OK Property and Casualty - Motor
Vehicle Included (Adjuster)-Section 1
"Practicing Insurance" Without a License - ANS-1) A manufacturer or adjuster, with a
suspended or revoked license, who maintains to "practice coverage" (transact coverage)
after dropping his/her license because of a violation of the insurance code is subject to a
criminal and the subsequent criminal penalties:
-Civil fine imposed by way of a Court of Law (Not the OID) as much as $5000 and/or jailed
from 1 to five years.
2) A character never certified as a manufacturer or adjuster who "practice insurance"
(transact insurance) is issue to a misdemeanor and the following criminal penalties:
-Civil first-class imposed by way of a Court of Law (Not the OID) up to $500 and/or jailed
from 6 months to at least one yr.
2 Divisions of the U.S. Judicial System - ANS-1) Criminal Court- Prosecutes a member of
society for violation of regulation--> a public incorrect; Remedy is crook first-rate or
imprisonment.
2) Civil Court (common law)- Sues for criminal legal responsibility for a non-public wrong,
i.E,. Tort liability; Remedy is financial compensation for damages.
Three steps to Create Tort Liablilty - ANS-1) Duty to behave with reasonable care.
2) Breach of Duty = negligence
three) Injury or harm
Abandonment - ANS-Prohibits the insured from forsaking damaged belongings to the
coverage organization for a complete loss. Only the insurer has the right to pay the insured
for a complete loss.
Actual Cash Value (ACV) - ANS-aka Market cost- replacement fee (value new at the time of
the loss less depretiation
Actuary - ANS-Mathematician who develops the fees for the insurer.
Adjuster - ANS-Investigates claims, adjusts losses, and negotiates declare settlements for
the insurer.
Adjuster Licensing Act - ANS-This act governs the qualifications and methods for the
licensing of coverage adjusters. It simplifies and organizes statutory language to: 1) improve
performance; 2) permit the use of recent generation, and; three) lessen expenses associated
with issuing and renewing insurance licenses. A licence shall remain in impact until revoked
or suspended (aka perpetual) as long as prices are paid and persevering with training is
fulfilled.
, Agreed Amount - ANS-The insurer and the insured agree on the value at the time of utility as
opposed to the time of loss.
Aleatory Contract - ANS-Equal value isn't given by means of each parties. One birthday
party can gain extra than the other primarily based on hazard (or the occurrence of an
unsure occasion)
Alien Insurer - ANS-Formed (chartered or integrated) below the legal guidelines of another u
. S . A ..
Appraisal Clause - ANS-Used whilst the insured and the insurer can't agree on the quantity
of a included assets loss. Each party chooses an appraiser and the appraisers pick out an
umpire appraiser. Agreement of 2 out of three appraisers will be binding. Both events equally
pay the cost of the appraisal.
Apprentice Trainee Adjuster - ANS-Temporary license issued for brand new adjusters for 180
days.
Arbitration - ANS-Used when the insured and the insurer can not agree on the amount of
damages in a legal responsibility loss
Assignment (switch of possession rights) - ANS-Transfer of interest in an insurance
coverage. ______ can be transferred best with the insurance employer's consent.
Reinforces the concept that an coverage policy is a non-public contract
Authorized Insurer (aka Admitted Insurer) - ANS-Has an Oklahoma Certificate of Authority.--
Would encompass a home, foreign, or alien insurer doing commercial enterprise in
Oklahoma
Bailee - ANS-A character who has the insured's property in his/her care, custody or
manipulate, (i.E. Dry cleaners, moving groups, etc.)
Binder - ANS-A transient coverage contract. Provides temporary safety for a maximum
duration of 90 days. A _____ can be written or verbal.
Boycott, Coercion, and Intimidation - ANS-Entering into an agreement that could result in the
restraint or monopoly of the coverage enterprise.
Cancellation - ANS-Midterm termination of the policy
Cancellation by Insured - ANS-Anytime with the aid of giving notice in writing
Cancellation by means of Insurer - ANS-After insurance has been in impact extra than 45
days, the insurance organisation may additionally cancel only for the following motives:
-Nonpayment of top rate
-Discovery of fraud or material misrepresentation
-Discovery of willful or reckless acts of the named insured
-Violation of local hearth, protection, constructing ordinance or regulation
Vehicle Included (Adjuster)-Section 1
"Practicing Insurance" Without a License - ANS-1) A manufacturer or adjuster, with a
suspended or revoked license, who maintains to "practice coverage" (transact coverage)
after dropping his/her license because of a violation of the insurance code is subject to a
criminal and the subsequent criminal penalties:
-Civil fine imposed by way of a Court of Law (Not the OID) as much as $5000 and/or jailed
from 1 to five years.
2) A character never certified as a manufacturer or adjuster who "practice insurance"
(transact insurance) is issue to a misdemeanor and the following criminal penalties:
-Civil first-class imposed by way of a Court of Law (Not the OID) up to $500 and/or jailed
from 6 months to at least one yr.
2 Divisions of the U.S. Judicial System - ANS-1) Criminal Court- Prosecutes a member of
society for violation of regulation--> a public incorrect; Remedy is crook first-rate or
imprisonment.
2) Civil Court (common law)- Sues for criminal legal responsibility for a non-public wrong,
i.E,. Tort liability; Remedy is financial compensation for damages.
Three steps to Create Tort Liablilty - ANS-1) Duty to behave with reasonable care.
2) Breach of Duty = negligence
three) Injury or harm
Abandonment - ANS-Prohibits the insured from forsaking damaged belongings to the
coverage organization for a complete loss. Only the insurer has the right to pay the insured
for a complete loss.
Actual Cash Value (ACV) - ANS-aka Market cost- replacement fee (value new at the time of
the loss less depretiation
Actuary - ANS-Mathematician who develops the fees for the insurer.
Adjuster - ANS-Investigates claims, adjusts losses, and negotiates declare settlements for
the insurer.
Adjuster Licensing Act - ANS-This act governs the qualifications and methods for the
licensing of coverage adjusters. It simplifies and organizes statutory language to: 1) improve
performance; 2) permit the use of recent generation, and; three) lessen expenses associated
with issuing and renewing insurance licenses. A licence shall remain in impact until revoked
or suspended (aka perpetual) as long as prices are paid and persevering with training is
fulfilled.
, Agreed Amount - ANS-The insurer and the insured agree on the value at the time of utility as
opposed to the time of loss.
Aleatory Contract - ANS-Equal value isn't given by means of each parties. One birthday
party can gain extra than the other primarily based on hazard (or the occurrence of an
unsure occasion)
Alien Insurer - ANS-Formed (chartered or integrated) below the legal guidelines of another u
. S . A ..
Appraisal Clause - ANS-Used whilst the insured and the insurer can't agree on the quantity
of a included assets loss. Each party chooses an appraiser and the appraisers pick out an
umpire appraiser. Agreement of 2 out of three appraisers will be binding. Both events equally
pay the cost of the appraisal.
Apprentice Trainee Adjuster - ANS-Temporary license issued for brand new adjusters for 180
days.
Arbitration - ANS-Used when the insured and the insurer can not agree on the amount of
damages in a legal responsibility loss
Assignment (switch of possession rights) - ANS-Transfer of interest in an insurance
coverage. ______ can be transferred best with the insurance employer's consent.
Reinforces the concept that an coverage policy is a non-public contract
Authorized Insurer (aka Admitted Insurer) - ANS-Has an Oklahoma Certificate of Authority.--
Would encompass a home, foreign, or alien insurer doing commercial enterprise in
Oklahoma
Bailee - ANS-A character who has the insured's property in his/her care, custody or
manipulate, (i.E. Dry cleaners, moving groups, etc.)
Binder - ANS-A transient coverage contract. Provides temporary safety for a maximum
duration of 90 days. A _____ can be written or verbal.
Boycott, Coercion, and Intimidation - ANS-Entering into an agreement that could result in the
restraint or monopoly of the coverage enterprise.
Cancellation - ANS-Midterm termination of the policy
Cancellation by Insured - ANS-Anytime with the aid of giving notice in writing
Cancellation by means of Insurer - ANS-After insurance has been in impact extra than 45
days, the insurance organisation may additionally cancel only for the following motives:
-Nonpayment of top rate
-Discovery of fraud or material misrepresentation
-Discovery of willful or reckless acts of the named insured
-Violation of local hearth, protection, constructing ordinance or regulation
