OKLAHOMA PROPERTY CASUALTY TEST PAPER EXAM QUESTIONS AND ANSWERS MARKED

OKLAHOMA PROPERTY CASUALTY TEST PAPER EXAM
QUESTIONS AND ANSWERS MARKED A+
✔✔Other Insurance Clause - ✔✔Term used under a property policy when two insurers
pay on the same claim.

✔✔Agreed Value - ✔✔A property insurance valuation method that provides for payment
of the full policy limit determined at the time of application for insurance.

✔✔Conditional Contract - ✔✔Both parties to a legal contract have certain duties and
obligations to fulfill to make the contract enforceable.

✔✔Binder - ✔✔Temporary insurance coverage.

✔✔Proximate Cause - ✔✔An uninterrupted chain of events resulting from a covered
property loss.

✔✔Coverage A - ✔✔Dwelling

✔✔Coverage B - ✔✔Other Structure - 10%

✔✔Coverage C - ✔✔Unscheduled Personal Property - 50%

✔✔Coverage D - ✔✔Loss of Use - 30%

✔✔Coverage E - ✔✔Liability

✔✔Coverage F - ✔✔Medical Payments

✔✔HO-1 - ✔✔Basic Form
A - Basic/RC
B - Basic/RC
C - Basic/ACV

✔✔HO-2 - ✔✔Broad Form
A - Broad/RC
B - Broad/RC
C - Broad/ACV

✔✔HO-3 - ✔✔Special Form
A - Open/RC
B - Open/RC
C - Broad/ACV

, ✔✔HO-4 - ✔✔Tenants Form (Renters Form)
A - N/A
B - N/A
C - Broad/ACV

✔✔HO-5 - ✔✔Comprehensive (Deluxe) Form
A - Open/RC
B - Open/RC
C - Open/RC

✔✔HO-6 - ✔✔Condominium Unit Owners Form
A - Broad/RC
B - N/A
C - Broad/ACV

✔✔HO-8 - ✔✔Modified Coverage Form
A - Basic/ACV
B - Basic/ACV
C - Basic/ACV

✔✔DP-1 - ✔✔Basic Form
A - Named/ACV
B - Named/ACV
C - Named/ACV

✔✔DP-2 - ✔✔Broad Form
A - Broad/RC
B - Broad/RC
C - Broad/ACV

✔✔DP-3 - ✔✔Special Form
A - Open/RC
B - Open/RC
C - Broad/ACV

✔✔Bodily Injury - ✔✔Tangible physical harm to a third party claimant including medical,
pain and suffering, and loss of wages.

✔✔Property Damage - ✔✔Physical damage to, destruction or loss of use of tangible
property belonging to another.

✔✔Physical Damage - ✔✔physical damage to the vehicle of the insured.

✔✔Family Member - ✔✔A person related by blood, marriage, or adoption or a resident
in the named insured's household.