Oklahoma Life, Health, & Accident-Policy Provisions Life

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Author:
hicksmix6
ID:
306082
Filename:
Oklahoma Life, Health, & Accident-Policy Provisions Life
Updated:
2015-08-05 13:22:07
Tags:
Oklahoma
Folders:
Insurance
Description:
L-84 to L-87
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  1. The "grace period" policy provision provides all of the following EXCEPT?
    a. continues the policy coverage if the premiums are late
    b. protects against an unintentional lapse of coverage
    c. waives the past due premium if the insured dies during the grace period
    d. is for a period of 31 days for whole life policies
    c. waives the past due premium if the insured dies during the grace period
  2. Regarding the "reinstatement provision" all of the following are true EXCEPT?
    a. payment of back premiums plus interest is required
    b. premiums will be based on the insured's attained age
    c. must provide evidence of insurability
    d. reinstatement must take place within a 3-year period for the lapse date
    b. premiums will be based on the insured's attained age
  3. Which of the following is true regarding the insured committing suicide within the first two years of the policy?
    a. death claim will be paid
    b. nothing will be paid
    c. return of paid premiums without interest will be paid
    d. return of paid premiums with interest

    c. return of paid premiums without interest will be paid
  4. Regarding a loan on a Whole Life Insurance Policy, how is the interest rate on a whole life policy loan determined?
    a. prevailing interest rate
    b. rate specified in the policy
    c. rate negotiated
    d. no interest rate is charged since the policy owner is borrowing his/her own money
    b. rate specified in the policy
  5. All of the following are eligible beneficiary designations on a life insurance policy EXCEPT?
    a. old girlfriend
    b. minor child
    c. estate of insured
    d. insured
    a. old girlfriend
  6. What is the difference between the absolute assignment and the collateral assignment?
    a. absolute assignment is partial transfer of rights
    b. collateral assignment is partial and temporary
    c. collateral assignment is complete transfer of rights
    d. absolute assignment is a temporary transfer of rights
    c. collateral assignment is complete transfer of rights
  7. All of the following are false regarding a collateral assignment of a life insurance policy EXCEPT?
    a. complete assignment of rights under the policy
    b. limited transfer of rights for a temporary period of time
    c. irrevocable transfer of the policy
    d. not available in Oklahoma
    b. limited transfer of rights for a temporary period of time
  8. Under the Common Disaster Act, if the insured and the primary beneficiary are killed simultaneously in an accidend, the following is true:
    a. insured is presumed to have died first
    b. primary beneficiary is assumed to have died first
    c. contingent beneficiary will receive nothing
    d. primary beneficiary's estate will receive the death benefits
    a. insured is presumed to have died first
  9. If the insured and the primary beneficiary are both killed in a common accident and the primary beneficiary clearly outlives the insured, the life insurance proceeds will be paid to:
    a. insured's estate
    b. contingent beneficiary
    c. primary beneficiary's estate
    d. policy owner
    c. primary beneficiary's estate
  10. When is a revocable beneficiary is used:
    a. can never be revoked
    b. cannot be changed without the consent of the current beneficiary
    c. can be changed at any time by the policy owner
    d. can be changed after a period of two years
    c. can be changed at any time by the policy owner
  11. For a person applying for life insurance, the insurance company may exclude all of the following EXCEPT?
    a. student pilot
    b. commercial pilot
    c. person who flies his own plane
    d. person who frequently flies as a passenger on a commercial airline
    d. person who frequently flies as a passenger on a commercial airline
  12. If the primary beneficiary and the contingent beneficiary die before the insured, the insurance proceeds will be paid to:
    a. insured's estate
    b. insured's contingent beneficiary
    c. insured's children
    d. primary beneficiary's estate
    a. insured's estate
  13. All of the following could be excluded from a life insurance policy EXCEPT?
    a. accidental death
    b. war status
    c. aviation accident
    d. suicide
    a. accidental death
  14. A provision allowing the policy owner to inspect the policy and, if the policy owner is not satisfied with the life insurance policy, return the policy for a full refund is known as:
    a. free refund
    b. free look
    c. probationary period
    d. return of premium
    b. free look
  15. A standard policy provision excludes coverage for the insured suicide within the first two years of the contract.  What is the standard policy provision included in all life insurance policies?
    a. suicide is not insurable
    b. suicide is illegal
    c. suicide increases the adverse selection for the insurance company
    d. suicide decreases the adverse selection for the insurance company
    c. suicide increases the adverse selection for the insurance company
  16. If the beneficiary designations are not clear, which of the following could occur?
    a. each beneficiary will receive the full policy benefits
    b. insurer could deny coverage
    c. insurer could split the policy face into smaller increments
    d. disputes may arise causing delays in payment
    d. disputes may arise causing delays in payment
  17. On the life insurance policy applications the insured's age is stated as 30. In reality the insured is 32.  If the insurance company discovers the mistake while the insured is alive, what will happen?
    a. premium will be adjusted upward
    b. premium will be adjusted downward
    c. death benefit will be adjusted upward
    d. death benefit will be adjusted downward
    a. premium will be adjusted upward
  18. The owner of a life insurance policy has the right to transfer all rights to another person. This policy provision is the:
    a. non-forfeiture clause
    b. reinstatement clause
    c. assignment clause
    d. incontestability clause
    c. assignment clause
  19. What will the beneficiary receive if the insured commits suicide within the first two years of the policy?
    a. nothing
    b. the face amount of the policy
    c. premiums paid on the policy
    d. cash value
    c. premiums paid on the policy
  20. In Oklahoma what is the maximum interest allowed to be charged on a policy loan from a whole life policy?
    a. 2
    b. 4
    c. 8
    d. 12
    c. 8
  21. All of the following statements are correct regarding policy loans, EXCEPT?
    a. interest is deducted in advance
    b. loan must be paid back before the insured dies
    c. policy owner is not required to be approved by the insurer before the loan is granted
    d. if the outstanding loan exceeds the cash value, the policy is considered "surrendered"
    b. loan must be paid back before the insured dies
  22. Which of the following statement is NOT correct regarding the entire contract provision?
    a. it is a policy owner right by law
    b. no additional premium is charged
    c. statements made on the application become part of the policy
    d. it makes the policy incontestable after two years
    d. it makes the policy incontestable after two years
  23. In a life insurance policy, what is a free look?
    a. rider to a life or health policy
    b. mandatory provision
    c. mandatory provision which give the policy owner time to decide about the policy
    d. option which the policy owner pays an extra premium
    c. mandatory provision which give the policy owner time to decide about the policy
  24. The Entire Contract Provision states all of the following are included in a valid life insurance policy EXCEPT?
    a. policy form
    b. riders
    c. certificate of authority
    d. application
    c. certificate of authority

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