Free Oregon Life & Annuities Insurance Practice Exam 3
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 325 Questions
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Life InsurancePremiums & Taxes
Dividends received from a participating life insurance policy are:
Life InsuranceRiders & Provisions
The settlement option that provides payments for the beneficiary's entire life is called:
Life InsuranceBeneficiaries
The person or entity designated to receive the death benefit of a life insurance policy is the:
General InsuranceContracts & Terminology
What does the term 'utmost good faith' imply?
General InsuranceContracts & Terminology
The 'entire contract' provision in an insurance policy states that:
Life InsuranceTypes of Policies
What is a 'jumping juvenile' policy?
Life InsuranceRiders & Provisions
The ownership provision in a life insurance policy grants the policyowner a bundle of rights, which typically includes all of the following EXCEPT:
Life InsuranceRiders & Provisions
What is the default nonforfeiture option that the insurer will select if the policyowner does not choose one?
General InsuranceUnderwriting & Policy Issuance
If an insurer requests an HIV test from an applicant, who is responsible for the cost?
Life InsuranceGroup Life Insurance
The 'actively-at-work' requirement in group life insurance means that:
AnnuitiesTypes & Payout Options
What is a single premium deferred annuity (SPDA)?
AnnuitiesTypes & Payout Options
What are 'accumulation units' in a variable annuity?
Life InsurancePremiums & Taxes
If a life insurance policy is included in the insured's gross estate, it may be subject to:
Life InsuranceRiders & Provisions
Which nonforfeiture option uses the policy's cash value to purchase a fully paid-up permanent policy with a reduced face amount?
General InsuranceBasic Principles
An insurance company that is formed and licensed under the laws of another U.S. state, but authorized to do business in Oregon, is classified in Oregon as a(n):
OR Insurance Law & EthicsOregon Insurance Code & Unfair Practices
Under the Oregon Insurance Code (ORS 746.075), the illegal practice of using misrepresentation or fraudulent comparisons to induce a policyholder to lapse, surrender, or replace an existing policy is called:
Life InsurancePremiums & Taxes
Which of the following describes the 'cost basis' of a life insurance policy?
OR Insurance Law & EthicsOregon Insurance Code & Unfair Practices
Under the Oregon Insurance Code (ORS 746.160), entering into an agreement to commit an act of boycott, coercion, or intimidation that results in an unreasonable restraint of the business of insurance is:
Life InsuranceTypes of Policies
In a group life insurance plan, who is the policyowner and who receives the certificate of insurance?
AnnuitiesTypes & Payout Options
What is the main purpose of the insurer's separate account?
OR Insurance Law & EthicsLicensing & Conduct
An Oregon insurance agent's fiduciary duty includes all of the following EXCEPT:
Life InsuranceRiders & Provisions
The Waiver of Premium rider ensures that if the policyowner becomes totally disabled:
Life InsurancePolicy Riders
An insured diagnosed with a qualifying terminal illness exercises an Accelerated Death Benefit rider on their whole life insurance policy. How does this payment affect the remaining policy?
AnnuitiesTypes & Payout Options
A Guaranteed Lifetime Withdrawal Benefit (GLWB) rider on a deferred annuity provides that the owner can:
OR Insurance Law & EthicsSenior & Specialty Protections