Oklahoma Property and Casualty, Exam Prep, Life and Health Insurance, OK Exam PE-2, Practice Exam, Review Questions , Oklahoma Adjuster s Exam , Oklahoma Law Supplement Practice Exam, Exam Prep, Oklahoma Insurance Adjuster s License Exam Questions and Answers 100% Correct(SCORED A)
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Which of the following statements about WC is correct? - ANSWER-WC is an exclusive remedy. According to the Jones Act, if a seaman is negligent in a claim against the employer, which of the following is correct: - ANSWER-violation of posted safety standards can affect the outcome of the claim. ...
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Add to cartWhich of the following statements about WC is correct? - ANSWER-WC is an exclusive remedy. According to the Jones Act, if a seaman is negligent in a claim against the employer, which of the following is correct: - ANSWER-violation of posted safety standards can affect the outcome of the claim. ...
Earth movement endorsement - ANSWER-· Separate premium dependent on the type of dwelling and how susceptible it is to earth quakes Deductible is a percentage of loss Home Day Care Coverage Endorsement - ANSWER--homeowners policy endorsement used to provide coverage for home __________ businesse...
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Add to cartEarth movement endorsement - ANSWER-· Separate premium dependent on the type of dwelling and how susceptible it is to earth quakes Deductible is a percentage of loss Home Day Care Coverage Endorsement - ANSWER--homeowners policy endorsement used to provide coverage for home __________ businesse...
An individual applied for auto insurance and obtained coverage from EMU Insurance Company. Who is the first party in the contract? - ANSWER-The Insured If a fire hazard causes damage to a building, the fire is? - ANSWER-A peril wearing a seatbelt in a car is an example of which method or manag...
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Add to cartAn individual applied for auto insurance and obtained coverage from EMU Insurance Company. Who is the first party in the contract? - ANSWER-The Insured If a fire hazard causes damage to a building, the fire is? - ANSWER-A peril wearing a seatbelt in a car is an example of which method or manag...
Insurance - ANSWER-Transfers risk from one party to another. pool or reserve - ANSWER-collected premiums to cover losses/claims Indemnity - ANSWER-restoration to previous financial condition Four essential elements of a contract - ANSWER-agreement, consideration, competent parties, legality...
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Add to cartInsurance - ANSWER-Transfers risk from one party to another. pool or reserve - ANSWER-collected premiums to cover losses/claims Indemnity - ANSWER-restoration to previous financial condition Four essential elements of a contract - ANSWER-agreement, consideration, competent parties, legality...
HO-2 - ANSWER-(Broad Form) Provides broad coverage for the dwelling and personal property. HO-3 - ANSWER-(Special Form) Provides open peril coverage for loss to the dwelling and other structures, and broad coverage for personal property. HO-4 - ANSWER-(Contents Broad Form) Insures tenants. Pro...
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Add to cartHO-2 - ANSWER-(Broad Form) Provides broad coverage for the dwelling and personal property. HO-3 - ANSWER-(Special Form) Provides open peril coverage for loss to the dwelling and other structures, and broad coverage for personal property. HO-4 - ANSWER-(Contents Broad Form) Insures tenants. Pro...
A false written or oral statement made by a producer for the purpose of replacing an existing policy to the detriment of the insured is - ANSWER-twisting How long must a life insurance policy be in effect before the policyowner may use the nonforfeiture provision? - ANSWER-3 years The PRIMARY ...
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Add to cartA false written or oral statement made by a producer for the purpose of replacing an existing policy to the detriment of the insured is - ANSWER-twisting How long must a life insurance policy be in effect before the policyowner may use the nonforfeiture provision? - ANSWER-3 years The PRIMARY ...
A licensee who does not comply with the continuing education requirements outlined in the Oklahoma Insurance Code is subject to what penalties? - ANSWER-Suspended license, double license fee and a civil fine of $100 - $1,000 The maximum obligation of the Oklahoma Property and Casualty Insurance G...
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Add to cartA licensee who does not comply with the continuing education requirements outlined in the Oklahoma Insurance Code is subject to what penalties? - ANSWER-Suspended license, double license fee and a civil fine of $100 - $1,000 The maximum obligation of the Oklahoma Property and Casualty Insurance G...
An insurer must appoint a producer within how many days after accepting business from that producer? - ANSWER-15 days The Commissioner must examine the affairs of all domestic insurance companies every... - ANSWER-5 years What is the penalty for engaging in an unfair method of competition? - A...
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Add to cartAn insurer must appoint a producer within how many days after accepting business from that producer? - ANSWER-15 days The Commissioner must examine the affairs of all domestic insurance companies every... - ANSWER-5 years What is the penalty for engaging in an unfair method of competition? - A...
In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of - ANSWER-8% Under HIPAA requirements, eligibility for the pre-existing conditions exclusion waiver under new coverage is lost if - ANSWER-there is a break in coverage of more than 63 days Which of the following health...
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Add to cartIn Oklahoma, a life insurance policy loan may NOT exceed an interest rate of - ANSWER-8% Under HIPAA requirements, eligibility for the pre-existing conditions exclusion waiver under new coverage is lost if - ANSWER-there is a break in coverage of more than 63 days Which of the following health...
What type of insurer operates for proft and has no capital stock? - ANSWER-mutual Which is true regarding an insurer examination order by the Oklahoma insurance department - ANSWER-It must be ordered every five years and the insurance pays for the exam All of the following is true regarding an...
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Add to cartWhat type of insurer operates for proft and has no capital stock? - ANSWER-mutual Which is true regarding an insurer examination order by the Oklahoma insurance department - ANSWER-It must be ordered every five years and the insurance pays for the exam All of the following is true regarding an...
The Commissioner must examine the financial affairs of each admitted insurer operating in Oklahoma at least once every how many years? - ANSWER-5 years Maximum penalty for acting on a revoked, suspended or surrendered license is $__________ and up to __________ years in jail - ANSWER-$5K; 5 years...
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Add to cartThe Commissioner must examine the financial affairs of each admitted insurer operating in Oklahoma at least once every how many years? - ANSWER-5 years Maximum penalty for acting on a revoked, suspended or surrendered license is $__________ and up to __________ years in jail - ANSWER-$5K; 5 years...
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Underwriter - ANSWER-A person who selects risk for the insurer is Appointed by the gov - ANSWER-all of the following are true regarding the Oklahoma Insurance Commissioner EXCEPT Issued as often as necessary - ANSWER-Regarding the Oklahoma Insurance Department promulgating Rules and Regulation...
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Add to cartUnderwriter - ANSWER-A person who selects risk for the insurer is Appointed by the gov - ANSWER-all of the following are true regarding the Oklahoma Insurance Commissioner EXCEPT Issued as often as necessary - ANSWER-Regarding the Oklahoma Insurance Department promulgating Rules and Regulation...
Risk - ANSWER-The uncertainty or possibility of financial loss. (2 types: Speculative risk and Pure risk) Speculative Risk - ANSWER-Chance of financial loss with the possibility of gain or loss. This type of risk is not insurable. Example is gambling. Pure Risk - ANSWER-Chance of financial los...
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Add to cartRisk - ANSWER-The uncertainty or possibility of financial loss. (2 types: Speculative risk and Pure risk) Speculative Risk - ANSWER-Chance of financial loss with the possibility of gain or loss. This type of risk is not insurable. Example is gambling. Pure Risk - ANSWER-Chance of financial los...
the commissioner must examine every domestic insurer and every foreign insurer at least one every ______ years - ANSWER-5 years maximum penalty for acting on a revoked, suspend license is $______ and up to five years in jail - ANSWER-$5,000 written proof of loss must be sent to insurer within ...
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Add to cartthe commissioner must examine every domestic insurer and every foreign insurer at least one every ______ years - ANSWER-5 years maximum penalty for acting on a revoked, suspend license is $______ and up to five years in jail - ANSWER-$5,000 written proof of loss must be sent to insurer within ...
Life Insurance - ANSWER-Transfers to a life insurance company the risk of financial loss to an insurance company. Health Insurance - ANSWER-transfers to a health insurance policy the risk of financial loss resulting from illness, injury, disability of an insured person. Risk - ANSWER-Chance of...
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Add to cartLife Insurance - ANSWER-Transfers to a life insurance company the risk of financial loss to an insurance company. Health Insurance - ANSWER-transfers to a health insurance policy the risk of financial loss resulting from illness, injury, disability of an insured person. Risk - ANSWER-Chance of...
The source of the adjusters authority - ANSWER-In the context of insurance adjusting, who is the principal? Coverage is not negotiable - ANSWER-When Nancy is pulling into her driveway, she accidentally hit the gas and plowed through her front wall. She tries to negotiate the claim with the adjust...
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Add to cartThe source of the adjusters authority - ANSWER-In the context of insurance adjusting, who is the principal? Coverage is not negotiable - ANSWER-When Nancy is pulling into her driveway, she accidentally hit the gas and plowed through her front wall. She tries to negotiate the claim with the adjust...
of the following are categories All of a limited insurance license EXCEPT 1) crop insurance 2) variable life insurance 3) credit life insurance 4) travel insurance - ANSWER-2) variable life insurance What term best describes the act of withholding material information that would be crucial to an ...
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Add to cartof the following are categories All of a limited insurance license EXCEPT 1) crop insurance 2) variable life insurance 3) credit life insurance 4) travel insurance - ANSWER-2) variable life insurance What term best describes the act of withholding material information that would be crucial to an ...
Alien - ANSWER-Which type of insurer is incorporated or organized under the law of a country other than the United States? Insurer - ANSWER-Who does an insurance producer represent when neglecting an insurance contract. Writing Oklahoma Insurance laws - ANSWER-Which of the following is not a d...
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Add to cartAlien - ANSWER-Which type of insurer is incorporated or organized under the law of a country other than the United States? Insurer - ANSWER-Who does an insurance producer represent when neglecting an insurance contract. Writing Oklahoma Insurance laws - ANSWER-Which of the following is not a d...
Actual Cash Value (ACV) - ANSWER-Cost to replace property with new property of like kind and quality less depreciation. Combined Single Limit - ANSWER-One limit per occurrence is what we pay up to Split limit - ANSWER-What we pay up to per person and per occurrence Deductible - ANSWER-What ...
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Add to cartActual Cash Value (ACV) - ANSWER-Cost to replace property with new property of like kind and quality less depreciation. Combined Single Limit - ANSWER-One limit per occurrence is what we pay up to Split limit - ANSWER-What we pay up to per person and per occurrence Deductible - ANSWER-What ...
All of the following statements are TRUE regarding a proof of loss statement, EXCEPT: - ANSWER-A proof of loss is also known as a loss notice The "loss notice" is NOT the formal proof of loss. The loss notice is provided by the insured to the agent or insurer as soon as possible after the loss ...
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Add to cartAll of the following statements are TRUE regarding a proof of loss statement, EXCEPT: - ANSWER-A proof of loss is also known as a loss notice The "loss notice" is NOT the formal proof of loss. The loss notice is provided by the insured to the agent or insurer as soon as possible after the loss ...
Actuary - ANSWER-Mathematician employed by the insurer who develops rates for the insurer. Underwriter is also known as? - ANSWER-Home Office Underwriter What 3 things does an underwriter do? - ANSWER-1. Gathers Information 2. Analyzes Exposures 3. Selects Risks for Insurer Exposures are...
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Add to cartActuary - ANSWER-Mathematician employed by the insurer who develops rates for the insurer. Underwriter is also known as? - ANSWER-Home Office Underwriter What 3 things does an underwriter do? - ANSWER-1. Gathers Information 2. Analyzes Exposures 3. Selects Risks for Insurer Exposures are...
A license who does not comply with the continuing education requirements outlined in O.S. 36 1435.29 is subjet to all of the following EXCEPT: a.) suspended license b.) double license fees c.) a fine of $1,000 d.) non-renewed license - ANSWER-a fine of $1,000 The maximum obligation of the Okl...
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Add to cartA license who does not comply with the continuing education requirements outlined in O.S. 36 1435.29 is subjet to all of the following EXCEPT: a.) suspended license b.) double license fees c.) a fine of $1,000 d.) non-renewed license - ANSWER-a fine of $1,000 The maximum obligation of the Okl...
All of the following are included as part of a contract in the entire contract provision EXCEPT the riders application changes made by the producer policy - ANSWER-changes made by the producer Health insurance involves two perils, accident and ____. - ANSWER-sickness All of the following...
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Add to cartAll of the following are included as part of a contract in the entire contract provision EXCEPT the riders application changes made by the producer policy - ANSWER-changes made by the producer Health insurance involves two perils, accident and ____. - ANSWER-sickness All of the following...
develop insurance rates. Underwriter (Home Office Underwriter) - ANSWER-An employee of the insurer who: 1. Gathers information 2. Analyzes exposures (classifying risk) 3. Selections risk for the insurer Producer (agent) (Field Underwriter) - ANSWER-A person required to be licensed to so...
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Add to cartdevelop insurance rates. Underwriter (Home Office Underwriter) - ANSWER-An employee of the insurer who: 1. Gathers information 2. Analyzes exposures (classifying risk) 3. Selections risk for the insurer Producer (agent) (Field Underwriter) - ANSWER-A person required to be licensed to so...
Representations - ANSWER-Statements made by the applicant on an insurance application. Contract of Utmost Good Faith - ANSWER-An insurer must rely o the truthfulness and integrity of the applicant. Contract of Adhesion - ANSWER-When one party constructs the contract and the other party has no ...
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Add to cartRepresentations - ANSWER-Statements made by the applicant on an insurance application. Contract of Utmost Good Faith - ANSWER-An insurer must rely o the truthfulness and integrity of the applicant. Contract of Adhesion - ANSWER-When one party constructs the contract and the other party has no ...
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