Ok Life Accident and Health or Sickness Producer Exam Preparation Material | Oklahoma Life, Accident, and Health or Sickness Producer Exam

Explanation:
Since the policyowner can make all decisions regarding the ownership of a life insurance contract. the insured would not need to consent to or be notified of a policy replacement. Life insurance companies and agents are required by law to provide a Notice of Replacement not only to a policyholder but to the existing insurance company that a policy is being replaced. This is to protect the rights of the policyholder, since replacing an existing life insurance contract with another is not always in the policyholder's best interests. The cost of insurance increases with age, and the new policy will require a new two-year contestability period. It may also require proof of insurability for the insured.

Explanation:
After a contractual period, a buy-sell agreement could stipulate that a business has the right to remove a partner if one of the owners becomes disabled and does not plan to continue working out their side of the partnership.

Explanation:
The usual, reasonable, and customary (URC) fee schedule is set by determining the average fee charged by all providers in a given geographical area. Fees that are charged outside of this UCR schedule are often the insured's responsibility to pay. Pre-negotiated fees are a feature of preferred provider organizations (PPOs) but normally do not extend to standard health care plans.

Explanation:
When a minor receives a life insurance benefit, these funds are placed in a trust until the minor comes of age. The manager of this trust is known as a trustee. While this title may imply agency, fiduciary responsibility, and/or custodianship, the extent of those duties can vary from estate to estate. The important thing to remember is that the money must be placed in a trust and the trust must have a trustee. This trustee's responsibility is to safeguard the funds at hand, which can mean proving that any action taken is in the best interest of the minor in question.

Explanation:
Spendthrift laws were created with the intention of protecting the death benefit of an insurance policy against creditors of either the insured or the beneficiary. In most cases, a beneficiary can only receive this type of protection if the policyowner selected a settlement option other than a lump sum payment where the insurance company holds the principal.