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Oklahoma Property and Casualty exam 2023 with 100% correct answers
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Oklahoma Property and Casualty exam 2023 with 100% correct answers
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Oklahoma Property and CasualtyRepresentations - correct answerStatements made by the applicant on an insurance application.
Contract of Utmost Good Faith - correct answerAn insurer must rely o the truthfulness and integrity of the applicant.
Contract of Adhesion - correct answerWhen one party constructs the contract and the other party has no input.
Elements of a Legally Binding Contract - correct answer1. Legal Purpose
2. Agreement (Offer and Acceptance)
3. Competent Parties
4. Consideration
Special Peril - correct answerType of policy that insures against open perils of loss that are not specifically excluded.
Example of Consequential or Indirect Loss - correct answerLoss of income from a rental unit due to tornado damage to the roof.
Class 1 - Frame - correct answerExterior walls, floors and roof are constructed with wood.
Class 2 - Joisted Masonry - correct answerExterior walls constructed with masonry such as brick or rock. Floors and roof are constructed with wood.
Class 3 - Noncombustible - correct answerExterior walls, floors and roof are constructed with non-
combustible materials such as metal or asbestos. Class 4 - Masonry Noncombustible - correct answerExterior walls are constructed with masonry such as brick or rock. Floors and roof are constructed with metal or other non-combustible material.
Class 5 - Modified Fire Resistive - correct answerExterior walls, floor and roof are constructed with fire resistive materials with a fire resistive rating of less than 2 hours.
Class 6 - Fire Resistive - correct answerExterior walls, floor and roof are constructed with fire resistive materials with a fire resistive rating of 2 hours or more.
Aggregate Limit - correct answerA type of policy limit that does not restore the limits of liability after each occurrence.
Coinsurance - correct answerA policy provision which requires the insured to carry an adequate amount of insurance. Penalty applies when property is insured for an amount under the market value of the dwelling.
Mandatory Parts of a Policy - correct answer1. Declarations
2. Insuring Agreement
3. Conditions
4. Exclusions
Non-mandatory Parts of a Policy - correct answer1. Endorsements
2. Definitions
Endorsements - correct answerAdd, delete or modify the insurance contract.
Definitions - correct answerDefines terms for a specific contract.
Declarations - correct answerWho, what, when, where and how much.
Insuring Agreement - correct answerProvides the major coverages (two to four per policy).
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