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Insurance Licensing Oklahoma Life, Accident, and Health or Sickness Producer Exam Sample Questions (Q34-Q39):

NEW QUESTION # 34
In Oklahoma, a foreign insurer is one formed under the laws of

A. another state or government of the United States.
B. Oklahoma or under the laws of a state geographically bordering Oklahoma.
C. Oklahoma.
D. a country other than the United States.

Answer: A

Explanation:
In Oklahoma's Insurance Code (Title 36 O.S. § 105), aforeign insureris defined as an insurance company formed under the laws of another U.S. state or territory. This distinguishes it from adomestic insurer(formed in Oklahoma) and analien insurer(formed in a foreign country).
* Option A: Incorrect. An insurer formed in Oklahoma is a domestic insurer.
* Option B: Incorrect. An insurer from a foreign country is an alien insurer.
* Option C: Correct. A foreign insurer is formed under the laws of another U.S. state or government.
* Option D: Incorrect. Geographic proximity is irrelevant; the definition is based on legal formation.
This question aligns with the Prometric content outline under "State Insurance Statutes, Rules, and Regulations," which covers insurer classifications.
:
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. § 105 (definitions of insurers).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 35
As a form of level premium permanent insurance, ordinary life insurance accumulates a reserve that eventually

A. equals the face amount of the policy.
B. requires mandatory cash value distributions.
C. ceases to earn interest or grow in a positive earnings direction.
D. results in a dividend payment to the policyowner.

Answer: A

Explanation:
Ordinary life insurance, synonymous with whole life insurance, is a level premium permanent insurance product that accumulates a cash value (or reserve) over time. By design, the cash value grows and, at the policy's maturity (typically age 100 or 121, depending on the policy), equals the face amount of the policy, at which point the policy endows (pays out the face amount to the policyowner if the insured is still alive).
* Option A: Correct. The cash value (reserve) in a whole life policy eventually equals the face amount at maturity.
* Option B: Incorrect. Dividends are paid only in participating policies, not all whole life policies, and are not guaranteed.
* Option C: Incorrect. The cash value continues to earn interest or grow, typically at a guaranteed rate, until maturity.
* Option D: Incorrect. There are no mandatory cash value distributions; policyowners can choose to access the cash value.
This question aligns with the Prometric content outline under "Life Products," which covers the cash value accumulation in 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. § 4029 (nonforfeiture benefits and cash value).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 36
One advantage of a whole life insurance policy is that it offers

A. Initial lower premiums.
B. Liberal underwriting guidelines.
C. Variable premium amounts.
D. Permanent coverage.

Answer: D

Explanation:
Awhole life insurance policyprovidespermanent coveragefor the insured's entire life, as long as premiums are paid, along with a guaranteed death benefit and cash value accumulation. This is a key advantage over term life, which is temporary. Whole life premiums are typically higher than term life, and underwriting guidelines or premium flexibility depend on the insurer, not the product itself.
* Option A: Incorrect. Underwriting guidelines vary by insurer, not by policy type.
* Option B: Incorrect. Whole life has higher initial premiums compared to term life.
* Option C: Incorrect. Whole life typically has fixed premiums, unlike universal life, which offers variable premiums.
* Option D: Correct. Permanent coverage is a primary advantage of whole life insurance.
This question falls under the Prometric content outline section on "Life Products," which covers the benefits of 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 (life insurance products).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 37
In reference to life insurance in contract law, a person MOST likely will have an insurable interest in insuring a person's life if

A. the interest exists at the time of death rather than at the time the policy is purchased.
B. a financial benefit exists from the continuance of the insured party's life.
C. she has any type of distant family relationship with the insured party.
D. any type of business relationship exists between the insured party and the beneficiary.

Answer: B

Explanation:
In life insurance, aninsurable interestexists when the policyowner would suffer a financial loss or hardship from the insured's death. Oklahoma law (Title 36 O.S. § 3604) requires insurable interest at the time the policy is purchased, typically based on a financial benefit from the insured's continued life (e.g., spouse, business partner). Distant relationships or business ties alone are insufficient without financial dependency.
* Option A: Correct. A financial benefit from the insured's continued life establishes insurable interest.
* Option B: Incorrect. A business relationship alone does not guarantee insurable interest without financial loss.
* Option C: Incorrect. Distant family relationships may not qualify unless financial dependency exists.
* Option D: Incorrect. Insurable interest must exist at policy purchase, not at the time of death.
This question falls under the Prometric content outline section on "Provisions, Options, Exclusions, Riders, Clauses, and Rights," which covers insurable interest.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance Provisions).
Oklahoma Insurance Department, Title 36 O.S. § 3604 (insurable interest).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 38
Any person of competent legal capacity may contract for life and health insurance at a MINIMUM age of

A. 15.
B. 18.
C. 16.
D. 21.

Answer: B

Explanation:
In Oklahoma, the minimum age for a person of competent legal capacity to contract for life and health insurance is18, as this is the age of majority under Oklahoma law (Title 15 O.S. § 13). Individuals under 18 may be insured (e.g., as dependents or under juvenile policies), but they cannot enter into insurance contracts themselves unless emancipated.
* Option A: Incorrect. Age 15 is below the age of majority.
* Option B: Incorrect. Age 16 is below the age of majority.
* Option C: Correct. Age 18 is the minimum age for contracting insurance in Oklahoma.
* Option D: Incorrect. Age 21 is not required; 18 is sufficient.
This question falls under the Prometric content outline section on "State Insurance Statutes, Rules, and Regulations," which covers eligibility to contract insurance.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: State- Specific Knowledge - Oklahoma Insurance Statutes).
Oklahoma Insurance Department, Title 15 O.S. § 13 (age of majority).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 39
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