OLAHI - Oklahoma Life Accident and Health Insurance Exam

Question 21: Oklahoma's credit accident and health rule ties coverage of a disabling condition to when a period of loss begins relative to the debtor's application for the coverage. Which of the following describes the window the rule uses for a credit accident and health period of loss?

A loss within six months following application

A loss within thirty days of application

A loss within two years of application

Any loss regardless of timing

Question 22: Oklahoma has adopted a standard governing how a producer must approach recommending an annuity to a consumer, following the national model regulation the state put in place. Which of the following describes the standard Oklahoma applies to annuity recommendations?

The producer need only avoid outright fraud

The producer owes no particular duty

The producer must guarantee investment returns

Act in the consumer's best interest

Question 23: Along with the best-interest standard, Oklahoma requires producers who sell annuities to complete a specific training course keyed to that product line. Which of the following describes the annuity training Oklahoma requires before a producer may sell annuities?

A one-hour ethics course each year

No training beyond general continuing education

A four-hour annuity training course

A forty-hour prelicensing course

Question 24: Oklahoma's long-term care suitability requirements direct every provider of long-term care insurance to take several affirmative steps regarding suitability standards. Which of the following is one duty the suitability rule places on a provider of long-term care insurance operating in this state?

Guarantee the applicant will never need care

Develop suitability standards and train agents

Sell only to applicants over age eighty

Waive the free-look period for seniors

Question 25: In applying long-term care suitability standards, Oklahoma directs the producer and provider to weigh several specific factors about the applicant's situation. Which of the following is one of the factors the suitability standards require them to take into account?

The applicant's political affiliation

The producer's sales quota for the month

The insurer's advertising budget

The applicant's ability to pay

Question 26: Oklahoma's insurance privacy rule lists the items of information a licensee's privacy notice must include when it is given to consumers. Which of the following is the number of enumerated content items the rule requires such a privacy notice to contain?

Nine items

Five items

Fifteen items

Three items

Question 27: Oklahoma's privacy rule requires a licensee's notice to describe its policies for protecting the confidentiality and security of nonpublic personal information, but it also limits how detailed that description must be. Which of the following does the rule say about describing the licensee's security safeguards?

The notice must detail encryption methods

It must list all employees with access

The notice need not describe technical safeguards

The notice must publish its firewall configuration

Question 28: Oklahoma's privacy rule specifies the several occasions on which a licensee must deliver to consumers a privacy notice that contains the required content items. Which of the following correctly identifies the notices the rule's content requirements apply to?

Only the initial notice at first contact

Only notices given after a complaint

Only notices requested in writing

The initial, annual, and revised notices

Question 29: Federal law bars certain individuals from participating in the business of insurance affecting interstate commerce unless they first obtain written permission from an authorized insurance regulator. Which of the following individuals is barred from the business of insurance absent that written consent?

A person denied a resident license

A person convicted of a dishonesty felony

Any licensed nonresident producer

A producer who missed continuing education

Question 30: Under the federal prohibited-person provision, an individual who willfully engages in the business of insurance without the required written consent faces a stated maximum term of imprisonment for that participation offense. Which of the following is the maximum prison term for the prohibited-person participation offense?

Five years

One year

Ten years

Fifteen years

Question 31: The federal insurance-crimes statute reduces the maximum sentence for a certain embezzlement offense when the amount involved is small, using a specific dollar threshold. Which of the following is the amount at or below which the embezzlement maximum drops to one year?

One thousand dollars

Ten thousand dollars

Five thousand dollars

Fifty thousand dollars

Question 32: A companion federal provision authorizes a civil penalty against a person who engages in conduct that the insurance-crimes statute prohibits, and it measures the penalty in a particular way. Which of the following describes the civil penalty available under that federal provision?

A flat one thousand dollars per day

Triple the amount embezzled

No civil penalty is available

Up to fifty thousand dollars or compensation

Question 33: The federal Fair Credit Reporting Act defines a particular kind of consumer report that gathers information about a person's character and reputation through personal interviews rather than from records alone. Which of the following best describes an investigative consumer report under that definition?

A report from personal interviews

A report of only credit account balances

A report limited to public court records

A report of medical test results

Question 34: When an insurer procures an investigative consumer report on an applicant, the Fair Credit Reporting Act requires that the consumer be told a report may be obtained, in writing, within a stated number of days. Which of the following is the deadline for that disclosure after the report is first requested?

Not later than ten days

Not later than thirty days

Not later than three days

Not later than sixty days

Question 35: The Fair Credit Reporting Act lists permissible purposes for which a consumer reporting agency may furnish a consumer report, one of which is directly relevant to insurers evaluating applicants. Which of the following is a permissible purpose the Act recognizes for furnishing a consumer report?

Curiosity of a neighbor

Use in connection with underwriting insurance

Publication in a newspaper

Sale to any marketer on request

Question 36: The Fair Credit Reporting Act defines adverse action in the insurance context to capture unfavorable outcomes that flow from information in a consumer report. Which of the following best fits the Act's definition of an adverse action involving insurance?

Issuing a policy exactly as applied for

Mailing a routine renewal notice

Answering a coverage question by phone

A denial, cancellation, or charge increase

Question 37: Oklahoma law sets the minimum age at which a minor may contract for life or accident and health insurance on the minor's own life, and it now attaches an added condition to that contracting ability. Which of the following states the current minimum age and condition under Oklahoma law?

Age sixteen, with parental or guardian consent

Age fifteen, no consent required

Age eighteen, with a court order

Age twenty-one, with no conditions

Question 38: Oklahoma's minor-contracting statute addresses who bears responsibility if the required signed parental or guardian consent is not obtained when a minor contracts for insurance. Which of the following describes where responsibility for that missing consent falls under the statute?

It rests on the insurance agent

It rests on the minor personally

It does not rest on the agent

It rests on the Insurance Commissioner

Question 39: A producer makes a misleading comparison to a policyholder in order to persuade that person to drop an existing life policy and buy a new one, to the policyholder's disadvantage. Which of the following unfair trade practices best describes this conduct?

Rebating

Defamation

Coercion

Twisting

Question 40: To close a sale, a producer offers the applicant a valuable gift that is not described anywhere in the insurance contract, as an inducement to buy the coverage. Which of the following unfair trade practices does this offer represent?