Oklahoma insurance - Study guides, Class notes & Summaries

OKLAHOMA INSURANCE LIFE ONLY EXAM 2024 WITH 100% CORRECT ANSWERS What type of insurer operates for proft and has no capital stock? - correct answer mutual Which is true regarding an insurer examination order by the Oklahoma insurance department - correct answer It must be ordered every five years and the insurance pays for the exam All of the following is true regarding an Oklahoma life and health guarantee association except - correct answer Life policies are covered up to the amount...

Oklahoma Insurance Licensing Exam Questions and Answers (Latest Update 2024)

Life Insurance - ANSWER-Transfers to a life insurance company the risk of financial loss to an insurance company. Health Insurance - ANSWER-transfers to a health insurance policy the risk of financial loss resulting from illness, injury, disability of an insured person. Risk - ANSWER-Chance of loss: only pure risk is insurable. Loss - ANSWER-Unplanned reduction in economic value. hazard - ANSWER-a condition that increases the chance of a peril/setback/danger. Risk Transfer - ANSWE...

a legally acceptable attempt by the existing insurer to retain the business after replacement form has been received is called?? - Conservation a mutual insurer: is a participating company owned by policy owners charges assessments to the policy owners if blains are higher than projected is an incorporated society or supreme lodge without capital is a group who shares risk and cannot sell life insurance - is a participating company owned by policy owners a producers commission on control...

Oklahoma Insurance Exam (State Regulations)/118 Questions and Answers

Oklahoma insurance health and life test questions and Answers

Oklahoma Insurance Exam With Complete Solutions

A beauty parlor burns to the ground. What type of loss is this to the owner? 1) consecutive 2) direct 3) consequential 4) specific - 2) direct A bond is written for a set limit, and the surety will be liable for only this amount of the limit. This limit is known as 1) penalty 2) face value 3) stated amount 4) limit of liability - 1) penalty A business owner has a building and personal property policy that covers a shed in which he stores extra parts. If he buys a second shed for the same pu...

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

Life Insurance Correct Answer Transfers to a life insurance company the risk of financial loss to an insurance company. Health Insurance Correct Answer transfers to a health insurance policy the risk of financial loss resulting from illness, injury, disability of an insured person. Risk Correct Answer Chance of loss: only pure risk is insurable. Loss Correct Answer Unplanned reduction in economic value. hazard Correct Answer a condition that increases the chance of a peril/setback/da...