Newly Released Insurance Licensing Ok-Life-Accident-and-Health-or-Sickness-Producer Exam PDF

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.

Most life insurance policies include asuicide clause, typically lasting 2 years in Oklahoma (Title 36 O.S. § 4004), which limits the insurer’s liability if the insured commits suicide within that period. If suicide occurs within the clause’s timeframe (e.g., 13 months), the insurer is generally not liable to pay the death benefit and instead refunds the premiums paid. However, the question emphasizes the policy’s expressed provision limiting liability, suggesting no payout beyond premiums, making “not liable to make any payouts” the most accurate choice. Insanity is not a standard exception unless specified.

Option A: Incorrect. While premium refunds are common, the question emphasizes no payouts, aligning with the provision’s limit.

Option B: Correct. The insurer is not liable to make any payouts due to the suicide clause.

Option C: Incorrect. The full value is not paid within the suicide clause period.

Option D: Incorrect. Insanity is not a standard exception in suicide clauses unless explicitly stated.

Aparticipating whole life insurance policyissued by a mutual insurer allows policyholders to receive areturn 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.

Asupplemental attending physician’s statement (APS)is requested by the insurer during underwriting when additional medical information is needed to assess the applicant’s risk, particularly if it could affect the underwriting decision. Oklahoma regulations (Title 36 O.S. § 1204) and HIPAA require the applicant’s consent for obtaining medical records, ensuring privacy and transparency.

Option A: Incorrect. An APS is not routine; it’s requested based on specific needs.

Option B: Incorrect. The applicant’s consent is required for medical information requests.

Option C: Incorrect. Applicants typically do not request an APS; insurers do.

Option D: Correct. An APS is appropriate when requested by the insurer with the applicant’s consent for underwriting purposes.