Free Types of Life Insurance Policies Practice Questions
Oregon Life, Accident & Health exam (series 12-03) — 65 practice questions.
Subtopics: Credit life, Group life, Group life conversion, Term life, Whole life, Universal life, Indexed life, Variable life, Variable universal life, Specialized policies, Annual renewable term, Return of premium term, Increasing term, Modified whole life, Limited-pay life, Joint life, Universal life Option A, Universal life target premium, Universal life interest crediting, Variable life prospectus, Variable products licensing, Interest-sensitive whole life, Endowment policy, Family income policy, Adjustable life, Industrial life, Multiple protection, Fraternal and other
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Sample questions & answers
1. Which Oregon producer license class requires NO licensing examination?
Credit life
The candidate bulletin's license class table lists no exam for Credit and Credit Life, while Life (12-01) and Life and Health (12-03) require exams and variable life requires a securities exam.
2. Under ORS 743.303, an Oregon group life policy must insure at least how many lives at issue?
Two
ORS 743.303(2) requires no fewer than two lives insured at the date of issue; the group must be formed for purposes other than obtaining insurance.
3. Under ORS 743.303, the amounts of insurance under an Oregon group life policy must be based on:
A plan precluding individual selection
Amounts must be based on a plan precluding individual selection, although optional supplemental amounts may be based on age, salary, rank or similar objective standards.
4. An Oregon employee's group life coverage ends because employment terminates. To convert to an individual policy without evidence of insurability, the employee must apply and pay the first premium within:
31 days after the termination
ORS 743.333 gives the right to an individual policy, without evidence of insurability and on any form except term, if application and first premium are made within 31 days after termination.
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Practice: Types of Life Insurance Policies
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.
