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1. In terms of consideration, in which of the following circumstances is a health insurance contract effective?
A) When the insured pays the premium for a plan.
B) When the insurance company provides the services promised in the contract.
C) When the contract has been signed by both the insured and the insurance company.
D) When the insured pays the premium and the policy is issued as applied for.
2. With the exception of non-payment of premiums, no life insurance policy shall be contestable after it has been in force during the lifetime of the insured for
A) 5 years.
B) 4 years.
C) 2 years.
D) 3 years.
3. The process by which an insurer decides whether to issue a policy is known as
A) selection.
B) classification.
C) risk pooling.
D) underwriting.
4. An alien insurer is which one of the following?
A) One formed under the laws of Oklahoma.
B) One formed under the laws of a country other than the United States of America.
C) One formed under the laws of a state other than Oklahoma.
D) One formed under the laws of a state geographically bordering Oklahoma.
5. A license is NOT required when you are
A) negotiating insurance.
B) soliciting insurance.
C) selling insurance.
D) providing referrals.
Solutions:
Question # 1 Answer: D | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: D |
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