Free Oregon Life & Annuities Insurance Practice Exam 1
Prepare for your licensing exam with our realistic state-specific test questions, complete answers, and detailed rationales.
Exam Structure & Overview
Passing the Oregon insurance exam is the ultimate step toward launching your career as a licensed professional. This practice test consists of 25 high-probability questions sampled to match the general composition of topics tested on the real state licensing examination.
Whether you are preparing for the Life & Annuities lines or a combined license, practicing with mock questions helps cement concepts, improves time management, and reduces test-day anxiety.
Key Practice Focus Areas
- State Laws & Regulations: Specific rules, licensing duties, and consumer protections.
- Policy Provisions & Options: Standard contract clauses, riders, exclusions, and riders.
- General Principles: Underwriting basics, insurance concepts, and legal requirements.
Recommended Study PathTry this practice exam fully. Review each explanation carefully when an answer is submitted. If you feel ready to unlock the full comprehensive question database, visit the main state hub for deeper exam simulations.
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Test 125 Questions
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Life InsuranceRiders & Provisions
A 'life income with period certain' settlement option guarantees:
General InsuranceBasic Principles
The Law of Large Numbers helps an insurer to:
AnnuitiesTypes & Payout Options
What is the primary risk associated with a fixed annuity?
OR Insurance Law & EthicsOR Guaranty Act & Consumer Protection
The maximum annuity benefit coverage provided by the Oregon Life and Health Insurance Guaranty Association is:
AnnuitiesTypes & Payout Options
An annuity that does not start making payments until some point in the future (more than one year after purchase) is a(n):
OR Insurance Law & EthicsOregon Insurance Code & Unfair Practices
In Oregon, an insurer must acknowledge receipt of a claim within how many business days?
General InsuranceInsurance Marketplace
Which of the following distribution systems uses agents who represent only one insurance company?
OR Insurance Law & EthicsOR Guaranty Act & Consumer Protection
Which of the following is a primary function of the Oregon Division of Financial Regulation?
OR Insurance Law & EthicsLicensing & Conduct
In Oregon, a temporary insurance license may be issued for a period not to exceed:
Life InsurancePremiums & Taxes
The three primary factors that determine the premium for a life insurance policy are:
Life InsuranceBeneficiaries
John named his two children, Amy and Ben, as his primary beneficiaries on a per capita basis. Ben dies before John. When John dies, who receives the death benefit?
Life InsuranceBeneficiaries
If an insured and primary beneficiary die in a common disaster and the policy has a common disaster provision, what is the assumption?
Life InsuranceRiders & Provisions
Which rider would pay a monthly income to an insured who becomes totally and permanently disabled?
Life InsuranceSocial Security (OASDI)
The Primary Insurance Amount (PIA) under Social Security is based on:
General InsuranceUnderwriting & Policy Issuance
The process where an insurer may check information from the Department of Motor Vehicles (DMV) for an applicant is part of:
OR Insurance Law & EthicsLicensing & Conduct
Which of the following individuals is exempt from the Oregon agent licensing requirement?
Life InsurancePremiums & Taxes
How is the death benefit of a life insurance policy paid to a beneficiary generally treated for tax purposes?
General InsuranceBasic Principles
Which element is NOT required for a risk to be considered insurable?
AnnuitiesTypes & Payout Options
An annuity that credits interest based on the performance of a stock market index, but guarantees the principal, is a(n):
Life InsurancePremiums & Taxes
A policy loan from a life insurance policy is:
Life InsurancePremiums & Taxes
For a settlement option, what part of the payment is taxable?
Life InsuranceBeneficiaries
A policyowner named his wife as the primary beneficiary and his son as the contingent beneficiary. The wife dies several years before the insured. When the insured dies, who receives the death benefit?
Life InsuranceSocial Security (OASDI)
Social Security retirement benefits are funded primarily through:
AnnuitiesTypes & Payout Options
Which party to an annuity contract is the person whose life expectancy is used to calculate the income payments?
Life InsuranceRiders & Provisions