EXAM OK-LIFE-ACCIDENT-AND-HEALTH-OR-SICKNESS-PRODUCER OUTLINE, OK-LIFE-ACCIDENT-AND-HEALTH-OR-SICKNESS-PRODUCER NEW PRACTICE QUESTIONS

Exam Ok-Life-Accident-and-Health-or-Sickness-Producer Outline, Ok-Life-Accident-and-Health-or-Sickness-Producer New Practice Questions

Exam Ok-Life-Accident-and-Health-or-Sickness-Producer Outline, Ok-Life-Accident-and-Health-or-Sickness-Producer New Practice Questions

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Insurance Licensing Oklahoma Life, Accident, and Health or Sickness Producer Exam Sample Questions (Q51-Q56):

NEW QUESTION # 51
Which of the following is an Unfair Claims Settlement Practices Act under Oklahoma law?

  • A. knowingly misrepresenting to a claimant pertinent facts or policy provisions that relate to coverage.
  • B. failing to interview all involved parties within 45 days of the filing of proof of loss forms.
  • C. not maintaining an audit trail of premium history and claim transactions.
  • D. failing to maintain complete policy notes involving claims.

Answer: A

Explanation:
The Oklahoma Unfair Claims Settlement Practices Act, under Title 36 O.S. § 1250.5, defines practices that constitute unfair or deceptive acts in the settlement of insurance claims. Knowingly misrepresenting pertinent facts or policy provisions related to coverage to a claimant is explicitly listed as an unfair practice, as it misleads policyholders and undermines fair claim handling.
* Option A: Correct. Misrepresenting facts or policy provisions is an unfair claims settlement practice under Oklahoma law.
* Option B: Incorrect. There is no specific 45-day requirement to interview parties in the Act; timelines relate to acknowledging or settling claims.
* Option C: Incorrect. Maintaining an audit trail is a best practice but not explicitly an unfair claims settlement practice.
* Option D: Incorrect. Incomplete policy notes are not specifically cited as an unfair practice under the Act.
This question aligns with the Prometric content outline under "State Insurance Statutes, Rules, and Regulations," which covers unfair claims practices.
:
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. § 1250.5 (Unfair Claims Settlement Practices Act).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.


NEW QUESTION # 52
The primary reason for purchasing life insurance is to provide

  • A. safety of principal.
  • B. death benefits.
  • C. tax deduction.
  • D. retirement income.

Answer: B

Explanation:
The primary purpose of life insurance is to provide adeath benefit, which is a financial payout to beneficiaries upon the insured's death, ensuring financial protection for dependents or obligations (Title 36 O.
S. § 4002). While some policies offer cash value or tax advantages, these are secondary to the death benefit.
* Option A: Incorrect. Tax deductions are not the primary reason; they may apply to specific scenarios but are secondary.
* Option B: Correct. Death benefits are the primary reason for purchasing life insurance.
* Option C: Incorrect. Retirement income is a goal of annuities or cash value policies, not the primary purpose.
* Option D: Incorrect. Safety of principal relates to investments, not the core purpose of 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 # 53
An insurance producer who knowingly and willfully makes a fraudulent statement relating to an application for insurance is subject to all of the following EXCEPT

  • A. suspension.
  • B. revocation.
  • C. discrimination.
  • D. censure.

Answer: C

Explanation:
Under Oklahoma's Insurance Code (Title 36 O.S. § 1435.13), a producer who knowingly and willfully makes a fraudulent statement on an insurance application faces disciplinary actions, includingsuspension,revocation
, orcensureof their license, as well as potential fines or criminal penalties.Discriminationis not a disciplinary action; it refers to unfair treatment and is unrelated to fraud penalties.
* Option A: Incorrect (is a penalty). Suspension of the license is a possible consequence.
* Option B: Incorrect (is a penalty). Revocation of the license is a possible consequence.
* Option C: Correct (is not a penalty). Discrimination is not a disciplinary action for fraud.
* Option D: Incorrect (is a penalty). Censure is a formal reprimand and a possible consequence.
:
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. § 1435.13 (grounds for license discipline).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.


NEW QUESTION # 54
Under the Fair Credit Reporting Act, a consumer report includes

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

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 # 55
Term life insurance is more appropriate than whole life insurance when the

  • A. policyowner desires an accumulation of cash values.
  • B. maximum protection is needed, but the insured cannot afford premium payments for permanent insurance.
  • C. insured needs low cost permanent life insurance protection.
  • D. policyowner wants to borrow against the life insurance policy values.

Answer: B

Explanation:
Term life insuranceprovides coverage for a specific period (e.g., 10, 20 years) at a lower premium cost than whole life insurance, making it ideal for individuals needing maximum death benefit protection but unable to afford the higher premiums of permanent insurance. Unlike whole life, term life does not accumulate cash value or allow policy loans.
* Option A: Incorrect. Borrowing against policy values requires cash value, available in whole life, not term life.
* Option B: Incorrect. Cash value accumulation is a feature of whole life, not term life.
* Option C: Correct. Term life is appropriate for maximum protection at a lower cost when permanent insurance premiums are unaffordable.
* Option D: Incorrect. Term life is not permanent insurance; whole life provides permanent coverage.
This question falls under the Prometric content outline section on "Life Products," which covers the suitability of term versus 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 (definitions of life insurance products).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.


NEW QUESTION # 56
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