Ok-Life-Accident-and-Health-or-Sickness-Producer Exam Dumps : Oklahoma Life, Accident, and Health or Sickness Producer Exam

Theguaranteed insurability riderallows the insured to purchase additional life insurance at specified dates or life events (e.g., marriage, childbirth) without proving insurability, ensuring coverage despite health changes. This is a standard rider in Oklahoma (Title 36 O.S. § 4001 et seq.).

Option A: Incorrect. Guaranteed renewability applies to policy renewals, not additional coverage.

Option B: Correct. The guaranteed insurability rider allows additional insurance without underwriting.

Option C: Incorrect. A cost of living rider adjusts benefits for inflation, not additional coverage.

Option D: Incorrect. A disability income rider provides income replacement, not additional insurance.

A rider is an amendment to an insurance policy that modifies its coverage. In the context of life insurance, thefamily rider(also known as a family term rider) provides term life insurance coverage for the insured’s spouse and children under the primary insured’s policy. This rider is commonly offered to extend protection to family members without requiring separate policies.

Option A: Incorrect. The payor benefit rider waives premiums if the policyowner (often a parent) becomes disabled or dies, typically used in juvenile policies. It does not provide coverage for family members.

Option B: Correct. The family rider adds term life coverage for the insured’s spouse and children, ensuring they are protected under the same policy.

Option C: Incorrect. The jumping juvenile rider increases the death benefit of a juvenile policy at a specified age (e.g., 21) without additional underwriting. It applies only to the child, not the spouse.

Option D: Incorrect. The guaranteed insurability rider allows the insured to purchase additional coverage at specified intervals without proving insurability, but it does not cover family members.

This question falls under the Prometric content outline section on “Provisions, Options, Exclusions, Riders, Clauses, and Rights,” which includes knowledge of life insurance riders.

Ordinary life insurance, often synonymous with whole life insurance, is a type of permanent life insurance that provides coverage for the insured’s entire life, as long as premiums are paid. It typically includes a level premium, a guaranteed death benefit, and a cash value component that grows over time. It is designed to offer permanent protection with some flexibility, such as the ability to borrow against the cash value or adjust premiums in certain policies (e.g., universal life).

Option A: Incorrect. This describes term life insurance, which provides temporary protection during income-earning years. Ordinary life insurance is permanent, and cash values are not specifically “payable” during non-earning periods but can be accessed.

Option B: Incorrect. Ordinary life is not an endowment policy (which matures at a specific age) or tied directly to income levels. It is a whole life policy with level premiums.

Option C: Correct. Ordinary life insurance provides permanent protection and some flexibility (e.g., cash value loans, dividend options in participating policies) with premiums that are generally lower than other permanent products like limited-pay whole life.

Option D: Incorrect. Ordinary life is not temporary; it provides lifelong coverage. While it accumulates cash value, the protection is permanent, not limited to the policyowner’s life expectancy.

This question is part of the Prometric content outline under “Life Products,” focusing on the characteristics of ordinary (whole) life insurance.