Oklahoma insurance stuvia - Study guides, Class notes & Summaries

Oklahoma Adjuster Exam #2 Questions and Answers 100% CorrectOklahoma Adjuster Exam #2 Questions and Answers 100% CorrectOklahoma Adjuster Exam #2 Questions and Answers 100% CorrectOklahoma Adjuster Exam #2 Questions and Answers 100% CorrectOklahoma Adjuster Exam #2 Questions and Answers 100% Correct 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 buildin...

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 - ANSWERS2) 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 - ANSWERS1) concealment Johanna purchased a National Flood Insurance policy 10 days after her community entered...

Oklahoma Insurance Life Only with Complete SolutionsOklahoma Insurance Life Only with Complete SolutionsOklahoma Insurance Life Only with Complete Solutions What type of insurer operates for proft and has no capital stock? - ANSWER-mutual Which is true regarding an insurer examination order by the Oklahoma insurance department - 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 associ...

Earth movement endorsement - ANSWERS· Separate premium dependent on the type of dwelling and how susceptible it is to earth quakes Deductible is a percentage of loss Home Day Care Coverage Endorsement - ANSWERS-homeowners policy endorsement used to provide coverage for home __________ businesses -Includes liability coverage -does not include coverage for sexual assault Personal property replacement cost - ANSWERSHomeowners policy endorsement that adds replacement cost coverage for pers...

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

Earth movement endorsement - ANSWERS· Separate premium dependent on the type of dwelling and how susceptible it is to earth quakes Deductible is a percentage of loss Home Day Care Coverage Endorsement - ANSWERS-homeowners policy endorsement used to provide coverage for home __________ businesses -Includes liability coverage -does not include coverage for sexual assault Personal property replacement cost - ANSWERSHomeowners policy endorsement that adds replacement cost coverage for pers...

Earth movement endorsement - ANSWERS· Separate premium dependent on the type of dwelling and how susceptible it is to earth quakes Deductible is a percentage of loss Home Day Care Coverage Endorsement - ANSWERS-homeowners policy endorsement used to provide coverage for home __________ businesses -Includes liability coverage -does not include coverage for sexual assault Personal property replacement cost - ANSWERSHomeowners policy endorsement that adds replacement cost coverage for pers...

Which of the following statements about WC is correct? - ANSWERSWC is an exclusive remedy. According to the Jones Act, if a seaman is negligent in a claim against the employer, which of the following is correct: - ANSWERSviolation of posted safety standards can affect the outcome of the claim. The Sooners insurance company has written WC policies for several employers in OK. Tim's employer, Tiny Trinkets, has submitted a claim on Tim's behalf for a leg injury he sustained in the course o...

An individual applied for auto insurance and obtained coverage from EMU Insurance Company. Who is the first party in the contract? - ANSWERSThe Insured If a fire hazard causes damage to a building, the fire is? - ANSWERSA peril wearing a seatbelt in a car is an example of which method or managing risk? - ANSWERSReduce 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...

Personal Lines Oklahoma Insurance Test (Regulations) with Complete Solutions Personal Lines Oklahoma Insurance Test (Regulations) with Complete Solutions Personal Lines Oklahoma Insurance Test (Regulations) with Complete Solutions 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. Se...