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New Ok-Life-Accident-and-Health-or-Sickness-Producer Test Answers - Realistic Insurance Licensing New Oklahoma Life, Accident, and Health or Sickness Producer Exam Test Answers

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Insurance Licensing Oklahoma Life, Accident, and Health or Sickness Producer Exam Sample Questions (Q57-Q62):

NEW QUESTION # 57
A deliberate lie by an insured to the insurer to obtain a lower premium is an example of

A. concealment.
B. aleatory.
C. omission.
D. fraud.

Answer: D

Explanation:
A deliberate lie by an insured to obtain a lower premium constitutesfraud, defined in Oklahoma's Insurance Code (Title 36 O.S. § 1204) as an intentional misrepresentation of material facts to deceive the insurer. Fraud can lead to policy rescission or legal penalties.
* Option A: Incorrect. Omission is failing to disclose information, not actively lying.
* Option B: Correct. A deliberate lie to lower premiums is fraud.
* Option C: Incorrect. Concealment is withholding material information, not providing false information.
* Option D: Incorrect. Aleatory refers to the uncertain nature of insurance contracts, not misrepresentation.
:
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. § 1204 (unfair trade practices).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 58
One advantage of a whole life insurance policy is that it offers

A. Variable premium amounts.
B. Permanent coverage.
C. Initial lower premiums.
D. Liberal underwriting guidelines.

Answer: B

Explanation:
Awhole life insurance policyprovidespermanent coveragefor the insured's entire life, as long as premiums are paid, along with a guaranteed death benefit and cash value accumulation. This is a key advantage over term life, which is temporary. Whole life premiums are typically higher than term life, and underwriting guidelines or premium flexibility depend on the insurer, not the product itself.
* Option A: Incorrect. Underwriting guidelines vary by insurer, not by policy type.
* Option B: Incorrect. Whole life has higher initial premiums compared to term life.
* Option C: Incorrect. Whole life typically has fixed premiums, unlike universal life, which offers variable premiums.
* Option D: Correct. Permanent coverage is a primary advantage of whole life insurance.
This question falls under the Prometric content outline section on "Life Products," which covers the benefits of whole 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 # 59
Loans may generally be obtained against the proceeds of a personal life insurance policy, and policy loan proceeds

A. are subject to Federal estate tax.
B. generate nontaxable interest income.
C. are not treated as taxable income.
D. accelerate the benefits under the policy.

Answer: C

Explanation:
Permanent life insurance policies with a cash value (e.g., whole life, universal life) allow policyholders to take loans against the cash value. According to IRS guidelines and standard insurance principles, policy loans are not considered taxable income because they are treated as a debt against the policy's cash value, not as income. However, if the policy lapses or is surrendered with an outstanding loan, the loan amount exceeding the policy's basis may become taxable.
* Option A: Incorrect. Policy loans do not accelerate benefits (e.g., death benefits or living benefits); they reduce the cash value and death benefit until repaid.
* Option B: Correct. Policy loan proceeds are not treated as taxable income, as they are a loan against the policy's cash value.
* Option C: Incorrect. Policy loans are not subject to Federal estate tax unless the policy's death benefit is included in the estate, which is unrelated to the loan itself.
* Option D: Incorrect. Interest on policy loans is not nontaxable; it is charged by the insurer and does not generate income for the policyholder.
This question falls under the Prometric content outline section on "Provisions, Options, Exclusions, Riders, Clauses, and Rights," which includes knowledge of policy loans and their tax implications.
:
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. § 4029 (nonforfeiture benefits and cash value provisions).
IRS Publication 525 (Taxable and Nontaxable Income, section on life insurance policy loans).

NEW QUESTION # 60
Which of the following is a core benefit of Medicare supplemental insurance?

A. First 3 pints of blood each year.
B. Basic drugs limit of $1,250.
C. Preventive care.
D. At-home recovery.

Answer: A

NEW QUESTION # 61
Modified whole life policies are distinguished by premiums that are

A. lower than typical whole life premiums during the initial years and then higher thereafter.
B. higher than typical whole life premiums during the last few years.
C. higher than typical whole life premiums during the initial years and then lower thereafter.
D. lower than typical whole life premiums during the last few years.

Answer: A

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 # 62
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