Oklahoma Property and Casualty Exam Questions and Answers 100% Correct(SCORED A)

Representations - ANSWER-Statements made by the applicant on an insurance application. Contract of Utmost Good Faith - ANSWER-An insurer must rely o the truthfulness and integrity of the applicant. Contract of Adhesion - ANSWER-When one party constructs the contract and the other party has no input. Elements of a Legally Binding Contract - ANSWER-1. Legal Purpose 2. Agreement (Offer and Acceptance) 3. Competent Parties 4. Consideration Special Peril - ANSWER-Type of policy that insures against open perils of loss that are not specifically excluded. Example of Consequential or Indirect Loss - ANSWER-Loss of income from a rental unit due to tornado damage to the roof. Class 1 - Frame - ANSWER-Exterior walls, floors and roof are constructed with wood. Class 2 - Joisted Masonry - ANSWER-Exterior walls constructed with masonry such as brick or rock. Floors and roof are constructed with wood. Class 3 - No