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Pass4sure Insurance Licensing Ok-Life-Accident-and-Health-or-Sickness-Producer Exam Prep, Ok-Life-Accident-and-Health-or-Sickness-Producer Relevant Answers

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Insurance Licensing Oklahoma Life, Accident, and Health or Sickness Producer Exam Sample Questions (Q33-Q38):

NEW QUESTION # 33
Loans may generally be obtained against the proceeds of a personal life insurance policy, and policy loan proceeds

A. are not treated as taxable income.
B. are subject to Federal estate tax.
C. generate nontaxable interest income.
D. accelerate the benefits under the policy.

Answer: A

Explanation:
Permanent life insurance policies with a cash value (e.g., whole life, universal life) allow policyholders to take loans against the cash value. According to IRS guidelines and standard insurance principles, policy loans are not considered taxable income because they are treated as a debt against the policy's cash value, not as income. However, if the policy lapses or is surrendered with an outstanding loan, the loan amount exceeding the policy's basis may become taxable.
* Option A: Incorrect. Policy loans do not accelerate benefits (e.g., death benefits or living benefits); they reduce the cash value and death benefit until repaid.
* Option B: Correct. Policy loan proceeds are not treated as taxable income, as they are a loan against the policy's cash value.
* Option C: Incorrect. Policy loans are not subject to Federal estate tax unless the policy's death benefit is included in the estate, which is unrelated to the loan itself.
* Option D: Incorrect. Interest on policy loans is not nontaxable; it is charged by the insurer and does not generate income for the policyholder.
This question falls under the Prometric content outline section on "Provisions, Options, Exclusions, Riders, Clauses, and Rights," which includes knowledge of policy loans and their tax implications.
:
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. § 4029 (nonforfeiture benefits and cash value provisions).
IRS Publication 525 (Taxable and Nontaxable Income, section on life insurance policy loans).

NEW QUESTION # 34
Under the Fair Credit Reporting Act, a consumer report includes

A. communication of information by a consumer reporting agency bearing on a consumer's credit standing, worthiness, or personal characteristics.
B. any report containing information solely as to transactions between the consumer and the person making the report.
C. communication of information among persons related by common ownership.
D. any authorizations or approval of a specific extension of credit, directly or indirectly, by the issuer of a credit card.

Answer: A

Explanation:
TheFair Credit Reporting Act (FCRA)(15 U.S.C. § 1681) defines aconsumer reportas information communicated by a consumer reporting agency that bears on a consumer's creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living, used to determine eligibility for credit, insurance, or employment. This is relevant in insurance underwriting for consumer reports.
* Option A: Incorrect. Information among related entities is not a consumer report.
* Option B: Incorrect. Transaction reports between the consumer and the reporter are excluded from the FCRA definition.
* Option C: Correct. A consumer report includes information on credit standing and personal characteristics from a reporting agency.
* Option D: Incorrect. Credit card authorizations are not consumer reports under FCRA.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: State- Specific Knowledge - Oklahoma Insurance Statutes).
Fair Credit Reporting Act, 15 U.S.C. § 1681 (definition of consumer report).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 35
Which of the following is NOT a requirement to become a resident producer or adjuster in Oklahoma?

A. Successfully passing a licensing examination.
B. Be at least 18 years of age.
C. Must be of good personal and business reputation.
D. Live in Oklahoma for a period of 6 months or more.

Answer: D

Explanation:
To become a resident insurance producer or adjuster in Oklahoma, as outlined in Title 36 O.S. § 1435.7 and §
1435.8, an applicant must: be at least 18 years old, be of good personal and business reputation (demonstrating trustworthiness and competency), successfully pass the required licensing examination, and be a resident of Oklahoma or intend to become one. However, there is no specific requirement to have lived in Oklahoma for 6 months or more prior to applying; residency is established by maintaining a principal place of residence or business in the state at the time of application.
* Option A: Correct (not a requirement). Living in Oklahoma for 6 months or more is not explicitly required; residency status is sufficient.
* Option B: Incorrect (is a requirement). Passing the licensing exam is mandatory.
* Option C: Incorrect (is a requirement). Applicants must be at least 18 years old.
* Option D: Incorrect (is a requirement). Good personal and business reputation is required.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: State- Specific Knowledge - Licensing Requirements).
Oklahoma Insurance Department, Title 36 O.S. § 1435.7, § 1435.8 (resident producer and adjuster licensing).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 36
How long is the contestable period for a life insurance policy?

A. 24 months
B. 6 months
C. 36 months
D. 12 months

Answer: A

Explanation:
Thecontestable periodfor a life insurance policy in Oklahoma, as mandated by Title 36 O.S. § 4004, is24 months(2 years) from the policy's issuance. During this period, the insurer can contest the policy's validity based on material misrepresentations in the application (e.g., health or lifestyle). After 2 years, the policy becomes incontestable except for non-payment of premiums or fraud in some cases.
* Option A: Incorrect. 6 months is too short for the contestable period.
* Option B: Incorrect. 12 months is insufficient; the standard is 24 months.
* Option C: Correct. The contestable period is 24 months.
* Option D: Incorrect. 36 months exceeds the standard period.
This question aligns with the Prometric content outline under "Provisions, Options, Exclusions, Riders, Clauses, and Rights," which covers the incontestability provision.
:
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. § 4004 (incontestability provision).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 37
An example of a false financial statement is which one of the following?

A. An insurance producer published an untrue newspaper advertisement about another producer.
B. An insurance producer posts information about a profitable insurer going bankrupt.
C. An insurance producer hands out flyers about another producer's criminal past.
D. An insurance producer mails out hateful postcards about a local insurer.

Answer: B

Explanation:
Afalse financial statementin the context of insurance refers to a misrepresentation of an insurer's financial condition, such as falsely claiming insolvency or bankruptcy, which is prohibited under Oklahoma's Unfair Trade Practices Act (Title 36 O.S. § 1204). This can mislead consumers and harm the insurer's reputation.
Option B directly involves a false claim about an insurer's financial status.
* Option A: Incorrect. An untrue advertisement about another producer is defamation or misrepresentation, not a financial statement.
* Option B: Correct. Posting false information about an insurer's bankruptcy is a false financial statement, violating Oklahoma law.
* Option C: Incorrect. Flyers about a criminal past are defamatory but not related to financial statements.
* Option D: Incorrect. Hateful postcards are unprofessional but do not constitute a false financial statement.
This question is part of the Prometric content outline under "State Insurance Statutes, Rules, and Regulations," which covers unfair trade practices.
:
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. § 1204 (unfair trade practices).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.

NEW QUESTION # 38
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