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NEW QUESTION # 50
The type of insurance used to indemnify a firm for the loss of earnings brought about by the death or disability of an officer or other significant employee is
Answer: C
Explanation:
Key person insuranceis a life or disability insurance policy purchased by a business to protect against financial loss due to the death or disability of a critical employee or officer (e.g., a CEO or top salesperson).
The business is the policyowner and beneficiary, receiving the death benefit or disability payments to offset lost earnings or replacement costs.
* Option A: Incorrect. Business continuation life typically refers to buy-sell agreements, not key person coverage.
* Option B: Incorrect. Business overhead insurance covers ongoing business expenses during an owner's disability, not key employees.
* Option C: Correct. Key person insurance indemnifies a firm for losses due to a key employee's death or disability.
* Option D: Incorrect. Employee welfare plans focus on employee benefits, not indemnifying the firm for losses.
This question aligns with the Prometric content outline under "Life Products," which covers business insurance products.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Life Insurance).
Oklahoma Insurance Department, Title 36 O.S. § 4002 (life insurance products).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 51
An insured with a major medical policy has a per cause deductible of $100. Over the course of the year, the insured visits the doctor's office three times for injuries. Excluding the premium, what is the MINIMUM amount the insured MUST pay for the year if each visit costs $200?
Answer: C
Explanation:
Aper cause deductiblemeans the insured pays a $100 deductible for each separate medical condition or cause of treatment. The insured visits the doctor three times for injuries, each costing $200. Assuming each visit is for adifferent injury(to calculate the minimum amount, we consider the maximum number of deductibles), the insured pays a $100 deductible per visit (3 visits × $100 = $300). If the policy includes coinsurance (not specified but common in major medical policies), additional costs may apply, but the question asks for the minimum amount, which is the total deductibles for three separate causes.
Calculation:
* Visit 1: $100 deductible (first injury).
* Visit 2: $100 deductible (second injury).
* Visit 3: $100 deductible (third injury).
* Total: $100 × 3 = $300.
If all visits were for the same injury, only one $100 deductible would apply, but the question implies separate causes to reach the minimum of $300.
* Option A: Incorrect. $100 assumes one deductible for a single cause, not three visits.
* Option B: Incorrect. $200 does not account for three separate deductibles.
* Option C: Correct. $300 reflects a $100 deductible for each of three separate injuries.
* Option D: Incorrect. $500 exceeds the minimum, possibly including coinsurance not specified.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Accident and Health Insurance).
Oklahoma Insurance Department, Title 36 O.S. § 6060.3 (health insurance policy provisions).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 52
According to the IRS, which premiums may be tax deductible as a medical expense if the taxpayer's medical expenses exceed 10% of their adjusted gross income?
Answer: C
Explanation:
Per IRS Publication 502,Long-Term Care (LTC) insurance premiumsare considered qualified medical expenses and may be tax deductible if the taxpayer's total medical expenses exceed 10% of their adjusted gross income (AGI), subject to age-based limits on the deductible amount. Premiums for disability income insurance (group or personal) and accidental death and dismemberment (AD&D) insurance are not deductible as medical expenses, as they do not directly relate to medical care.
* Option A: Correct. LTC insurance premiums are deductible as medical expenses, subject to limits.
* Option B: Incorrect. Group disability insurance premiums are not deductible as medical expenses.
* Option C: Incorrect. Personal disability income insurance premiums are not deductible.
* Option D: Incorrect. AD&D insurance premiums are not deductible as medical expenses.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Long-Term Care Policies).
IRS Publication 502 (Medical and Dental Expenses, LTC premiums).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 53
Determining the appropriate coverage for an individual seeking long-term care insurance is
Answer: A
Explanation:
Suitabilityin long-term care (LTC) insurance involves assessing an individual's financial situation, health needs, and goals to determine the appropriate coverage, ensuring the policy meets their needs without being unaffordable or excessive. Oklahoma regulations (O.A.C. 365:10-5-40) emphasize suitability to protect consumers from inappropriate LTC products.
* Option A: Incorrect. Coinsurance is a cost-sharing mechanism, not about determining coverage.
* Option B: Correct. Suitability ensures the LTC policy is appropriate for the individual's needs.
* Option C: Incorrect. Contestability relates to the insurer's ability to contest claims, not coverage selection.
* Option D: Incorrect. Accountability is not a term for determining coverage appropriateness.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Long-Term Care Policies).
Oklahoma Insurance Department, O.A.C. 365:10-5-40 (LTC suitability standards).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 54
Which of the following describes the gatekeeper strategy used by HMOs?
Answer: C
Explanation:
In Health Maintenance Organizations (HMOs), thegatekeeper strategyinvolves a primary care physician (PCP) who coordinates patient care and provides referrals to specialists. This ensures that care is managed efficiently and only necessary specialist visits are authorized, aligning with the HMO's cost-containment model.
* Option A: Incorrect. Refusing coverage for preexisting conditions is unrelated to the gatekeeper role and is regulated by HIPAA, not HMO strategy.
* Option B: Correct. The gatekeeper strategy requires referrals from a PCP to see specialists, a hallmark of HMO plans.
* Option C: Incorrect. HMOs encourage preventive care, not preventing service use, to manage costs.
* Option D: Incorrect. Supplemental services at additional cost are not part of the gatekeeper strategy.
This question falls under the Prometric content outline section on "Health Providers and Products," which covers HMO structures and strategies.
:
Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section:
General Knowledge - Health Providers and Products).
Oklahoma Insurance Department, Title 36 O.S. § 652 et seq. (managed care regulations).
Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing.
NEW QUESTION # 55
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