Which single Oklahoma line of authority allows a producer to sell both life insurance and accident and health or sickness insurance products under one combined license?
A. Life, Accident and Health or Sickness
B. Variable Life and Variable Annuity only
C. Personal Lines
D. Property and Casualty
Source: Insurance License Types - Oklahoma Insurance Department (oid.ok.gov/licensing-and-education/insurance-license-types/)
An Oklahoma resident life and health producer's continuing education must include 3 hours of ethics and how many hours of legislative update, out of the 24-hour biennial total?
A. 0 hours; legislative update is not a distinct requirement
B. 2 hours
C. 10 hours
D. 24 hours, meaning the entire requirement is legislative update
Source: License CE Requirements - Oklahoma Insurance Department (oid.ok.gov/licensing-and-education/license-ce-requirements/)
Before an applicant can be issued an Oklahoma resident life, accident and health producer license, which of the following must occur?
A. Serving a one-year apprenticeship under a licensed producer
B. Only completion of a state-mandated 40-hour classroom course
C. Passing the required state licensing exam and submitting an application through the online licensing system
D. Obtaining a college degree in finance or insurance
Source: Licensing Exam - Oklahoma Insurance Department (oid.ok.gov/licensing-and-education/licensing-exam/)
An Oklahoma individual life insurance policyholder misses a scheduled premium payment. Under the statutory grace period provision, what is the minimum time the insurer must allow before the policy lapses for nonpayment?
A. There is no minimum; the insurer may lapse the policy immediately
B. 7 days
C. 10 days
D. 30 days
Source: 36 O.S. § 4003
An Oklahoma life insurer discovers, three years after policy issue, that the insured had misstated a health condition on the original application, and the insured has since died. Under the standard incontestability provision, what is the likely outcome?
A. The insurer generally cannot contest the claim based on the misstatement, because the statutory contestability period has expired
B. The claim is automatically void because life insurance has no incontestability provision
C. The insurer may only contest claims filed within the first 90 days of the policy
D. The insurer may deny the claim at any time it discovers a misstatement, no matter how many years have passed
Source: 36 O.S. § 4004
