Extra Questions Flashcards
Which of the following would NOT be included in an individual certificate of credit insurance?
The full amount of premium
Why should the producer personally deliver the policy when the first premium has already been paid?
To help the insured understand all aspects of the contract
When a reduced paid-up nonforfeiture option is chosen, what happens to the face amount of the policy?
It is reduced to the amount of what the cash value would buy as a single premium.
Variable Whole Life insurance is based on what type of premium?
Flexible
The validity of coverage under a life insurance policy may not be contested, except for nonpayment of premium, after the policy has been in force for at least how many years?
2 years
Renewal fees for all licenses are the same as the initial license. However, late application for renewal of a license requires a fee of
Double the original license fee.
Which of the following is included on the certificate for credit life insurance?
The effective date and termination date
The term “illustration” in a life insurance policy refers to
A presentation of nonguaranteed elements of a policy.
In a survivorship life policy, when does the insurer pay the death benefit?
Upon the last death
The Commissioner has just issued an order regarding a recent hearing. How many days does the producer who was subject to the hearing to appeal to Commissioner’s action?
30 days
Within 30 days after the conclusion of a hearing, _______
the Commissioner must issue an order on the hearing. Within 30 days of the order, a person has a right to appeal the Commissioner’s action or inaction only in regard to an order on the outcome of a hearing or an order refusing a hearing.
An insured owns a life insurance policy. To be able to pay some of her medical bills, she withdraws a portion of the policy’s cash value. There is a limit for a withdrawal and the insurer charges a fee. What type of policy does the insured most likely have?
Universal life
Which part of an insurance application would contain information regarding the cause of death of the applicant’s deceased relatives?
Medical information
What is the purpose of a conditional receipt?
It is intended to provide coverage on a date prior to the policy issue.
Which of the following is NOT a necessary qualification in order for a person to serve as the Commissioner of Insurance in Oklahoma?
A minimum of 5 years of experience as a director of an insurance company
