Oklahoma adjuster stuvia - Study guides, Class notes & Summaries

An individual applied for auto insurance and obtained coverage from EMU Insurance Company. Who is the first party in the contract? - ANSWER-The Insured If a fire hazard causes damage to a building, the fire is? - ANSWER-A peril wearing a seatbelt in a car is an example of which method or managing risk? - ANSWER-Reduce Tiffany leaves her car unlocked when she goes shopping. She figures her car and its contents are insured, so there is no reason to worry. Which type of hazard is this an e...

The source of the adjusters authority - ANSWERSIn the context of insurance adjusting, who is the principal? Coverage is not negotiable - ANSWERSWhen Nancy is pulling into her driveway, she accidentally hit the gas and plowed through her front wall. She tries to negotiate the claim with the adjuster, why is this not possible? True - ANSWERSTrue or false: assuring a claimant a policy is covered without determining the cause of loss is considered improperly acting as a fiduciary agent? Civ...

Insurance - ANSWER-Transfers risk from one party to another. pool or reserve - ANSWER-collected premiums to cover losses/claims Indemnity - ANSWER-restoration to previous financial condition Four essential elements of a contract - ANSWER-agreement, consideration, competent parties, legality When may a policy be terminated? - ANSWER-revoking the offer, rejecting the offer, time lapse, or termination by operation of law Termination by Operation of Law - ANSWER-happens when one or bo...

The source of the adjusters authority - ANSWER-In the context of insurance adjusting, who is the principal? Coverage is not negotiable - ANSWER-When Nancy is pulling into her driveway, she accidentally hit the gas and plowed through her front wall. She tries to negotiate the claim with the adjuster, why is this not possible? True - ANSWER-True or false: assuring a claimant a policy is covered without determining the cause of loss is considered improperly acting as a fiduciary agent? Civ...

the commissioner must examine every domestic insurer and every foreign insurer at least one every ______ years - ANSWER-5 years maximum penalty for acting on a revoked, suspend license is $______ and up to five years in jail - ANSWER-$5,000 written proof of loss must be sent to insurer within ______ days of loss - ANSWER-60 days insurer must respond by settling or rejecting claim within ______ days after receiving notice from insured - ANSWER-60 Days records must be retained for at l...

The Commissioner must examine the financial affairs of each admitted insurer operating in Oklahoma at least once every how many years? - ANSWER-5 years Maximum penalty for acting on a revoked, suspended or surrendered license is $__________ and up to __________ years in jail - ANSWER-$5K; 5 years Written proof of loss must be supplied to an insurer within what period of time? - ANSWER-60 days Insurer must respond by settling or rejecting claim within how many days of notice from insured...