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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 Insurance Licensing ExamAll 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 - correct answer2) variable life insurance
What term best describes the act of withholding material information that would be crucial to an underwriting decision? 1) concealment 2) withholding 3) leading 4) breach of warranty - correct answer1) concealment
Johanna purchased a National Flood Insurance policy 10 days after her community entered an emergency program. When would her coverage be effective? 1) 30 days after the application has been accepted 2) 12:01 pm on the 5th day after the endorsement request has been mailed 3) 5 days after the application and premium payment are mailed 4) 12:01 am the day after the application and premium payment are mailed - correct answer4) 12:01 am the day after the application and premium payment are mailed
A tornado that destroys property would be an example of which of the following? 1) peril 2) pure risk 3) loss 4) physical hazard - correct answer1) peril
What term includes damage where the insured peril was the proximate cause of loss? 1) indirect loss 2) consequential loss 3) negligent loss 4) direct loss - correct answer4) direct loss
An insured's roof cost $4,000 when installed 5 years ago. It has been damaged by hail and must be replaced. The new roof will cost $6,000 at today's prices. If the roof has been depreciating at $200 per year and his policy is ACV, how much will it pay toward the insured's new roof? 1) $1,000 2) $4,000 3) $5,000 4) $6,000 - correct answer3) $5,000
While an insurance was towing a utility trailer with his auto, the trailer cam loose and ran into a store front. What part of the insured's auto policy would pay for the damage to the store? 1) property damage liability 2) collision coverage 3) comprehensive coverage 4) this loss would not be covered - correct answer1) property damage liability The Mail Coverage Form is always written on a reporting form basis; after the end of each reporting period shown in the declarations, reports are due within 1) 30 days 2) 31 days 3) 45 days 4) 15 days - correct answer3) 45 days
A startup used car dealership buys cars at auto auctions in 30 states. It wants to be certain that damage coverage is provided when the cars are driven or transported from the auctions to the dealership. In regard to the business auto physical damage coverage, which is true? 1) coverage is provided if dealership employees are in possession of the subject automobile 2) coverage is provided at additional premium 3) coverage is provided for the wholesale amount only 4) coverage is not provided under the form - correct answer1) coverage is provided if dealership employees are in possession of the subject automobile
What is NOT an insured liability on a BAP? 1) the owner of a car the insured borrows 2) anyone using a covered auto with permission 3) anyone liable for the conduct of the insured 4) the named insured in any covered auto - correct answer1) the owner of a car the insured borrows
When applying for an individual life insurance policy, an applicant states that he went to the doctor for nausea, but fails to mention that he was also having severe chest pains. This is an example of 1) misrepresentation 2) fraud 3) warranty 4) concealment - correct answer4) concealment
Which of the following statements is true regarding workers compensation coverage for sole proprietors? 1) it's elective 2) it's not allowed 3) it's only allowed for sole proprietors involved in high risk occupations 4) it's mandatory - correct answer1) it's elective
Which of the following commercial crime coverages would cover a loss resulting from theft of the company's money and securities from the armored vehicle making a delivery? 1) outside the premises 2)
forgery/alteration 3) robbery and safe burglary 4) inside the premises - correct answer1) outside the premises
Which of the following is NOT a necessary qualification in order for a person to serve as a Commissioner of Insurance in Oklahoma? 1) state residency for at least 5 years 2) minimum age of 25 3) a minimum of 5 years of experience as a director of an insurance company 4) minimum of 5 years of experience in the insurance industry - correct answer3) a minimum of 5 years of experience as a director of an insurance company
A dealership loans a car to its customer to use while the dealership is repairing the customer's car. If the dealership has business auto physical damage coverage and a customer's automobile insurance does not cover damages to loaner cars, which of the following is true? 1) the loaner vehicle is covered by the business auto policy 2) no coverage is provided 3) only coverage for damage to a third party's vehicle is provided 4) the customer is personally liable - correct answer1) the loaner vehicle is covered by the business auto policy
In a personal auto policy, the medical payments coverage is similar to 1) accident insurance, because it has the same limits 2) bodily injury coverage, because it pays the insured's doctor bills 3) bodily injury coverage, because it provides legal protection if the insured causes injuries to others 4) accident insurance, because it pays medical expenses regardless of fault. - correct answer4) accident insurance, because it pays medical expenses regardless of fault.
Negligence may be defined as 1) the failure to use reasonable and prudent care 2) a situation that creates a probability of loss 3) a latent defect or fault in property 4) the inability to meet the burden of proof - correct answer1) the failure to use reasonable and prudent care
Liability imposed on one party as a result of the actions of another person is known as 1) vicarious liability 2) comparative negligence 3) strict liability 4) absolute liability - correct answer1) vicarious liability
When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. The producer could be found guilty of 1) discrimination 2) nothing, unless the remarks were in writing 3) defamation 4) misrepresentation - correct answer3) defamation
Which of the following is covered under the Camera and Musical Instruments Dealers floater? 1) a musical instrument sold and delivered to a customer 2) furniture, fixtures and office supplies in a music store 3) money kept on premises of a camera shop 4) a customer's camera left at a camera shop for repair - correct answer4) a customer's camera left at a camera shop for repair
An insured is driving her car through a residential area when she loses control and crashes into a neighbor's front porch. The neighbor, who was sitting on the porch, is injured. The insured's liability policy has a limit of $500,000. This amount applies to the total of damages for any bodily injury and property damage resulting from one accident. Which type of limit of liability does the insured have? 1) aggregate 2) per occurrence 3) combined single 4) split - correct answer3) combined single
The proof of loss statement must be 1) an oral statement 2) in writing 3) both oral and in writing 4) in a videotape format - correct answer2) in writing
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