Oklahoma insurance exam Study guides, Class notes & Summaries

Which of the following statements about WC is correct? - correct answerWC 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: - correct answerviolation 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 i...

Oklahoma insurance life Exam Questions And Correct Answers

Oklahoma Insurance Exam Questions and Answers

Oklahoma Insurance Exam (State Regulations) Questions With Solutions Actuary a mathematician employed by the insurer who develops the rates for the insurer. Underwriter (Home Office Underwriter) and employee of the insurer What three things do Underwriters do? Gathers information analyses exposures (determines risk) selects risk for the insurer

Oklahoma Insurance Exam Questions and Answers

Oklahoma Insurance Exam Question With Verified Answers. Life Insurance - answerTransfers to a life insurance company the risk of financial loss to an insurance company. Health Insurance - answertransfers to a health insurance policy the risk of financial loss resulting from illness, injury, disability of an insured person. Risk - answerChance of loss: only pure risk is insurable. Loss - answerUnplanned reduction in economic value. hazard - answera condition that increases the chance of a...

Oklahoma Insurance Exam (State Regulations) Exam Questions With Verified Answers. Actuary - answera 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? - answerGathers information analyses exposures (determines risk) selects risk for the insurer underwriting - answerthe process of selecting risks Producer (agent) - answer(field underwriter) (agent un...

All of the following are included as part of a contract in the entire contract provision EXCEPT the riders application changes made by the producer policy ans changes made by the producer Health insurance involves two perils, accident and ____. ans sickness All of the following riders can increase the death benefit amount EXCEPT Cost of Living Waiver of Premium Accidental Death Rider Guaranteed Insurability ans Waiver of Premium Of the following dividend op...

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...

Risk - correct answerThe chance or uncertainty of loss. Methods of Managing Risk - correct answer1. Avoid risk 2. Control risk 3. Retain a risk 4. Transfer a risk Avoid Risk - correct answerNever get into a car. Control Risk - correct answerTraining workers in the safe use of welding tools, or installing a sprinkler system in a factory. Retain a Risk - correct answerIf any loss occurs, people will pay for it themselves. Transfer a Risk - correct answerUse a Hold Harmless Agreem...