorrect. While death benefits in level term policies remain constant during the term, this is not the primary advantage compared to lower costs.
* Option C: Correct. Term life has lower initial costs, making it more affordable for the same coverage amount compared to permanent insurance.
* Option D: Incorrect. Term life does not offer a cash value, a feature of permanent insurance.
This question aligns with the Prometric content outline under "Life Products," which covers the characteristics and advantages of term life insurance.
:
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).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 154
......

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