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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 adjuster's examEarth movement endorsement - correct 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 - correct answer-homeowners policy endorsement used to provide coverage for home __________ businesses
-Includes liability coverage
-does not include coverage for sexual assault
Personal property replacement cost - correct answerHomeowners policy endorsement that adds replacement cost coverage for personal property
Scheduled personal property - correct answerendorsement - provides broader coverage for personal jewelry, furs, cameras, musical instruments, silverware, fine arts, golf equipment, and stamp/coin collections. must be insured on full value basis.
· Typically provides open peril coverage
Mobile Home Endorsement - correct answeralters the homeowners policy to cover a mobilehome and other structures on land owned or leased by the resident of the mobile home.
· Alters a homeowner's policy
· Coverage B is 2,000 or 10% of the Coverage A limit whichever is larger
· 500 for removing the mobile home when needing to do repairs
· 500 to move the home somewhere safe
Personal Umbrella Policy - correct answerA policy covering (BI &PD) and Personal Injury Liability in excess of the insured's underlying policy limits.
This provides excess coverage over the limits of an underlying policy. If an insured is liable after the policy limits have been met, this kicks in
Basic Cause of Loss Form - correct answerFIRE
LIGHTNING
EXPLOSIONS
WINDSTORMS OR HAIL
RIOT OR CIVIL COMMOTION
VANDALISM
VOLCANIC ACTION
VEHICLES OR AIRCRAFT
SMOKE
SPRINKLER LEAKAGE
SINKHOLE COLLAPSE - covers only damage caused by sinkhole, not land
- NO THEFT COVERAGE
note: excludes Steam Boiler Explosions ("Boiler & Machinery Form" must be added to policy to cover this loss)
Broad Cause of Loss Form - correct answer-Includes all perils in BASIC form + 3 additions
-PLUMBING
-FALLING OBJECTS
-WEIGHT OF SNOW, ICE AND SLEET
plus Additional Coverage of Collapse
- NO THEFT COVERAGE
note: excludes Steam Boiler Explosions ("Boiler & Machinery Form" must be added to policy to cover this loss)
Special Cause of Loss Form - correct answerOpen Peril
Property in transit - correct answerlimit of 5,000
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