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Oklahoma Insurance Licensing Exam Questions with 100% Correct Answers
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Oklahoma Insurance Licensing Exam Questions with 100% Correct Answers All of the following are categories of a limited insurance license EXCEPT 1) crop insurance 2) variable life insurance 3) credit life insurance 4) travel insurance - 2) variable life insurance What term best describes the ac...

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  • December 24, 2024
  • 44
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Insurance liscense
  • Insurance liscense

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Oklahoma Insurance Licensing Exam

Questions with 100% Correct Answers


All of the following are categories of a limited insurance license EXCEPT 1)

crop insurance 2) variable life insurance 3) credit life insurance 4) travel

insurance - ✔✔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 - ✔✔1) concealment

Johanna purchased a National Flood Insurance policy 10 days after her

community entered an emergency program. When would her coverage be

effective? 1) 30 days after the application has been accepted 2) 12:01 pm

on the 5th day after the endorsement request has been mailed 3) 5 days

after the application and premium payment are mailed 4) 12:01 am the day

after the application and premium payment are mailed - ✔✔4) 12:01 am the

day after the application and premium payment are mailed

A tornado that destroys property would be an example of which of the

following? 1) peril 2) pure risk 3) loss 4) physical hazard - ✔✔1) peril


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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,What term includes damage where the insured peril was the proximate

cause of loss? 1) indirect loss 2) consequential loss 3) negligent loss 4)

direct loss - ✔✔4) direct loss

An insured's roof cost $4,000 when installed 5 years ago. It has been

damaged by hail and must be replaced. The new roof will cost $6,000 at

today's prices. If the roof has been depreciating at $200 per year and his

policy is ACV, how much will it pay toward the insured's new roof? 1)

$1,000 2) $4,000 3) $5,000 4) $6,000 - ✔✔3) $5,000

While an insurance was towing a utility trailer with his auto, the trailer cam

loose and ran into a store front. What part of the insured's auto policy

would pay for the damage to the store? 1) property damage liability 2)

collision coverage 3) comprehensive coverage 4) this loss would not be

covered - ✔✔1) property damage liability

The Mail Coverage Form is always written on a reporting form basis; after

the end of each reporting period shown in the declarations, reports are due

within 1) 30 days 2) 31 days 3) 45 days 4) 15 days - ✔✔3) 45 days

A startup used car dealership buys cars at auto auctions in 30 states. It

wants to be certain that damage coverage is provided when the cars are

driven or transported from the auctions to the dealership. In regard to the


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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,business auto physical damage coverage, which is true? 1) coverage is

provided if dealership employees are in possession of the subject

automobile 2) coverage is provided at additional premium 3) coverage is

provided for the wholesale amount only 4) coverage is not provided under

the form - ✔✔1) coverage is provided if dealership employees are in

possession of the subject automobile

What is NOT an insured liability on a BAP? 1) the owner of a car the

insured borrows 2) anyone using a covered auto with permission 3) anyone

liable for the conduct of the insured 4) the named insured in any covered

auto - ✔✔1) the owner of a car the insured borrows

When applying for an individual life insurance policy, an applicant states

that he went to the doctor for nausea, but fails to mention that he was also

having severe chest pains. This is an example of 1) misrepresentation 2)

fraud 3) warranty 4) concealment - ✔✔4) concealment

Which of the following statements is true regarding workers compensation

coverage for sole proprietors? 1) it's elective 2) it's not allowed 3) it's only

allowed for sole proprietors involved in high risk occupations 4) it's

mandatory - ✔✔1) it's elective




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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, Which of the following commercial crime coverages would cover a loss

resulting from theft of the company's money and securities from the

armored vehicle making a delivery? 1) outside the premises 2)

forgery/alteration 3) robbery and safe burglary 4) inside the premises -

✔✔1) outside the premises

Which of the following is NOT a necessary qualification in order for a

person to serve as a Commissioner of Insurance in Oklahoma? 1) state

residency for at least 5 years 2) minimum age of 25 3) a minimum of 5

years of experience as a director of an insurance company 4) minimum of 5

years of experience in the insurance industry - ✔✔3) a minimum of 5 years

of experience as a director of an insurance company

A dealership loans a car to its customer to use while the dealership is

repairing the customer's car. If the dealership has business auto physical

damage coverage and a customer's automobile insurance does not cover

damages to loaner cars, which of the following is true? 1) the loaner vehicle

is covered by the business auto policy 2) no coverage is provided 3) only

coverage for damage to a third party's vehicle is provided 4) the customer

is personally liable - ✔✔1) the loaner vehicle is covered by the business

auto policy



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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

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