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| Section | Weight | Objectives |
|---|---|---|
| Oklahoma State-Specific Knowledge | 28% | - Policy Provisions Required in Oklahoma
|
| General Insurance Knowledge | 72% | - Annuities
|
1. 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) any type of business relationship exists between the insured party and the beneficiary.
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) the interest exists at the time of death rather than at the time the policy is purchased.
2. A form of an accelerated death benefit is a
A) nonforfeiture extended term benefit.
B) home care benefit.
C) cost of living benefit.
D) terminal illness settlement benefit.
3. The change of beneficiary provision states that the insured has the right to change the beneficiary unless the beneficiary is
A) uninsurable.
B) deceased.
C) irrevocable.
D) power of attorney.
4. The ownership provision of a life insurance policy states that during the insured individual's lifetime, the rights and privileges belong to the
A) insured individual's family
B) insured individual only
C) beneficiaries
D) owner only
5. Every licensee must keep records pertaining to insurance transactions for how many years?
A) 5
B) 7
C) 10
D) 3
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: A |
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