Free Life Policy Provisions Options and Riders Practice Questions
Oklahoma Life, Accident & Health exam — 120 practice questions.
Subtopics: Replacement notice, Free look, Collateral assignment, Change of ownership, Interest-only option, Fixed-period option, Fixed-amount option, Children's term rider, Return of premium rider, Cost-of-living rider, Spendthrift clause, Common disaster, Life income period certain, Lump-sum settlement, Grace period, Incontestability, Reinstatement contestability, Entire contract, Dividends, Policy loans, Automatic premium loan, Reinstatement, Payment of claims, Premium payment, Suicide, Permitted exclusions, Travel destinations, Replacement free look, Settlement agreements, Nonforfeiture, Accelerated LTC benefits, Life with LTC rider, Standard provisions, Assignment, Beneficiaries, Beneficiary clauses, Settlement options, Nonforfeiture options, Dividend options, Riders, Incontestable clause, Suicide clause, Misstatement of age, Primary beneficiary, Irrevocable beneficiary, Minor beneficiary, Per capita, Estate as beneficiary, Dividend option cash, Dividend option reduce premium, Dividend option accumulate at interest, Dividend option one-year term, Joint and survivor settlement, Guaranteed insurability rider, Cost of living rider, Payor benefit rider, Child term rider, War exclusion, Aviation and avocation exclusions, Exclusions, Accelerated benefits, Premium modes, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. Oklahoma's required replacement notice warns that existing policies may have more favorable provisions than new ones in such areas as:
Settlement options and disability benefits
The notice prescribed by 36 O.S. 4035 lists, among the disadvantages of replacement, that existing policies may have more favorable provisions in areas such as settlement options and disability benefits.
2. If an Oklahoma insurer does not refund the premium on a life policy canceled during the free look within 30 days, it must pay interest at:
The prior year's average T-bill rate plus 2 points
36 O.S. 4003.1(A) charges interest on late refunds at the average U.S. Treasury Bill rate of the preceding calendar year plus two percentage points, from cancellation until paid.
3. A policyowner who transfers certain policy rights to a lender as security for a loan has made a(n):
Collateral assignment
A collateral assignment transfers certain policy rights to a creditor as security, typically for a loan.
4. The provision that lets the current owner of a life policy name a new owner of the contract is the:
Change of ownership provision
The change of ownership provision allows the policyowner to transfer ownership of the contract to another party.
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Practice: Life Policy Provisions Options and Riders
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
