Oklahoma Insurance Exam (State Regulations) with complete solutions.
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Course
Oklahoma Life and Health Insurance
Institution
Oklahoma Life And Health Insurance
Actuary
a mathematician employed by the insurer who develops the rates for the insurer.
Underwriter
(Home Office Underwriter) and employee of the insurer
What three things do Underwriters do?
Gathers information
analyses exposures (determines risk)
selects risk for the insurer
...
Oklahoma Insurance Exam (State
Regulations) with complete solutions
Actuary - ANSWER-a mathematician employed by the insurer who
develops the rates for the insurer.
Underwriter - ANSWER-(Home Office Underwriter) and employee of
the insurer
What three things do Underwriters do? - ANSWER-Gathers
information
analyses exposures (determines risk)
selects risk for the insurer
underwriting - ANSWER-the process of selecting risks
Producer (agent) - ANSWER-(field underwriter) (agent underwriter) a
person licensed to solicit, negotiate, sell, or service (practice)
insurance on behalf of an insurer
what is the purpose of insurance regulations? - ANSWER-To protect
the public interest.
What are the three sources of state regulations? - ANSWER-state
federal self-regulation Oklahoma Insurance Exam (State
Regulations) with complete solutions
which of the following is the primary source of regulations?
Federal
State
self-regulation - ANSWER-state
what is the name of the Oklahoma State Statutes and who are they
enacted by? (certain title) - ANSWER-O.S. Title 36 (the insurance
code) enacted by the Oklahoma State Legislature.
Under the state regulations, rules and regs are promulgated by the?
and why? - ANSWER-Oklahoma Insurance Department (OID) and to
enforce the provisions of the insurance code.
what role does the federal regulation play? - ANSWER-the watchdog
what does the federal regulations supervise? - ANSWER-areas of
insurance not covered by state regulations or when state jurisdictions
are in conflict.
Self- regulation by the NAIC. who is the NAIC - ANSWER-National
Association of insurance commissioners Oklahoma Insurance Exam (State
Regulations) with complete solutions
what is the NAIC? - ANSWER-Is a voluntary non-profit org. the
purpose is to promote uniformity among states by proposing
standardized laws (Model legislation) has no legal authority
makes recommendations to state insurance departments
Oklahoma Insurance Commissioner is a member of? - ANSWER-NAIC
Who is the OIC and what duty does he play? - ANSWER-CEO of the
OID (Mr. Glen Mulready) and has the duty of administration and
enforcement of the provisions of the insurance code.
How do you become the OIC? - ANSWER-they have to be publicly
voted by the voters to a 4 year term.
all the following qualifications are true to become the insurance
commissioner except?
must be 25 years of age Oklahoma Insurance Exam (State
Regulations) with complete solutions
has to be a HS graduate or have a GED
Must be a resident of Ok for at least 5 years
must have a min. of 5 years experience in the ins. industry - ANSWER-
has to be a HS graduate or have a GED
Name all of the qualifications to become an insurance commissioner
- ANSWER-must be 25 years of age
must have been a resident in Oklahoma for at least 5 years
Must hace a min. of 5 years experience in the ins. industry (doesn't
mean licensed)
Must have no Financial interest in any insurer, agency, or insurance
transactions except as policy owner or claimant under a policy.
Commissioners have the authority to: - ANSWER-Promulgate (adopt)
rules and regs to carry out provisions in the ins. code
order examinations of insurers
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