Oklahoma Life and Health Insurance Exam PACKAGE DEAL| Questions With Correct Answers

Earth movement endorsement - ANSWERS· 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 - ANSWERS-homeowners policy endorsement used to provide coverage for home __________ businesse...

Which of the following statements about WC is correct? - ANSWERSWC 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: - ANSWERSviolation of posted safety standards can affect the outcome of the claim. ...

Insurance - ANSWERSTransfers risk from one party to another. pool or reserve - ANSWERScollected premiums to cover losses/claims Indemnity - ANSWERSrestoration to previous financial condition Four essential elements of a contract - ANSWERSagreement, consideration, competent parties, legality...

An individual applied for auto insurance and obtained coverage from EMU Insurance Company. Who is the first party in the contract? - ANSWERSThe Insured If a fire hazard causes damage to a building, the fire is? - ANSWERSA peril wearing a seatbelt in a car is an example of which method or manag...

HO-2 - ANSWERS(Broad Form) Provides broad coverage for the dwelling and personal property. HO-3 - ANSWERS(Special Form) Provides open peril coverage for loss to the dwelling and other structures, and broad coverage for personal property. HO-4 - ANSWERS(Contents Broad Form) Insures tenants. Pro...

Underwriter - ANSWERSA person who selects risk for the insurer is Appointed by the gov - ANSWERSall of the following are true regarding the Oklahoma Insurance Commissioner EXCEPT Issued as often as necessary - ANSWERSRegarding the Oklahoma Insurance Department promulgating Rules and Regulation...

Underwriter - ANSWERSA person who selects risk for the insurer is Appointed by the gov - ANSWERSall of the following are true regarding the Oklahoma Insurance Commissioner EXCEPT Issued as often as necessary - ANSWERSRegarding the Oklahoma Insurance Department promulgating Rules and Regulation...

the commissioner must examine every domestic insurer and every foreign insurer at least one every ______ years - ANSWERS5 years maximum penalty for acting on a revoked, suspend license is $______ and up to five years in jail - ANSWERS$5,000 written proof of loss must be sent to insurer within ...

Life Insurance - ANSWERSTransfers to a life insurance company the risk of financial loss to an insurance company. Health Insurance - ANSWERStransfers to a health insurance policy the risk of financial loss resulting from illness, injury, disability of an insured person. Risk - ANSWERSChance of...

All of the following are categories of a limited insurance license EXCEPT 1) crop insurance 2) variable life insurance 3) credit life insurance 4) travel insurance - ANSWERS2) variable life insurance What term best describes the act of withholding material information that would be crucial to an ...

In the case of a weather-related catastrophe or a major natural disaster, the Oklahoma Commissioner may extend the deadline to accept or deny a claim for an additional: - ANSWERS7 days. A coverage extension included on the Building and Personal Property coverage form provides coverage for busines...

The source of the adjusters authority - ANSWERSIn the context of insurance adjusting, who is the principal? Coverage is not negotiable - ANSWERSWhen 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...

Risk - ANSWERSThe uncertainty or possibility of financial loss. (2 types: Speculative risk and Pure risk) Speculative Risk - ANSWERSChance of financial loss with the possibility of gain or loss. This type of risk is not insurable. Example is gambling. Pure Risk - ANSWERSChance of financial los...

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 - ANSWERSchanges made by the producer Health insurance involves two perils, accident and ____. - ANSWERSsickness All of the following...