OLAHI Oklahoma Life Accident and Health Insurance Exam - Set 3 - Part 3
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 41: A life insurance rider automatically increases the policy's death benefit over time in step with a published inflation index, so the coverage keeps pace with the rising cost of living. Which of the following riders provides this automatic increase?
Question 42: A policyowner borrows money from the insurer using the cash value of a permanent life policy as security, with any unpaid balance and interest deducted from the death benefit if the insured dies. Which of the following features is being used?
Question 43: A permanent policy includes a feature that, if a premium is not paid by the end of the grace period, automatically uses the available cash value to pay the overdue premium and keep the policy from lapsing. Which of the following features is this?
Question 44: A policyowner temporarily transfers only enough interest in a life policy to a bank as security for a loan, intending that the remaining rights return to the owner once the loan is repaid. Which of the following types of assignment is this?
Question 45: A life insurance policy provides that if the insured dies by suicide within a stated early period after issue, the insurer will refund the premiums paid rather than pay the full death benefit. Which of the following provisions is described here?
Question 46: A policyowner wants to pay the lowest total cost over a year and asks which premium payment mode results in the least amount paid overall, before any added charges for paying more frequently. Which of the following premium modes generally costs the least in total?
Question 47: An annuity credits the owner's account with a guaranteed minimum interest rate and promises fixed, predictable payments, with the insurer bearing the investment risk on the underlying funds. Which of the following types of annuity is described here?
Question 48: An annuity lets the owner direct the money into separate investment subaccounts, so the account value and future income rise or fall with investment performance and the owner assumes the investment risk. Which of the following types of annuity is described?
Question 49: An annuity is purchased with a single premium and begins paying income to the owner within a short time after purchase, rather than accumulating value for years before payments start. Which of the following best describes this annuity by when payments begin?
Question 50: An employer provides life insurance to its workers under a single contract issued to the employer, while each covered employee receives a certificate rather than an individual policy. Which of the following types of life insurance is described here?
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