Oklahoma insurance stuvia - Study guides, Class notes & Summaries

In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of - ANSWER-8% Under HIPAA requirements, eligibility for the pre-existing conditions exclusion waiver under new coverage is lost if - ANSWER-there is a break in coverage of more than 63 days Which of the following health insurance provisions requires that the application becomes part of the policy? - ANSWER-Entire Contract clause impatient psychiatric care is covered under Part A Medicare for 190 days per - ANSWER...

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...

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 - ANSWER-changes made by the producer Health insurance involves two perils, accident and ____. - ANSWER-sickness All of the following riders can increase the death benefit amount EXCEPT Cost of Living Waiver of Premium Accidental Death Rider Guaranteed Insurability - ANSWER-Waiver of Premium Of the following dividend optio...

of the following are categories All of a limited insurance license EXCEPT 1) crop insurance 2) variable life insurance 3) credit life insurance 4) travel insurance - ANSWER-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 - ANSWER-1) concealment Johanna purchased a National Flood Insurance policy 10 days after her community entered...

Earth movement endorsement - ANSWER-· 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 - ANSWER--homeowners policy endorsement used to provide coverage for home __________ businesses -Includes liability coverage -does not include coverage for sexual assault Personal property replacement cost - ANSWER-Homeowners policy endorsement that adds replacement cost coverage for pers...

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...

Which of the following statements about WC is correct? - ANSWER-WC 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: - ANSWER-violation 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? - 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...

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 association except - ANSWER-Life policies are covered up to the amount of the death benefit plus the cash value A mutual ensure - ANSWER-Is a participating compa...

Alien - ANSWER-Which type of insurer is incorporated or organized under the law of a country other than the United States? Insurer - ANSWER-Who does an insurance producer represent when neglecting an insurance contract. Writing Oklahoma Insurance laws - ANSWER-Which of the following is not a duty of the insurance commissioner. 15 days - ANSWER-An insurer must appoint a producer within how many days after accepting business from that producer? 5 years - ANSWER-The Commissioner must ex...