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Insurance Licensing Oklahoma Life, Accident, and Health or Sickness Producer Exam Sample Questions (Q121-Q126):

NEW QUESTION # 121
The process by which an insurer decides whether to issue a policy is known as

A. risk pooling.
B. selection.
C. classification.
D. underwriting.

Answer: D

Explanation:
Underwriting is the process by which an insurer evaluates an applicant's risk profile to determine whether to issue a policy, what coverage to offer, and at what premium rate. This involves assessing factors such as medical history, lifestyle, and financial information to ensure the applicant meets the insurer's standards.
* Option A: Incorrect. Classification refers to grouping applicants into risk categories (e.g., standard, substandard) during underwriting, not the entire process.
* Option B: Incorrect. Risk pooling is the practice of spreading risk across a group of policyholders, not the decision to issue a policy.
* Option C: Correct. Underwriting is the process of evaluating and deciding whether to issue a policy.
* Option D: Incorrect. Selection is a component of underwriting but not the term for the entire process.
This question aligns with the Prometric content outline under "Underwriting," which covers the principles and processes of risk assessment.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Underwriting).
Oklahoma Insurance Department, Title 36 O.S. § 1204 (insurance business conduct).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 122
What is the main reason a Medicare supplement policy is purchased?

A. to cover prescription drugs filled at the pharmacy
B. to cover dental services
C. to fill the gaps not covered by Medicare Parts A and B
D. to cover long-term care services

Answer: C

Explanation:
AMedicare supplement policy(Medigap) is designed to cover out-of-pocket costs not paid by Original Medicare (Parts A and B), such as deductibles, coinsurance, and copayments. The primary reason for purchasing Medigap is tofill the gapsin Medicare coverage, as outlined in Oklahoma's regulations (Title 36 O.
S. § 6217) and federal guidelines (CMS, Medicare & You Handbook). Dental services, long-term care, and prescription drugs are not typically covered by Medigap; these require separate plans (e.g., Medicare Part D for drugs).
* Option A: Incorrect. Dental services are not covered by Medigap; they require separate dental insurance.
* Option B: Incorrect. Long-term care is not covered by Medigap; it requires LTC insurance.
* Option C: Incorrect. Prescription drugs are covered by Medicare Part D, not Medigap.
* Option D: Correct. Medigap fills gaps in Medicare Parts A and B coverage.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Medicare).
Oklahoma Insurance Department, Title 36 O.S. § 6217 (Medicare supplement insurance).
CMS, Medicare & You Handbook (Medigap benefits).

NEW QUESTION # 123
Under the Fair Credit Reporting Act, a consumer report includes

A. communication of information among persons related by common ownership.
B. communication of information by a consumer reporting agency bearing on a consumer's credit standing, worthiness, or personal characteristics.
C. any authorizations or approval of a specific extension of credit, directly or indirectly, by the issuer of a credit card.
D. any report containing information solely as to transactions between the consumer and the person making the report.

Answer: B

Explanation:
TheFair Credit Reporting Act (FCRA)(15 U.S.C. § 1681) defines aconsumer reportas information communicated by a consumer reporting agency that bears on a consumer's creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living, used to determine eligibility for credit, insurance, or employment. This is relevant in insurance underwriting for consumer reports.
* Option A: Incorrect. Information among related entities is not a consumer report.
* Option B: Incorrect. Transaction reports between the consumer and the reporter are excluded from the FCRA definition.
* Option C: Correct. A consumer report includes information on credit standing and personal characteristics from a reporting agency.
* Option D: Incorrect. Credit card authorizations are not consumer reports under FCRA.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: State- Specific Knowledge - Oklahoma Insurance Statutes).
Fair Credit Reporting Act, 15 U.S.C. § 1681 (definition of consumer report).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 124
The Oklahoma Insurance Commissioner may place on probation, censure, suspend, revoke, or refuse to issue a license to an applicant for all of the following causes EXCEPT

A. providing incorrect, misleading, or materially untrue information in the license application.
B. having admitted to have committed fraud.
C. failing to pay state taxes.
D. having been convicted of a misdemeanor.

Answer: D

Explanation:
Under Title 36 O.S. § 1435.13, the Oklahoma Insurance Commissioner may take disciplinary action against a licensee for causes such as fraud, providing false information on a license application, or failing to comply with state laws, including tax obligations. However, a misdemeanor conviction does not automatically warrant license action unless it involves a crime of moral turpitude (e.g., fraud, theft) or is directly related to insurance activities.
* Option A: Incorrect (is a cause). Admitting to fraud is grounds for license suspension or revocation.
* Option B: Incorrect (is a cause). Providing misleading or untrue information on a license application is a violation.
* Option C: Correct (is the exception). A misdemeanor conviction alone, without specific relevance to insurance or moral turpitude, is not typically grounds for license action.
* Option D: Incorrect (is a cause). Failing to pay state taxes can lead to disciplinary action as a violation of state law.
This question is part of the Prometric content outline under "State Insurance Statutes, Rules, and Regulations," which covers licensing disciplinary actions.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: State- Specific Knowledge - Licensing Requirements).
Oklahoma Insurance Department, Title 36 O.S. § 1435.13 (grounds for license discipline).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 125
A whole life insurance policy issued by a mutual insurer that provides a return of divisible surplus is called a

A. participating whole life insurance policy
B. limited pay whole life insurance policy
C. continuous premium whole life insurance policy
D. straight whole life insurance policy

Answer: A

Explanation:
Aparticipating whole life insurance policyissued by a mutual insurer allows policyholders to receive a return of divisible surplusin the form of dividends, which reflect the insurer's excess profits. This is a feature of mutual insurers, as defined in Oklahoma's regulations (Title 36 O.S. § 4002). Limited pay, continuous premium, and straight whole life policies do not inherently include dividends.
* Option A: Incorrect. Limited pay whole life has a shorter premium payment period, not necessarily dividends.
* Option B: Correct. A participating whole life policy provides dividends from surplus.
* Option C: Incorrect. Continuous premium whole life refers to lifelong premium payments, not dividends.
* Option D: Incorrect. Straight whole life is a general term, not specific to dividends.
:
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 # 126
......

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Ok-Life-Accident-and-Health-or-Sickness-Producer PDF Guide - New Ok-Life-Accident-and-Health-or-Sickness-Producer Exam Preparation

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Insurance Licensing Oklahoma Life, Accident, and Health or Sickness Producer Exam Sample Questions (Q121-Q126):

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