Which category of life insurance products, referenced under ORS 731.156 and 743.245, provides a death benefit but has payments tied to the performance of an underlying separate account, subjecting the cash value to investment risk and requiring securities registration?
A. Variable life insurance
B. Term life insurance
C. Whole life insurance
D. Group term life insurance
Source: ORS 731.156, 743.245
In Oregon, life insurance and accident and health/sickness insurance are treated under ORS 744.052 and 744.053 as which of the following?
A. Two distinct lines of authority that a producer may hold individually or together, commonly marketed as a combined "Life, Accident & Health" license
B. A single inseparable line of authority a producer must hold as one unit
C. Lines of authority that require a separate license from a different state agency
D. A subcategory that only applies to group insurance sold to employers
Source: ORS 744.052, .053
The Oregon Producer's Examination for Life and Health Insurance (Series 12-03) is structured as which of the following?
A. 100 questions covering life topics only, with health tested in a wholly separate exam administration
B. 150 questions, covering both life and health topics in a single combined 2-hour, 40-minute exam
C. 50 questions administered orally by a Division of Financial Regulation examiner
D. An untimed, open-book exam with no minimum passing score
Source: PSI Oregon Life and Health Exam Content Outline, Series 12-03
For a life insurance contract to be legally enforceable, which of the following must be present as one of the essential elements of a contract?
A. A medical examination of the applicant
B. A licensed physician's countersignature on the application
C. Offer, acceptance, and consideration exchanged between competent parties for a legal purpose
D. An in-person meeting between the applicant and the insurer's home office underwriter
Source: PSI Oregon Life and Health Exam Content Outline, Series 12-03
Under Oregon's insurable interest requirements referenced in ORS 743.040, 743.038, and 743.044, when must insurable interest generally exist for an individual life insurance policy?
A. Only at the time a death claim is filed
B. Insurable interest is never required for individual life insurance in Oregon
C. Continuously throughout the entire life of the insured, with the policy voided the moment insurable interest lapses
D. At the time the policy is applied for and issued; it need not continue to exist at the time of death for an individual life policy already validly issued
Source: ORS 743.040, .038, .044
