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Oklahoma Property and Casualty, Exam Prep, Life and Health Insurance, OK Exam PE-2, Practice Exam, Review Questions , Oklahoma Adjuster s Exam , Oklahoma Law Supplement Practice Exam, Exam Prep, Oklahoma Insurance Adjuster s License 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 in...

develop insurance rates. Underwriter (Home Office Underwriter) - ANSWER-An employee of the insurer who: 1. Gathers information 2. Analyzes exposures (classifying risk) 3. Selections risk for the insurer Producer (agent) (Field Underwriter) - ANSWER-A person required to be licensed to solicit, negotiate, sell, or service/ practice insurance on behalf of the insurer Adjuster - ANSWER-Investigates claims, adjusts losses, and negotiates claim settlements for the insurer Underwrite...

All of the following are included as part of a contract in the entire contract provision EXCEPT the riders application changes made by the producer policy - ANSWER-changes made by the producer Health insurance involves two perils, accident and ____. - ANSWER-sickness All of the following riders can increase the death benefit amount EXCEPT Cost of Living Waiver of Premium Accidental Death Rider Guaranteed Insurability - ANSWER-Waiver of Premium Of the following dividend optio...

A license who does not comply with the continuing education requirements outlined in O.S. 36 1435.29 is subjet to all of the following EXCEPT: a.) suspended license b.) double license fees c.) a fine of $1,000 d.) non-renewed license - ANSWER-a fine of $1,000 The maximum obligation of the Oklahoma Property and Casualty Insurance Guaranty Asociation for property and casualty losses, other than workers compensation, is: a.) $100,000 b.) $150,000 c.) $300,000 d.) $500,000 - ANSWER-$150,0...

Actuary - ANSWER-Mathematician employed by the insurer who develops rates for the insurer. Underwriter is also known as? - ANSWER-Home Office Underwriter What 3 things does an underwriter do? - ANSWER-1. Gathers Information 2. Analyzes Exposures 3. Selects Risks for Insurer Exposures are also known as? - ANSWER-determining risks Producer is also known as? - ANSWER-Agent, field underwriter, or agent underwriter What is a producer? - ANSWER-A person required to be licensed t soli...

All of the following statements are TRUE regarding a proof of loss statement, EXCEPT: - ANSWER-A proof of loss is also known as a loss notice The "loss notice" is NOT the formal proof of loss. The loss notice is provided by the insured to the agent or insurer as soon as possible after the loss has occurred. Which of the following acts is NOT considered to be "transacting insurance" within the state of Oklahoma? - ANSWER-Taking an agency's incoming payments, sometimes containing premiu...

Actual Cash Value (ACV) - ANSWER-Cost to replace property with new property of like kind and quality less depreciation. Combined Single Limit - ANSWER-One limit per occurrence is what we pay up to Split limit - ANSWER-What we pay up to per person and per occurrence Deductible - ANSWER-What the customer will have to pay; we cover everything else Declarations Page (Dec Page) - ANSWER-The basic information about a policy: Who - names of insurer and insured What - description of insure...

Alien - ANSWER-Which type of insurer is incorporated or organized under the law of a country other than the United States? Insurer - ANSWER-Who does an insurance producer represent when neglecting an insurance contract. Writing Oklahoma Insurance laws - ANSWER-Which of the following is not a duty of the insurance commissioner. 15 days - ANSWER-An insurer must appoint a producer within how many days after accepting business from that producer? 5 years - ANSWER-The Commissioner must ex...

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...