Oklahoma Property and Casualty Exam Questions And Well Elaborated Solutions
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Course
Oklahoma Property and Casualty
Institution
Oklahoma Property And Casualty
Oklahoma Property and Casualty Exam Questions And
Well Elaborated Solutions
Special Peril - answers Type of policy that insures against open perils of loss that are
not specifically excluded.
Example of Consequential or Indirect Loss - answers Loss of income from a rental unit ...
Oklahoma Property and Casualty Exam Questions And
Well Elaborated Solutions
Special Peril - answers Type of policy that insures against open perils of loss that are
not specifically excluded.
Example of Consequential or Indirect Loss - answers Loss of income from a rental unit
due to tornado damage to the roof.
Class 1 - Frame - answers Exterior walls, floors and roof are constructed with wood.
Class 2 - Joisted Masonry - answers Exterior walls constructed with masonry such as
brick or rock. Floors and roof are constructed with wood.
Class 3 - Noncombustible - answers Exterior walls, floors and roof are constructed with
non-combustible materials such as metal or asbestos.
Class 4 - Masonry Noncombustible - answers Exterior 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 - answers Exterior walls, floor and roof are
constructed with fire resistive materials with a fire resistive rating of less than 2 hours.
Class 6 - Fire Resistive - answers Exterior walls, floor and roof are constructed with
fire resistive materials with a fire resistive rating of 2 hours or more.
Aggregate Limit - answers A type of policy limit that does not restore the limits of
liability after each occurrence.
Coinsurance - answers A 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 - answers 1. Declarations
2. Insuring Agreement
3. Conditions
4. Exclusions
Non-mandatory Parts of a Policy - answers 1. Endorsements
2. Definitions
Endorsements - answers Add, delete or modify the insurance contract.
, Definitions - answers Defines terms for a specific contract.
Declarations - answers Who, what, when, where and how much.
Insuring Agreement - answers Provides the major coverages (two to four per policy).
Conditions - answers Policy territory, appraisal cause, arbitration, insured's duties in
the event of a loss, cancellation or non-renewal, other insurance, subrogation, standard
mortgage clause, assignment, right of salvage, abandonment, loss settlement,
liberalization, loss payment and property coinsurance.
Exclusions - answers Omit risks which are not insurable, eliminate risks duplicated by
another policy, eliminate risks for high risk exposures.
Limit of Liability - answers The maximum amount the policy will pay in the event of a
covered loss.
Right of Salvage - answers The insured turns the damaged property over to the insurer
after payment is made for the damaged goods.
Subrogation - answers After an insurance company has paid a claim, it takes over the
rights to recover from the responsible third party.
80% - answers Standard co-insurance amount.
Vacant - answers Property that does not contain sufficient furnishings to support its
intended use.
Risk Management Techniques - answers 1. Retain the Risk.
2. Avoid the Risk.
3. Reduce the Risk.
4. Transfer the Risk.
Representations - answers Statements made by the applicant on an insurance
application.
Contract of Utmost Good Faith - answers An insurer must rely o the truthfulness and
integrity of the applicant.
Contract of Adhesion - answers When one party constructs the contract and the other
party has no input.
Elements of a Legally Binding Contract - answers 1. Legal Purpose
2. Agreement (Offer and Acceptance)
3. Competent Parties
4. Consideration
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