Question 1

Which of the following is NOT a right of the life insurance policyowner?

Options :

A : Assign or transfer the policy.

B : Borrow from the cash values.

C : Select and change a beneficiary.

D : Revoke an absolute assignment.

Answer: D

Question 2

How is ownership of a mutual insurance company evidenced?

Options :

A : ownership of stock

B : bonds of the company

C : ownership of a policy

D : certificate of deposit

Answer: C

Question 3

All documents required under law in an insurance transaction may be stored, delivered, or presented by electronic means so long as it meets the requirements of the

Options :

A : Uniform Commercial Code.

B : Uniform Electronic Transaction Act.

C : Oklahoma Insurance Commissioner.

D : National Association of Insurance Commissioners.

Answer: B

Question 4

Which of the following BEST describes a waiver of premium clause in a typical disability policy?

Options :

A : The waiver of premium benefit pays the policy premium during a disability claim.

B : This clause eliminates any premium being paid for the lifetime of the insured individual.

C : The monthly benefit under the policy is reduced to offset the premium that is no longer being paid.

D :

This clause generally begins immediately with the doctor stating that the insured person is completely disabled.

Answer: A

Question 5

When a life insurance or annuity replacement policy is sold, the policyowner has a right to return the policy for a full refund of premium within

Options :

A : 3 days.

B : 7 days.

C : 14 days.

D : 20 days.

Answer: D