Social Science Business Insurance
Oklahoma Exam - 5
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Personal Auto Policy (PAP) P&C Types of Property Policies Life Insurance Fundamentals: Types,... 3 FLOR
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The insured has a communication failure at his premises Utility Services - Time Element
due to a lightning strike at the phone company. The
insured's phone system is damaged and he is out of The Utility Services - Time Element endorsement would cover the loss of business
business for four days. Which endorsement is necessary income in this example if the phone system was listed on the endorsement and
to provide coverage for the loss of business income? the cause of the loss was covered by the policy.
Which of the following statements are is NOT TRUE of The amount of the ERISA bond purchased must be at least equal to 20% of the
ERISA bonds? total plan assets
An insured is covered under a standard Businessowners $10,000
Policy for replacement cost coverage and has sustained a
fire loss to his building. Due to changes in the building There is a limited amount of $10,000 for the "Increased Cost of Construction" in
codes in his town, it's going to cost $20,000 extra just to order to comply with newer ordinances or laws. However, this coverage applies
comply with the new building codes and make the only to buildings insured on a replacement cost basis. Further, the $10,000
repairs. How much, if any, will the BOP pay for these extra coverage cannot be used to pay any costs after a loss for an ordinance or law,
costs? that the insured was required to comply with before the loss, but failed do so. It is
important to note that the ordinance or law exclusion is still in place, preventing
the insured from assuming that the entire policy limit is available to pay these
costs to bring the building up to code after a claim. The policy will then provide
"Increased Cost of Construction" coverage through an "additional coverage", but
these costs are limited to $10,000.
Under a Personal Articles Floater, the total amount that $1,000
will be paid for loss or damage to an unscheduled coin
collection is: An unscheduled coin collection is limited to $1,000 under a Personal Articles
Floater.
All of the following statements are TRUE regarding the Mobile or trailer homes can be owner or tenant occupied
coverage of mobile or trailer homes under a Dwelling
insurance policy, EXCEPT: Mobile or trailer homes can be insured under the DP-1 (no other Dwelling forms)
only if they are owner-occupied, they cannot be tenant-occupied.
, What type of bond guarantees that if a bid is accepted, A bid bond
the bidder will satisfy further bonding requirements?
One of the guarantees of a bid bond is that if the principal's bid is accepted,
he/she will satisfy further bonding requirements to purchase bonds such as
performance or payment bonds.
All of the following would be covered by a Hospital A hospital orderly who slips and injures his back while transporting the body of a
Professional Liability policy, EXCEPT: deceased patient to the morgue
The orderly would be covered by the hospital's workers compensation policy, not
their professional liability coverage.
In Oklahoma, the term "compensable injury" means Cardiac pacemaker
damage or harm to any of the following, EXCEPT:
Damage to a cardiac pacemaker is not covered as a "compensable injury" under
the Oklahoma Workers' Compensation law.
Which of the following NFIP forms provides replacement The Dwelling and RCBAP forms only
cost coverage if the building meets the other eligibility
requirements for RCV? The NFIP Dwelling and RCBAP forms provide loss settlement at replacement cost
value only on single-family dwellings.
All of the following statements are true regarding the He/She sets insurance rates within their state
chief administrative officer of a state insurance
department, EXCEPT: The Commissioner/Director/Superintendent of a state insurance department does
not set insurance rates, they only approve those rates. The other three answer
choices are correct.
The Oklahoma Unfair Claim Settlement Practices use the Agent
term ___________ to mean any individual, corporation,
association, partnership, or other legal entity authorized The Oklahoma Unfair Claim Settlement Practices Act uses the term "agent" to
to represent an insurer with respect to a claim. mean any individual, corporation, association, partnership, or other legal entity
authorized to represent an insurer with respect to a claim.
Coverage B of the Commercial General Liability policy Insurance Fraud and False Statements (18 USC 1033; 1034)
will not cover claims involving the insured's distribution of
material or information that violates any of the following The Insurance Fraud and False Statements statute deals with "financial fraud" and
statues, EXCEPT: has nothing to do with Coverage B of the CGL policy that deals with "personal
and advertising injury". All of the other answer choices have to do with the
prohibition or limits of the types of information that can be sent, transmitted,
communicated, or distributed by mail, email, and telephone as well as published
in consumer reports.
Which of the following would NOT be excluded in the Damage from a fire caused by the insured in his rented office space
Coverage A - Exclusions section of the Commercial
General Liability policy? There is coverage for damage from a fire caused by the insured in his rented
office space under the five exposures of Coverage A. You'll remember that one of
those five exposures is "Fire Damage Liability" or "Damage to Premises Rented to
You". The Coverage A exclusion for Damage to property the insured owns, rents,
or occupies" is referring to damage caused by perils other than "a fire caused by
the insured".
Oklahoma Exam - 5
Save
Students also studied
Personal Auto Policy (PAP) P&C Types of Property Policies Life Insurance Fundamentals: Types,... 3 FLOR
8 terms 76 terms 150 terms 40 terms
djdpeeps1 Preview g_oneal1018 Preview benjaminhbonnofsky Preview juni
The insured has a communication failure at his premises Utility Services - Time Element
due to a lightning strike at the phone company. The
insured's phone system is damaged and he is out of The Utility Services - Time Element endorsement would cover the loss of business
business for four days. Which endorsement is necessary income in this example if the phone system was listed on the endorsement and
to provide coverage for the loss of business income? the cause of the loss was covered by the policy.
Which of the following statements are is NOT TRUE of The amount of the ERISA bond purchased must be at least equal to 20% of the
ERISA bonds? total plan assets
An insured is covered under a standard Businessowners $10,000
Policy for replacement cost coverage and has sustained a
fire loss to his building. Due to changes in the building There is a limited amount of $10,000 for the "Increased Cost of Construction" in
codes in his town, it's going to cost $20,000 extra just to order to comply with newer ordinances or laws. However, this coverage applies
comply with the new building codes and make the only to buildings insured on a replacement cost basis. Further, the $10,000
repairs. How much, if any, will the BOP pay for these extra coverage cannot be used to pay any costs after a loss for an ordinance or law,
costs? that the insured was required to comply with before the loss, but failed do so. It is
important to note that the ordinance or law exclusion is still in place, preventing
the insured from assuming that the entire policy limit is available to pay these
costs to bring the building up to code after a claim. The policy will then provide
"Increased Cost of Construction" coverage through an "additional coverage", but
these costs are limited to $10,000.
Under a Personal Articles Floater, the total amount that $1,000
will be paid for loss or damage to an unscheduled coin
collection is: An unscheduled coin collection is limited to $1,000 under a Personal Articles
Floater.
All of the following statements are TRUE regarding the Mobile or trailer homes can be owner or tenant occupied
coverage of mobile or trailer homes under a Dwelling
insurance policy, EXCEPT: Mobile or trailer homes can be insured under the DP-1 (no other Dwelling forms)
only if they are owner-occupied, they cannot be tenant-occupied.
, What type of bond guarantees that if a bid is accepted, A bid bond
the bidder will satisfy further bonding requirements?
One of the guarantees of a bid bond is that if the principal's bid is accepted,
he/she will satisfy further bonding requirements to purchase bonds such as
performance or payment bonds.
All of the following would be covered by a Hospital A hospital orderly who slips and injures his back while transporting the body of a
Professional Liability policy, EXCEPT: deceased patient to the morgue
The orderly would be covered by the hospital's workers compensation policy, not
their professional liability coverage.
In Oklahoma, the term "compensable injury" means Cardiac pacemaker
damage or harm to any of the following, EXCEPT:
Damage to a cardiac pacemaker is not covered as a "compensable injury" under
the Oklahoma Workers' Compensation law.
Which of the following NFIP forms provides replacement The Dwelling and RCBAP forms only
cost coverage if the building meets the other eligibility
requirements for RCV? The NFIP Dwelling and RCBAP forms provide loss settlement at replacement cost
value only on single-family dwellings.
All of the following statements are true regarding the He/She sets insurance rates within their state
chief administrative officer of a state insurance
department, EXCEPT: The Commissioner/Director/Superintendent of a state insurance department does
not set insurance rates, they only approve those rates. The other three answer
choices are correct.
The Oklahoma Unfair Claim Settlement Practices use the Agent
term ___________ to mean any individual, corporation,
association, partnership, or other legal entity authorized The Oklahoma Unfair Claim Settlement Practices Act uses the term "agent" to
to represent an insurer with respect to a claim. mean any individual, corporation, association, partnership, or other legal entity
authorized to represent an insurer with respect to a claim.
Coverage B of the Commercial General Liability policy Insurance Fraud and False Statements (18 USC 1033; 1034)
will not cover claims involving the insured's distribution of
material or information that violates any of the following The Insurance Fraud and False Statements statute deals with "financial fraud" and
statues, EXCEPT: has nothing to do with Coverage B of the CGL policy that deals with "personal
and advertising injury". All of the other answer choices have to do with the
prohibition or limits of the types of information that can be sent, transmitted,
communicated, or distributed by mail, email, and telephone as well as published
in consumer reports.
Which of the following would NOT be excluded in the Damage from a fire caused by the insured in his rented office space
Coverage A - Exclusions section of the Commercial
General Liability policy? There is coverage for damage from a fire caused by the insured in his rented
office space under the five exposures of Coverage A. You'll remember that one of
those five exposures is "Fire Damage Liability" or "Damage to Premises Rented to
You". The Coverage A exclusion for Damage to property the insured owns, rents,
or occupies" is referring to damage caused by perils other than "a fire caused by
the insured".
