Oklahoma Producer Life Health & Accident-State Regulations

Card Set Information

Author:
hicksmix6
ID:
305915
Filename:
Oklahoma Producer Life Health & Accident-State Regulations
Updated:
2015-08-04 12:50:19
Tags:
Oklahoma
Folders:
insurance
Description:
L-25 to L-27
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  1. Kent, a licensed producer, is moving to New York with no intention of returning to Oklahoma.  What is Kent's responsibility under the Oklahoma Insurance Code?
    a. notify the Oklahoma Insurance Department of address change within 30 days.
    b. notify the Oklahoma Insurance Department of address change upon license expiration
    c. notify the New York Insurance Department of address change
    d. no notification required since he has no intention of returning to Oklahoma
    a. notify the Oklahoma Insurance
  2. Which of the following is NOT considered an illegal act for a life producer?
    a. sharing commission with the applicant for an insurance policy
    b. offering a gift of airline tickets as an inducement to purchase insurance
    c. sharing life commission with a licensed person lines property & casualty producer
    d. premium savings offered by the insurer because the premium is bank drafted
    d. premium savings offered by the insurer because the premium is bank drafted
  3. The practice of the Oklahoma Life & Health Guaranty Association charging members in order to pay contractual obligations for an insolvent insurer is called?
    a. premium adjustment
    b. assessment
    c. audit
    d. your fair share
    b. assessment
  4. The Oklahoma Life & Health Guaranty Association would protect all of the following policies EXCEPT?
    a. fixed annuities
    b. whole life
    c. variable annuities
    d. term life
    c. variable annuities
  5. In the event of a licensed producer's death or disability, a temporary license may be issued to another individual for a period of:
    a. 30 days
    b. 90 days
    c. 180 days
    d. 365 days
    c. 180 days
  6. Several producers agree to control the market share of Zbest Mutual Insurance Company.  What type of unfair trade practice is this?
    a. boycott
    b. twisting
    c. unfair discrimination
    d. this is legal and not a violation of the unfair trade practices
    a. boycott
  7. The Oklahoma Insurance Code places a restriction on the amount of business a producer can write on an annual basis.  This type of business restriction is called:
    a. commission income
    b. controlled business
    c. combined business
    d. collected business
    b. controlled business
  8. Which of the following penalties can the Oklahoma Insurance Department impose?
    a. $5,000 criminal fine
    b. license revocation
    c. five years in jail
    d. return of commission from life insurance sale considered to be unfair trade practice
    b. license revocation
  9. Upon completion of an examination of an insurer, the Oklahoma Insurance Department must send a written report no later than:
    a. 10 days of examination completion
    b. 20 days of examination completion
    c. 30 days of examination completion
    d. 45 days of examination completion
    c. 30 days of examination completion
  10. Notice of a Hearing involving a producer's misconduct must be made:
    a. 5 days in advance of hearing
    b. 20 days in advance of hearing
    c. 30 days in advance of hearing
    d. 45 days in advance of hearing
    a. 5 days in advance of hearing
  11. The Oklahoma Life & Health Insurance Guaranty Association:
    a. an association of only domestic insurers that promotes the insurance industry in the State of Oklahoma
    b. requires all authorized insurers in the state be members of the association
    c. insures up to $300,000 total net cash surrender values on any one life
    d. insures up to $100,000 total life insurance death benefits
    b. requires all authorized insurers in the state be members of the association
  12. If William is a producer and lives in Kansas but travels to Oklahoma to solicit a policy of insurance, William must have a:
    a. foreign license for Oklahoma
    b. resident license for Oklahoma
    c. resident license for Kansas only
    d. resident license for Kansas and a non-resident license for Oklahoma
    d. resident license for Kansas and a non-resident license for Oklahoma
  13. All of the following information would be included in a notice of a hearing by the Oklahoma Insurance Department EXCEPT?
    a. provisions in the Insurance Code that have been violated
    b. state the purpose of the hearing
    c. state any precedence established by previous such orders
    d. provide the date and time of the hearing
    c. state any precedence established by previous such orders
  14. If the Oklahoma Insurance Department suspects a producer is using "unfair trade practices, " the first action take is to:
    a. issue a "cease and desist" order
    b. immediately revoke the producer's license
    c. send notice of a hearing
    d. non-renew the producer's license
    c. send notice of a hearing
  15. If Alicia is licensed to sell both Life/Health and Property/Casualty insurance, how many hours of continuing education are required every two years?
    a. 24
    b. 36
    c. 64
    d. 8
    a. 24
  16. The Oklahoma Insurance Department has all of the following authority EXCEPT?
    a. administer laws as designated by Oklahoma Legislature
    b. promulgate rules as often as necessary
    c. examine insurance companies
    d. pass laws relating to insurance
    d. pass laws relating to insurance
  17. When can a producer share commission with another producer?
    a. when they are both appointed by the same insurer
    b. when they are both licensed in the same line of business
    c. when they both reside in the State of Oklahoma
    d. is never a legal act
    b. when they are both licensed in the same line of business
  18. In order for an insurer to transact business in Oklahoma, it must have which of the following?
    a. license
    b. certificate of authority
    c. appointment
    d. express authority from the insurance department
    b. certificate of authority
  19. Disadvantages of replacing an older life insurance policy would include all of the following EXCEPT?
    a. providing insurability on the new policy
    b. lower premium due to premiums being based on attained age
    c. new contestability period
    d. different policy provisions
    b. lowering premium due to premiums being based on attained age
  20. A mutual insurer:
    a. is a participating company owned by policy owners
    b. charges assessments to the policy owners if claims are higher than projected
    c. is an incorporated society or supreme lodge without capital
    d. is a group who shares risk and cannot sell life insurance
    a. is a participating company owned by policy owners

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