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Last Updated: Aug 22, 2026
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| Section | Objectives |
|---|---|
| Topic 1: General Insurance Principles | - Risk management and insurance concepts - Insurable interest and underwriting basics |
| Topic 2: Accident and Health Insurance | - Health insurance policy types - Disability income insurance - Medical expense coverage concepts |
| Topic 3: Annuities | - Annuity payout options - Fixed and variable annuities |
| Topic 4: State Insurance Regulations (Oklahoma) | - Unfair trade practices and ethics - Oklahoma Insurance Code and regulations - Producer licensing requirements and conduct |
| Topic 5: Life Insurance Concepts | - Types of life insurance policies - Policy provisions, riders, and options - Beneficiaries and settlements |
1. Which of the following provisions allows a person to temporarily give up a portion of their ownership rights to secure a loan?
A) Reinstatement.
B) Automatic premium loan.
C) Entire contract.
D) Collateral assignment.
2. Backdating on a life insurance policy is the practice of
A) reinstating a lapsed policy.
B) accepting the premium after the expiration of the grace period.
C) making the policy effective on an earlier date than the present.
D) excluding medical coverage for preexisting medical conditions.
3. Which of the following BEST describes a waiver of premium clause in a typical disability policy?
A) This clause eliminates any premium being paid for the lifetime of the insured individual.
B) This clause generally begins immediately with the doctor stating that the insured person is completely disabled.
C) The waiver of premium benefit pays the policy premium during a disability claim.
D) The monthly benefit under the policy is reduced to offset the premium that is no longer being paid.
4. A common disaster provision states that if the beneficiary dies from the same accident as the insured individual, the insurer will proceed as if the
A) beneficiary and the insured individual died simultaneously.
B) insured individual outlived the beneficiary.
C) beneficiary was never named on the policy.
D) beneficiary outlived the insured individual.
5. Modified whole life policies are distinguished by premiums that are
A) higher than typical whole life premiums during the last few years.
B) lower than typical whole life premiums during the last few years.
C) higher than typical whole life premiums during the initial years and then lower thereafter.
D) lower than typical whole life premiums during the initial years and then higher thereafter.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: C | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: D |
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