OLAHI - Oklahoma Life Accident and Health Insurance Exam

Question 1: The Oklahoma Life and Health Insurance Guaranty Association exists to protect covered persons when a member insurer can no longer meet its promises for reasons the Act names. Which of the following describes the triggering conditions the guaranty association is designed to address?

Any denial of a submitted claim

A producer's loss of appointment

Impairment or insolvency of a member insurer

A general downturn in the market

Question 2: For administration and assessment purposes, the Oklahoma Life and Health Insurance Guaranty Association maintains a set number of separate accounts corresponding to broad lines of coverage. Which of the following states the number of accounts the association maintains?

Three accounts

Two accounts

Five accounts

One account

Question 3: An insurer authorized to write life and health coverage in Oklahoma questions whether membership in the guaranty association is optional or required as part of doing business in the state. Which of the following correctly describes membership in the Oklahoma Life and Health Insurance Guaranty Association?

Membership is voluntary for most insurers

A condition of the certificate of authority

Only domestic insurers must join

Only insurers that fail must join

Question 4: The Oklahoma guaranty association Act sets a maximum amount of protection for life insurance death benefits with respect to any one life, regardless of how many policies covered that life. Which of the following is the maximum for life insurance death benefits under the Act?

One hundred thousand dollars

Five hundred thousand dollars

One million dollars

Three hundred thousand dollars

Question 5: A policyowner surrenders a life insurance policy issued by a member insurer that later becomes insolvent, and asks how much of the net cash surrender value the guaranty association will protect. Which of the following is the maximum the Act allows for net cash surrender and withdrawal values of life insurance?

Three hundred thousand dollars

Five hundred thousand dollars

One hundred thousand dollars

The full surrender value without limit

Question 6: An annuitant holds a deferred annuity issued by an insurer that becomes insolvent and wants to know the guaranty association's maximum protection for the present value of the annuity benefits. Which of the following is the cap the Act sets for the present value of annuity benefits?

Three hundred thousand dollars

Two hundred fifty thousand dollars

One hundred thousand dollars

Five hundred thousand dollars

Question 7: Among the guaranty association's coverage categories, one type of coverage carries a higher single-life cap than the general three-hundred-thousand-dollar figure. Which of the following coverages does the Oklahoma Act protect up to five hundred thousand dollars for any one individual?

Life insurance death benefits

Disability income insurance

The present value of annuities

Health benefit plan benefits

Question 8: A consumer owns a life insurance policy that includes a long-term care rider, and the issuing insurer becomes insolvent. Under the Oklahoma guaranty association Act, which of the following describes how the benefits provided by that long-term care rider are treated for coverage-limit purposes?

As long-term care with its own cap

Same type as the base life policy

As excluded from any association coverage

As health benefit plan benefits

Question 9: Oklahoma's Medicare supplement rule creates an initial window during which an eligible individual may buy any offered Medigap policy without medical underwriting. Which of the following states the length of the open enrollment period and the events that trigger it?

Three months, beginning at retirement

One year, beginning at any age

Six months, at sixty-five and Part B

Ninety days, beginning at first illness

Question 10: Beyond open enrollment, Oklahoma's Medicare supplement rule protects certain eligible persons who lose other coverage by giving them a limited time to apply for a guaranteed-issue policy. Which of the following is the number of days an eligible person has to apply after the qualifying termination of enrollment?

Sixty-three days

Thirty days

Ninety days

One hundred twenty days

Question 11: Oklahoma's Medicare supplement rule limits how an issuer may handle a named preexisting disease or physical condition in a Medigap policy. Which of the following does the rule say about the use of waivers to exclude coverage for specifically named preexisting conditions?

They are allowed with disclosure

They are allowed for one year

They are permitted only for groups

They are prohibited

Question 12: Oklahoma's Medicare supplement rule addresses whether a Medigap policy in force in the state may pay benefits that overlap with what Medicare already provides. Which of the following describes how the rule treats benefits that would duplicate what Medicare already covers?

Duplication is allowed if disclosed

Duplication is required for all plans

It may not duplicate Medicare benefits

Duplication is allowed only for groups

Question 13: Oklahoma's Medicare supplement rule allows a limited preexisting condition exclusion, defined by both how long benefits may be excluded and how far back the condition may be traced. Which of the following pair of periods correctly states both the exclusion window and the look-back period?

Twelve months exclusion, six months look-back

Six months exclusion, six months look-back

Six months exclusion, two years look-back

Twelve months exclusion, twelve months look-back

Question 14: Oklahoma's Medicare supplement rule addresses pricing when a disabled individual under sixty-five qualifies for a Medigap plan during a disability open enrollment period. Which of the following limits the premium an issuer may charge that disabled applicant for the plan?

Not above the lowest aged rate

It may exceed the aged rate freely

It must equal double the aged rate

It must be waived entirely

Question 15: Oklahoma's Medicare supplement rule gives certain first-time Medicare Advantage enrollees a limited period to change their minds and return to a supplement policy with guaranteed issue. Which of the following is the length of that trial-right window during which the individual may disenroll and obtain guaranteed issue?

Six months

Twenty-four months

Sixty-three days

Twelve months

Question 16: Oklahoma's Medicare supplement rule addresses whether new Medigap policies may include outpatient prescription drug benefits after a stated cutoff date tied to the arrival of Medicare Part D. Which of the following describes the rule on issuing Medigap policies with outpatient drug coverage?

They may be issued at any time

They must include drug coverage

Not issued after two thousand five

Issued only to disabled persons

Question 17: Oklahoma's credit insurance rules cap producer compensation as a percentage of net written premiums, using two different figures depending on the producer's relationship to the creditor. Which of the following pair of figures states the compensation limits for persons connected with the creditor and for independent persons?

Forty percent connected, ten percent independent

Twenty percent connected, forty percent independent

Ten percent connected, forty percent independent

Fifty percent for both

Question 18: Oklahoma's credit insurance rule addresses refunds of unearned premium and sets a floor below which no refund need be paid to a debtor. Which of the following is the minimum refund amount below which the credit insurance rule requires no refund?

Five dollars

Ten dollars

Twenty-five cents

One dollar

Question 19: When calculating a refund of unearned credit life premium on a declining-balance loan, Oklahoma's rule names a specific standard method commonly used for that calculation. Which of the following is the named method the rule identifies for computing such credit insurance refunds?

The straight-line method

The Rule of seventy-eight

The prospective reserve method

The level-premium method

Question 20: Oklahoma's credit insurance rules limit how far the term of credit coverage may extend in relation to the underlying loan it secures. Which of the following describes how far beyond the scheduled maturity of the indebtedness the coverage may run?

Thirty days beyond scheduled maturity

It may run indefinitely

Fifteen days beyond scheduled maturity

It must end before scheduled maturity

OLAHI Oklahoma Life Accident and Health Insurance Exam - Set 2 - Part 1

Question 1: The Oklahoma Life and Health Insurance Guaranty Association exists to protect covered persons when a member insurer can no longer meet its promises for reasons the Act names. Which of the following describes the triggering conditions the guaranty association is designed to address?

Question 2: For administration and assessment purposes, the Oklahoma Life and Health Insurance Guaranty Association maintains a set number of separate accounts corresponding to broad lines of coverage. Which of the following states the number of accounts the association maintains?

Question 4: The Oklahoma guaranty association Act sets a maximum amount of protection for life insurance death benefits with respect to any one life, regardless of how many policies covered that life. Which of the following is the maximum for life insurance death benefits under the Act?

Question 6: An annuitant holds a deferred annuity issued by an insurer that becomes insolvent and wants to know the guaranty association's maximum protection for the present value of the annuity benefits. Which of the following is the cap the Act sets for the present value of annuity benefits?

Question 7: Among the guaranty association's coverage categories, one type of coverage carries a higher single-life cap than the general three-hundred-thousand-dollar figure. Which of the following coverages does the Oklahoma Act protect up to five hundred thousand dollars for any one individual?

Question 9: Oklahoma's Medicare supplement rule creates an initial window during which an eligible individual may buy any offered Medigap policy without medical underwriting. Which of the following states the length of the open enrollment period and the events that trigger it?

Question 11: Oklahoma's Medicare supplement rule limits how an issuer may handle a named preexisting disease or physical condition in a Medigap policy. Which of the following does the rule say about the use of waivers to exclude coverage for specifically named preexisting conditions?

Question 12: Oklahoma's Medicare supplement rule addresses whether a Medigap policy in force in the state may pay benefits that overlap with what Medicare already provides. Which of the following describes how the rule treats benefits that would duplicate what Medicare already covers?

Question 14: Oklahoma's Medicare supplement rule addresses pricing when a disabled individual under sixty-five qualifies for a Medigap plan during a disability open enrollment period. Which of the following limits the premium an issuer may charge that disabled applicant for the plan?

Question 18: Oklahoma's credit insurance rule addresses refunds of unearned premium and sets a floor below which no refund need be paid to a debtor. Which of the following is the minimum refund amount below which the credit insurance rule requires no refund?

Question 19: When calculating a refund of unearned credit life premium on a declining-balance loan, Oklahoma's rule names a specific standard method commonly used for that calculation. Which of the following is the named method the rule identifies for computing such credit insurance refunds?

Question 20: Oklahoma's credit insurance rules limit how far the term of credit coverage may extend in relation to the underlying loan it secures. Which of the following describes how far beyond the scheduled maturity of the indebtedness the coverage may run?

Need Guaranteed Results?