P&C Oklahoma State Regulations (Exam 1) with Complete Solutions(SCORED A+)

A licensee who does not comply with the continuing education requirements outlined in the Oklahoma Insurance Code is subject to what penalties? - ANSWER-Suspended license, double license fee and a civil fine of $100 - $1,000 The maximum obligation of the Oklahoma Property and Casualty Insurance Guaranty Association for property and casualty losses, other then worker's compensation, is: - ANSWER-$150,000 A mutual insurer is owned by: - ANSWER-Policyowners All of the following are true regarding the Oklahoma Property and Casualty Guaranty Association, EXCEPT: a. protects up to $150,000 total for property coverage b. protects up to $150,000 total for liability coverage c. is an association of domestic insurers that promotes the insurance industry d. requires that all authorized insurers in the state be members of the association - ANSWER-c. is an association of domestic insurers that promotes the insurance industry Under the Oklahoma Insurance Code, all of the following statements are true regarding a producer or adjuster license, EXCEPT: a. licensee can not have been convicted of a felony b. licensee is required to have a high school diploma or GED equivalent c. a licens