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Life and Health Insurance Producer Exam

Policy provisions (OR): practice questions

Our Life & Health Insurance bank has 7 questions on this topic. Here are 5 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Oregon

Under the required reinstatement provision of an Oregon (non-industrial) life policy whose value went to a paid-up nonforfeiture benefit, how long after default may the owner reinstate?

  1. Any time before age 70, upon paying one full year's premium
  2. Up to five years after default, on a simple written request
  3. Up to six months after default, with no evidence of insurability
  4. Up to three years after default, with evidence of insurability
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D. Up to three years after default, with evidence of insurability — ORS 743.189.

Question 2 · Oregon

Every Oregon health insurance policy except single-premium nonrenewable policies must let the purchaser return it for a premium refund within what time?

  1. Within 7 business days of issue
  2. Within 30 days of the first claim
  3. Within 20 days of the application date
  4. Within 10 days of its delivery
Show the answer

D. Within 10 days of its delivery — ORS 743.492.

Question 3 · Oregon

Unless federal law requires longer, what minimum grace period must an Oregon individual health benefit plan allow for premiums after the first?

  1. At least 10 days, as for other health policies
  2. At least 7 days for weekly-premium plans
  3. At least 30 days
  4. At least 60 days after a written notice
Show the answer

C. At least 30 days — ORS 743.417(1)(b).

Question 4 · Oregon

Under the required 'Legal Actions' provision of an Oregon health policy, when may a lawsuit be brought to recover on the policy?

  1. Any time within 1 year of the loss, without first furnishing a proof of loss
  2. Only after binding arbitration, and within 2 years of the claim denial
  3. After 30 days from the notice of claim, and within 6 years of the date of loss
  4. After 60 days from furnishing proof of loss, and within 3 years after proof is required
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D. After 60 days from furnishing proof of loss, and within 3 years after proof is required — ORS 743.441.

Question 5 · Oregon

What grace period must an Oregon individual life policy (other than certain industrial policies) allow for premiums after the first?

  1. 10 days, during which coverage is suspended until the premium is paid
  2. 45 days, with interest charged at the policy's loan interest rate
  3. 31 days, but only after the policy has been in force for a full year
  4. 30 days, or one month of not less than 30 days, at the insurer's option
Show the answer

D. 30 days, or one month of not less than 30 days, at the insurer's option — ORS 743.165.

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