Oklahoma Insurance Licensing Exam Questions and Answers 100% Correct(SCORED A+)

of the following are categories All of a limited insurance license EXCEPT 1) crop insurance 2) variable life insurance 3) credit life insurance 4) travel insurance - ANSWER-2) variable life insurance What term best describes the act of withholding material information that would be crucial to an underwriting decision? 1) concealment 2) withholding 3) leading 4) breach of warranty - ANSWER-1) concealment Johanna purchased a National Flood Insurance policy 10 days after her community entered an emergency program. When would her coverage be effective? 1) 30 days after the application has been accepted 2) 12:01 pm on the 5th day after the endorsement request has been mailed 3) 5 days after the application and premium payment are mailed 4) 12:01 am the day after the application and premium payment are mailed - ANSWER-4) 12:01 am the day after the application and premium payment are mailed A tornado that destroys property would be an example of which of the following? 1) peril 2) pure risk 3) loss 4) physical hazard - ANSWER-1) peril What term includes damage where the insured peril was the proximate cause of loss? 1) indirect loss 2) consequential loss 3) negligent loss 4) direct loss - ANSWER-4) direct loss An insured's roof cost $4,000 when installed 5 years ago. It has been damaged by hail and must be replaced. The new roof will cost $6,000 at today's prices. If the roof has been depreciating at $200 per year and his policy is ACV, how much will it pay toward the insured's new roof? 1) $1,000 2) $4,000 3) $5,000 4) $6,000 - ANSWER-3) $5,000 Whil