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OKLAHOMA INSURANCE exam (State Regulations) questions and answers with solutions 2025
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OKLAHOMA INSURANCE exam (State Regulations) questions and answers with solutions 2025
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OKLAHOMA INSURANCE exam (StateRegulations) questions and answers
with solutions 2025
Actuary - ANSWER a mathematician employed by the insurer who develops the rates for the insurer.
Underwriter - ANSWER (Home Office Underwriter) and employee of the insurer
What three things do Underwriters do? - ANSWER Gathers information
analyses exposures (determines risk)
selects risk for the insurer
underwriting - ANSWER the process of selecting risks
Producer (agent) - ANSWER (field underwriter) (agent underwriter) a person licensed to solicit,
negotiate, sell, or service (practice) insurance on behalf of an insurer
what is the purpose of insurance regulations? - ANSWER To protect the public interest.
What are the three sources of state regulations? - ANSWER state
federal
self-regulation
which of the following is the primary source of regulations?
Federal
State
self-regulation - ANSWER state
what is the name of the Oklahoma State Statutes and who are they enacted by? (certain title) - ANSWER
O.S. Title 36 (the insurance code)
,enacted by the Oklahoma State Legislature.
Under the state regulations, rules and regs are promulgated by the? and why? - ANSWER Oklahoma
Insurance Department (OID) and to enforce the provisions of the insurance code.
what role does the federal regulation play? - ANSWER the watchdog
what does the federal regulations supervise? - ANSWER areas of insurance not covered by state
regulations or when state jurisdictions are in conflict.
Self- regulation by the NAIC. who is the NAIC - ANSWER National Association of insurance commissioners
what is the NAIC? - ANSWER Is a voluntary non-profit org. the purpose is to promote uniformity among
states by proposing standardized laws (Model legislation)
has no legal authority
makes recommendations to state insurance departments
Oklahoma Insurance Commissioner is a member of? - ANSWER NAIC
Who is the OIC and what duty does he play? - ANSWER CEO of the OID (Mr. Glen Mulready) and has the
duty of administration and enforcement of the provisions of the insurance code.
How do you become the OIC? - ANSWER they have to be publicly voted by the voters to a 4 year term.
all the following qualifications are true to become the insurance commissioner except?
must be 25 years of age
, has to be a HS graduate or have a GED
Must be a resident of Ok for at least 5 years
must have a min. of 5 years experience in the ins. industry - ANSWER has to be a HS graduate or have a
GED
Name all of the qualifications to become an insurance commissioner - ANSWER must be 25 years of age
must have been a resident in Oklahoma for at least 5 years
Must hace a min. of 5 years experience in the ins. industry (doesn't mean licensed)
Must have no Financial interest in any insurer, agency, or insurance transactions except as policy owner
or claimant under a policy.
Commissioners have the authority to: - ANSWER Promulgate (adopt) rules and regs to carry out
provisions in the ins. code
order examinations of insurers
jurisdiction over violations and complaints against anyone engaged in the ins. bus.
Approve (affirm) and monitor the adequacy of insurers rates
maintain books and records required by law
provide annual reports to gov regarding the financial status of the ins industry and the total number of
ins claims paid in the State of Ok.
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